Thailand has become increasingly popular as a property destination among British buyers over the last decade. Beautiful coastal regions, including well-known names like Phuket and Ko Samui have attracted buyers who appreciated the low prices and good investment potential of the country. Read more now on Phuket villas for sale
There have always been questions about the legal aspects of purchasing property in Thailand. The land ownership system is very different from that in Europe, Australia, or the US.
Although the law is complex, you should know that:
Land is not allowed to be purchased by foreigners in Thailand.
* Do not believe anyone who says that there are ways to ‘get around the law. This is not true. It may have been the case in the past, but the government has taken great measures to enforce the law since the 2006 military coup.
* The rules governing the ownership of real estate through a corporation are now more strict. If a foreigner wants to run a business in Thailand, he can purchase the land freehold through his Thai Limited Company. The Thai Company will own the land, not the individual.
* The company should be legally registered and set up according to Thai law. A qualified lawyer can advise you on the best structure for your company.
The foreign ownership of a condominium structure cannot exceed 49 percent.
* Although there are other ways for foreigners to buy freehold property in Thailand, they can lease land over a period of 30 years. The law is clear and you can own the building built on the land even though you do not own it.
Thailand is an attractive and desirable place to live. Thousands of foreigners have bought property in the Kingdom of Thailand.