To purchase property in Thailand involves many complicated processes. The type of procedure you must follow depends on the type of property you want to buy in Thailand. There are different locations and types of properties you can invest in Thailand including double stories house, condominium, and apartment. The best and most popular location to buy real estate is Pattaya. Foreigners in Thailand cannot own a property unless half of the property shares are owned by a Thai limited company. Your stake in the property cannot be more than 39%. The foreigner will คอนโด กรุงเทพ retain the voting right so that he will have some controlling interest as well. If you have a Thai spouse, you will be able to own a Thai property. The foreigner must sign a declaration to show that half of the property belongs to the spouse. The foreigner will waive all his ownership to the property.
Under the law of Thailand, the foreigner is entitled to the land ownership for a 30 years period. You will have the option of renewing the land ownership twice. This means that you will have 90 years of ownership to the property. The Thai spouse can legally grant the Right of Superficies to the foreigner. This means that the foreigner spouse will have the ownerships to the structures on the land. You don't have to be the land's owner to own the house. With the Right of Superficies, you can have ownership to the house for 30 years. After 30 years has passed, you can review the property ownership under another agreement. Foreigners who have invested more than 40 million baht for beyond five years will have the rights to purchase up to 1 Rai of the land for residential purpose in Thailand. You need to obtain approval from the Board of Investment (BOI) before investing in a property.
Foreigners can acquire a land as inheritance from a local resident. The inherited land and the land already owned by the foreigner must not be larger than 1 Rai in this case. For agricultural and industrial purposes, the land must not exceed 10 Rai. Many foreigners who just want to spend holidays in Thailand are held back by this law so they prefer to invest in condominiums.
There are many ways foreigners can secure a land. The foreigner can own a property if he have a signatory authority in a local Thai company. Usually, the foreigner is entitled to less than 50% of the share. The rest of the share will be owner by a local resident. Another way to own a property is to sign a lease that last for at least 30 year with a local resident or Thai company. Most people don't follow the procedures when buying properties in Thailand. They like to take risks by using questionable methods. Many businessmen are confident about their method of buying the property. Before committing a large amount of money in buying properties, it is important that you take into consideration the possible risks. It is best that you sought the opinion of a professional real estate agent when buying properties in Thailand.
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