Buy Property in Thailand – But Make Sure You Do it Right

Have you thought at some time that you would like to buy property in Thailand, but then decided it might be too difficult? If so, you are not alone.

It’s amazing that on so many Internet sites, and in so many property magazines, there are articles galore about how to buy a home in Spain, France, Italy, Cyprus etc., but it’s so hard to find any information about how to buy property in Thailand.

Yet Thailand must be one of the most attractive places in the world to own property. With its lush, exotic scenery, its wealth of beautiful temples, its constant warm sunshine and the charm and friendliness of its people, it has an appeal unmatched anywhere. And it’s not actually all that difficult for foreigners to buy property there 泰國買樓流程.

So if you want to buy property in Thailand, how do you go about it?

The most important thing you have to be aware of is that, although there is no bar to you as a foreign individual owning a building – e.g. a villa – in Thailand, you cannot own the land on which it is built. There are a number of ways you can get round this.

  1. You can set up a Thai limited liability company. This will cost you an up-front payment of about $12,000 USD plus about $100 USD per month. There is nothing to stop a foreign individual or couple from doing this and it will enable you to own land.
  2. You can purchase a 30-year lease, which you can register as renewable for consecutive periods of 30 years. The contract for the lease, which is in Thai but accompanied by a notarized English translation, is signed at the local Land Office, and you pay 1.1 percent of the appraised value of the property.
  3. Many westerners opt to own a condo (condominium). The process for this is more straightforward as there is clear provision in Thai law for foreign ownership of up to 49 percent of units in a condo complex. To buy a condo you have to transfer currency from a bank outside Thailand to a bank inside Thailand – Bangkok Bank has the most organized set-up for international transactions. Make sure the transfer document states clearly that the funds are for the purchase of a condominium.
  4. Of course there are a lot of westerners, especially males, who choose to marry a Thai national and buy property in Thailand in the spouse’s name. This is fine as long as it’s a genuine marriage, but entering into a sham marriage for the purpose of buying property is not a good idea. The authorities take a dim view of it, and if the arrangement breaks down the legal complications can be very unpleasant.

There have been a lot of misconceptions about how difficult it is to buy property in Thailand. Actually it’s not difficult at all and an increasing number of westerners are using this as an attractive alternative to the traditional Europe holiday spots, which are becoming increasingly crowded. What’s more it can even be an alternative solution to the problems currently being experienced by the US and UK property markets. The Thai people are happy to have the foreign currency and it’s in their interests to make the process as easy as possible. The delights of life in Thailand, and the fact that your dollar, pound or euro goes a very long way in Thailand, mean that if you’re careful you can scarcely go wrong!

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