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Phuket - Dubai can help you with all issues related to buying property in Thailand. We also work with good lawyers who can act on your behalf whom are specialized in dealing with Thai property purchases. As things stand at the moment Thailand has legal regulations for foreign citizens from owning land outright in their own names, which is not unusual in many countries around the world other than those in the EU. Despite the regulations, it is still feasible to own your dream home in Thailand on the beautiful tropical island of Phuket.
If you have any questions about land ownership or any of the following information please feel free to contact us (+66) 076 375 574 (+66) 086 272 5125 (+66) 084 293 7923 or email/MSN info@phuket-dubai.com
Property Ownership in Thailand.
Condominium:
Westerners can own a condo so long as foreign ownership is 49% or less of the development, where the condominium is in a freehold development. Funding for the condominium must be bought in from abroad in foreign currency and when you transfer the words need to state “Purpose-buying a condo”. Once the funds have been transferred you need to get a certificate Tor Tor 3 from the bank that receives the money. Once transfer is completed the land office will supply you with an official land office title for your condo, in your own name.
Purchasing Land/House in Thailand
Leasing – Long Term Lease
A lease can run for a total of 90 years 30+30+30+
A long term registered leasehold are secure and relatively straightforward and probably the safest way to buy a house and land in Thailand. Providing the lease has been set out correctly, a long term lease can be structured to be tantamount to freehold ownership. The land is leased for a period of 30 years, which are renewable for a further two times thus giving a total of a 90 year lease. Security of the possession of land is assured by the fact that you are the legal owner of the building/s which occupy the land, by this it means the lessor cannot take possession of the property upon expiration of the lease as the property is separated from the land and will not be a component part under the Civil Law. Make sure you also have an agreement that will allow you to transfer from lessee (Buyer) if the land laws change and permit foreigners to own land outright in Thailand.
Limited Liability Company
The other alternative if you are not too happy with having the land leased is to set up a Thai company that you control, which then can purchase land. What this means is a foreign national is allowed to owe 49% of the shares in a Thai Company the other 51% share must be held by Thai juristic, this can be arranged through your lawyer, the Thai owner of the shares will then sign over control of their shares to yourself. The land will be owned by the company. You will be managing director of the company and because of this you also control the voting of the other shares and therefore have control over the ownership of the land. The setting up a Thai company can be affected in one day rather than the seven days as it was in the case under old Thai Law
NOMINEE WITH MORTGAGE
This is a very safe method of house and land purchase. Once again you will need a Thai Nominee in order to effect a property purchase in this manner. Instead of a lease agreement. this purchase method relies upon a mortgage to secure the buyers investment. The way this works is, the buyer has a Thai Nominee to buy the property then the property is registered as mortgaged at the lands office. Once again there is a tax applicable to this, it is however minimal. The property cannot be sold until the mortgage lender signs the title documents declaring the mortgage cleared. This once again give 100% control over the property although not ownership. The buyer may remove the nominee should any problems arise and transfer in a new nominee at any time.
Trusted Person
Buying in a TRUSTED Thai persons name and then perhaps having this person issue a lease for you after the purchase, which will give u a little extra protection, but this is done on TRUST so make sure you know the person well! And most of all seek a good lawyer.
Land
Land in Thailand is measured in Rai, Ngan and Wah.
1 Rai = 4Ngan (1,600 sq metres)
1 Ngan = 100 Square Wah (400 square metres)
1 square Wah = 4 square metres
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