Buying Land in Thailand
For the past two decades or so, Thailand has seen an influx of foreigners spending their hard-earned monies to acquire property in this land of beauty. Unfortunately, those acting in ignorance of Thai laws helplessly witnessed their monies go down the drain of non-recoup. Now, with reason restored, you wonder: Are Foreigners allowed to own land in Thailand? Generally, foreigners are not allowed to directly purchase land in Thailand. Simply put, Thai laws prohibit foreigners from owning land in their own name, although theoretically, there is an exception but it is yet to be seen in practice.
This notwithstanding, there are alternatives available to foreigners for successful land acquisition. The most common option is to set up your own Thai Limited Company to own the land on your behalf. Another option is to enter into long-term leasehold with the Landowner. It is a commonly unknown fact that although a foreigner cannot own land in Thailand, he can own the house or structure built thereon. One only has to apply for a construction permit to build the house in his own name.
The next step is to get well acquainted with the process of buying real estate in Thailand. It is also important to understand the different types of Thai title deeds in order to determine the extent of the owner’s rights over the land you are interested in. In addition, it is advisable to know the cost of transfer and Thailand property taxes in advance. Use the property transfer calculator to determine the over-all purchase cost.
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