Buying Property in Thailand – The Ultimate Guidelines & Legal restriction
Thailand is a blissful place. Foreigners who get really fond of the country after their stay in country would like to own land in that country. But Thailand is a country who do not encourage foreigners to buy a land/property in their country. Thailand law strictly states that a foreigner cannot buy a land in Thailand. But there are two options for foreigner to own a land in Thailand. They are, a foreigner can lease a land for 30 years through a limited company and the other option is where an apartment can be owned by a foreigner but in which 51% should be owned by a Thailand person, which means that the foreigner as only half rights.
How to Purchase A Land in Thailand?
The law is very strict when it come to a foreigner buying their land, since they do not want the foreigners to own their land in their own country. But there are several ways for a foreigner to own a land in Thailand. A foreigner must use proper legal systems of the country if they really want to own a land in Thailand. Some of the steps to purchase a land are as follows:
- A foreigner should find a local expertized agent which will help them to buy a land in the country. The agent will help them with a communication and suggest them the lands which they can buy. They can also help the foreigners with the negotiation of price. Their duty will help the foreigners understand the country law and ways they can own a property. They also come in between the seller and buyer (foreigner) by negotiating with them
- A proper legal plan should be taken by the person who is buying a property in Thailand. Being a foreigner doing a business in another country is easier than buying a property as a foreigner. In order to do the legal processes correctly, the buyer needs to have a proper lawyer to help him buy the land and check with him with the agreed deposit agreement.
- In Thailand, a foreigner cannot fully own a property in Thailand. The they can only own condominium property. As stated above they have two options to own a property, which are having a 30-year lease agreement and owing a flat which 51% will be owned by a Thailand person.
- The title of the land is another important legal step taken place for a foreigner to buy a property. It means that they need to attain permission rather than attaining permission they need to name the property according to the country law. Thailand as a unique land tile system and accordingly the foreigners can buy a property in Thailand.
FAQ – Questionnaire
Is it easy to buy a property in Thailand?
- No, it is not easy to buy a property in Thailand, in fact it is not encouraged by the Thai Government.
What are the ways to buy a land in Thailand?
- There are two ways to buy a land in Thailand as a foreigner, which is having 30-year lease agreement and owing an apartment where 51% is owned by a Thai person.
What is condominium property?
- It is a building where individual apartments in the building are owned by different persons.
Can a foreigner buy a land on their own?
- A foreigner needs to notify two types of people who have to be with them, they are a property agent and a lawyer.
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