How to Buy Property in ThailandThere are several distinct purchasing options open to foreigners interested in how to buy a property in Thailand. Under Thai law, foreigners are unable to own land however foreigners are able to own structures, properties or apartments built on a piece of land in their own name. Foreigners are effectively able to own and control the land upon which their property sits through a Thai limited company or via a lease. Both leaseholds and Thai limited companies have been a viable and highly successful vehicle for foreigners buying property in Thailand for many years. A third option is to buy a condominium unit as foreigners are able to own condominiums freehold under Thai law. Villa Satu, Rockwater, Koh Samui
Buying Property with a Thai Limited Company
A foreigner can set up a Thai limited company with the articles of association within the company protecting the foreigner 100% thus giving the foreign managing director complete control of the company. The foreigner can then use this company to buy property in Thailand with complete control whether it be a house, apartment, villa or plot of land.
Some property owners sell their land or villa along with a Thai company simply by transferring the name of the foreign company director or if that is not the case, a Thai or international lawyer can easily set up a new company to buy the property through.
Buying Property Leasehold
Foreigners buying property in Thailand also have the option of controlling the land upon which a villa, house and apartment sits with a 30 year lease (the maximum leasehold term under Thai law). .
Buying a Condominium FreeholdHorizon Condominium, Koh Samui, Thailand
There is one freehold option for Foreigners wanting to buy property in Thailand with the Thai condominium act allowing foreigners to buy freehold. One important fact is that the condominium developer must ensure that only 49% of the total area of the development is sold to owners freehold. The other 51% of space in the development is available for foreigners to buy, but the only options would be to own the with a Thai limited company or leasehold as described above.
No-matter what purchasing method is used the property will be officially registered at the local land office. The foreigner will also hold a property registration document sometimes referred to as the blue book.
Speak with your Local Real Estate Agent
Drop into our real estate office and can give you the basic information on your options to allow you to decide how to buy property in Thailand but laws and regulations do change often so it is better to talk legal aspects through with a lawyer before making a final decision on how to buy. We can recommend professional, independent and established lawyers on Koh Samui who can give you full, completely up-to-date information and will ensure that every aspect of the purchasing process goes smoothly when buying property in Thailand.
Contact Estate Samui Properties to set up an appointment and discuss your purchasing options in more detail by filling in our contact form here.