After taking a trip to Thailand, you are in a bliss seeing its beautiful beaches, exotic people and culinary specialties that you thought of owning a piece of land and call it your own hideaway in tropical paradise. Upon doing so, you are eager to search the topic of “buying land in Thailand” with the use of your computer. After pressing “enter,” thousands of results appeared, like what is offered at Thailandflat. However, prior to being get carried away, do you have enough information about the property acquisition in the land of Thailand? Are you well protected from the basic property problems found in this area?
During the previous two (2) decades, Thailand has experienced a bulk of foreigners spending their cash just to get a property in this exotic country. On the other hand, for those who do not know the basics of the Thai laws on real estate, they helplessly see their cash go down the drain and with non-recoup.
Do foreigners can own land in Thailand?
Basically, foreigners are not permitted to directly own a land in Thailand. On simple terms, this means that Thai laws do not allow foreigners from owning land in their own name, even if there is an exception, but it is still not visible in practice.
With these in mind, there are alternatives at hand, so that foreigners have a successful land acquisition. The popular choice is to create their own Thai Limited Company, which may own the land on their behalf. On the other hand, they can enter into a long term leasehold with the property owner, who is a local. It is a basic unknown fact that even if a foreigner cannot own a property in Thailand, he can purchase a house or have the structure built thereon. There is only one, who may apply for a construction permit to construct a house under his own name.
Following these, the next step is to get to know the process of buying real estate in Thailand. It is, also, vital to gain an understanding of the varied types of Thai title deeds, so that you can know the extent of the owner’s rights on the property a foreigner is interested in. Furthermore, it is advisable to get knowledge of the cost of transfer and Thailand property taxes in the start. In this lieu, you may use the property transfer calculator to get to know the entire purchase cost.
Also, you may use the legal services in real estate of registered and well-known lawyers in the country. They will help you to protect your interests and make sure that achieving your own tropical paradise can come true.
Buying property with the help of a spouse
A good option in purchasing a land in Thailand is to get a Thai spouse buy the land and allow him or her to lease this for you. Such may be safer, because you will have a more close person to consult on. On the other hand, beware to file for a divorce, because your property can be seen as a separate asset owned by your Thai spouse. To lower down the risks and constraints in owning a real estate in Thailand, you may choose to purchase a condo instead. This way things are more straightforward and easier.