Foreigners are a great part of the Thai society. There are people from all over the world that choose Thailand as their home, regardless of their nationality. The Thai government understands the reasons behind foreigners wanting to stay in the sunny paradise that is Thailand. Retirees, foreign workers, students, investors and just about everyone can buy real estate in Bangkok unlike what they might believe. Bangkok real estate is highly popular among expats.
Even though, the Thai law does not permit foreigners to own land, there are always options which are available to foreigners who wish to buy real estate in Thailand or Bangkok in general. The capital is a real estate hub and people from all over the world can be seen living in the city. Foreigners can buy apartments or condominiums directly. A foreigner is fully entitled to buy a building such as an apartment or condominium. However, when it comes to buying land, there are laws in place.
Foreigners who wish to buy real estate in Thailand have two options; they can either purchase the property through a limited company or a 30-year leasehold. Now, the thing is that foreigners can own a home, as long as the building is owned by Thais in an ownership percentage of 51 for the Thai and 49 for the foreigner.
There are some legal restrictions which have been placed in the Thai real estate market, so as to protect ordinary citizens from being exploited by the increased prices. Therefore, some other options have been provided by the Thai government to the foreigners.
In Thailand, normally there are different titles which depend on various factors such as if the location can be leased to a foreigner. Seven types of land titles are found in Thailand but only three of which can be leased to foreigners. These are known as Nor Sor Saam, Nor Sor Saam Gor and Chanot.
Lease Land in Thailand
As per the Thai law, a foreigner is permitted to lease land for up to 30 years. Leasing isn’t common, as in most of the cases, a foreign man would marry a Thai and the Thai spouse would buy the land and create a lease agreement with the foreign man. The most important thing which real estate investors need to keep in mind when buying real estate in Bangkok is to ensure that all the information has been accurately mentioned in the deed, and the land should have the correct title.
What is stated in the Lease Contract?
Normally, the information that is required in the lease contract is the title of land, the duration of the lease, registration fee and the right of the buyer to resell the land.
Buying Land through Limited Company
Another way to buy land in Bangkok is by setting up a Thai Limited Company. It is the easiest option of buying land. However, something which foreigners need to keep in mind is the fact that foreigners aren’t allowed to own more than 49% of the company shares.
Hence, a Thai citizen needs to own at least 51% of the shares. Then, the Thai citizen can give you the company rights by signing an agreement. This is why, it is vital for foreigners to use the services of a real estate agent in Bangkok. In addition, the real estate can help find apartment for rent in Bangkok, Condo for rent in Bangkok, House for rent in Bangkok, Apartment for sale in Bangkok, Condo for sale in Bangkok and much more.