If you are one of the many people who wishes to relocate to the tropical paradise that is Thailand, you will find this article very useful, as we take a look at how to acquire real estate to facilitate your relocation.
Foreigners are not permitted to own land in Thailand
This law has been in place since the early 20th century; it was put into place to prevent rich Japanese from buying up Bangkok. Foreigners can purchase condo units and if you want to build a home in Thailand, for example, there are a number of ways to do this; you can lease a plot of land on a 30×30 lease, which means you have the option to extend the lease after 30 years, for another 30 years. Make sure an English-speaking Thai lawyer scrutinises the lease prior to signing, to ensure there are no hidden restrictions.
Set up a limited company
If you are planning to set up a limited company in Thailand, the business entity can purchase real estate, although it is illegal to set up such a company solely for the purpose of acquiring real estate. The company must be trading and submit accounts on a yearly basis. There have been cases where assets have been confiscated due to proxy nominees, so it isn’t worth the risk if your company is not trading. There is luxury property for sale in Pattaya from a leading real estate agent and they can assist you with the paperwork. Check out the Thai Board of Investment to find out more about foreign ownership of businesses in Thailand.
Condo purchases
The only restriction on foreigners buying condo units is that the development must be at least 51% owned by Thais, then it is possible for you to buy. You must show documentation as evidence that the funds were transferred from abroad and the real estate agent can help you regarding this matter. Many foreigners see a condo purchase in Thailand as a good long-term investment, whether a holiday home or a permanent residence and if you are interested in a condo in Pattaya, for example, search online for a leading Thai real estate agency that has experience sourcing luxury real estate for foreigners. Click here for more information on real estate in Bangkok.
Renting
If you are new to Thailand, it is a good idea to experience different regions before you make a purchase; from the southern islands of Koh Samui, Phuket to Hua Hin, Pattaya, Rayong, the northern region of Chiang Mai. Renting a property for, say 6 months, is enough time for you to become familiar with an area and if everything is right for you, start looking at properties with a view to buying.
Always check with Thai Immigration for the latest entry requirements, as things can change overnight, and you might be one of the nationalities that can enter Thailand visa exempt.
