By purchasing real estate in Thailand, foreigners get the opportunity to relax at a convenient time for them in the most comfortable conditions. The most popular destination for property for investment by the sea in Thailand is Phuket. Phuket Island has ideal summer vacation conditions, and the prices for houses and villas are quite reasonable.
Is buying property in Thailand legal?
Many mistakenly believe that it is impossible to become the owner of Thai real estate without breaking the law. This is wrong. In reality, this country’s houses and villas are rented out to foreigners and sold to them. The only condition that guarantees the successful completion of a sale and purchase transaction is compliance with the specific requirements stipulated by Thai legislation.
How to buy a house in Thailand?
Not only citizens of this country can own real estate in Thailand. Moreover, there are several ways for a foreigner to become the legal owner of a villa in Phuket. The most popular of these is that a foreigner can own Thai land on behalf of a firm whose charter provides that the majority of shares are owned by Thais (that is, at least fifty-one percent of the shares must be held by a Thai). Foreign co-founders have the right to participate in the company’s management and, of course, own the land plots, with the objects on them.
Can a foreigner take ownership of an apartment in Thailand?
Citizens of foreign states cannot just take ownership of land or a villa (after all, it is also located on a land plot) into ownership. With an apartment, things are somewhat different. Since it is sold without land, anyone can legally buy it without opening a company.
However, there is one small ”but” here. A legislative draft, signed in 1999, states that foreigners can buy apartments in condominiums in Thailand only if the proportion of residential premises registered to citizens from other countries in the condominium is up to 49%.
What are the property prices in Phuket?
The prices set for villas and apartments in Thailand depend on numerous factors and vary greatly from each other. On the island of Phuket, known as a paradise for lovers of diving, windsurfing, yachting, and water skiing, an apartment of 40–50 sq.m. costs an average of $90,000. Prices for villas start from $1,200–1,700 per sq.m. On the Thailand-Real.Estate website you can find all the current prices for property in Thailand.
What is Leasehold and Freehold?
These two terms are quite common in materials devoted to the real estate of Phuket and Thailand in general. They mean nothing more than forms of ownership.
- Freehold is real estate with unlimited ownership for an indefinite period. In freehold, you can only buy housing in a condominium.
- Leasehold is, accordingly, the right of ownership of the real estate, which is limited to a specific time period. In other words, with a leasehold, only the building on the ground passes into ownership. The land plot itself belongs to a foreign buyer on the right of a long-term lease. According to this scheme, purchasing villas and houses in Thailand is carried out.
Can I buy property in Thailand while abroad? Is the personal presence of the potential owner required?
Thai laws are accommodating for foreign nationals. The latter have the opportunity to conclude a sale and purchase transaction while abroad. All necessary papers can be transferred through a trusted person or sent by e-mail.
For security purposes, the buyer must require his representative to send him copies of all documents. As for whether it is possible to assess real estate’s condition by examining only photos from the Internet, this is a personal matter for everyone. Of course, ideally, a foreigner should come to Thailand on their own, study the selected offers, choose the most suitable one and make a deal. Then he will insure himself against all existing risks.
Can foreigners who buy property in Thailand qualify for a visa and other benefits?
Ownership of real estate in Thailand is not a basis for providing work, visa, and other benefits. However, obtaining a work visa to Thailand is quite simple, so foreign citizens should not have any difficulties.