If you have taken a few vacations in Thailand, you are probably thinking of retiring in the Land of Smiles and real estate will come into the equation. Thailand, much like any other nation, has its own laws and regulations; this unique country was formerly known as Siam and it is the only Southeast Asian nation not to have been colonised.
Foreign Land Ownership
The laws in Thailand do not permit foreigners to own land; a law introduced in the 1930s to prevent Japanese businessmen buying land in Bangkok and despite lobbying, this law has yet to be repealed. All is not lost however; if you set up a private limited company, you can acquire real estate in the company’s name. You would need a Thai partner who would hold 51% of the shares, while you hold the remaining 49%, this can be set up by a Thai lawyer and the company must be active and file tax returns annually.
Condo Ownership
Thai law allows foreigners to 100% own a condo unit; there are certain conditions, the development must not be majority owned by foreigners. Of course, when you buy a condo, you have monthly maintenance fees that all owners have to pay; this pays for the maintenance and upkeep and is separate from utility bills. Checkout the amazing condos for sale in Pattaya Thailand from an established real estate agent who can facilitate the purchase of the unit and advise you on any aspect of the acquisition.
Seek Out an English-Speaking Thai Lawyer
When looking to acquire real estate in Thailand, you need to source a Thai lawyer who can speak English, which isn’t difficult as many foreigners choose to build their dream home in Thailand. The lawyer will carefully scrutinise the contract and can assist you in other ways and will keep you informed at every stage of the process.
Taxation
There is duty to be paid when real estate changes hands and it is normal for both parties to split this 50-50; the real estate agent can explain how this works, plus he can give you instructions on how to transfer the funds for the purchase. Click here for smart ways to buy a home.
Leasing Land
If you don’t wish to create a limited company, you can lease a plot of land for 30 years, with another 30-year option. The price of the land would be similar to the freehold price and you can bequeath the asset to relatives; this allows you to build your dream home and have the security that you are not outside of the law. Click here for more information on foreign land ownership in Thailand. Again, you should ask a lawyer to look at the lease before making any commitment to ensure that all is legal and above board.
You can search online for real estate in Thailand and start viewing properties on their website, then when you find the right place, you can fly out for a private viewing.