Thailand is one of the most popular countries in Southeast Asia, both for holidays and as a retirement destination, and if you are planning to relocate and acquire property, you have come to the right place, as we offer valuable information to help you navigate buying real estate in the Royal Kingdom of Thailand.
Foreigners are not permitted to own land in Thailand
This law was introduced in the 1920s to stop Japanese investors from buying up Bangkok, which limits your options. Foreigners are allowed to own condo units, provided the total foreign ownership of the development does not exceed 49%, and this is the most popular way that retirees secure a home in Thailand. Indeed, you can buy condo in Pattaya and rent it out when you are not using it, which brings you a regular income, as well as a good long-term investment.
Condo ownership
You must show evidence that the funds come from outside of Thailand; ask an English-speaking Thai lawyer to oversee the condo purchase, and it should be a smooth experience. The only restriction is that the condo development must be at least 51% owned by Thais, which is a law designed to stop foreigners from creating their own independent living environment.
Leasing land
In the event you wish to build your dream home in Thailand, you can lease a plot of land for 30 years, with a further option for another 30 years. This is known as a ‘30×30’ lease and is one way to secure your dream home. While you are not permitted to own land, you can own a house that sits on leased land. Always ask a Thai lawyer to look at a land lease document to ensure that all is above board and that you are protected. This is the most common way that foreigners secure land to build a home; the additional 30-year option means you can leave the house to relatives in your will. Talk to an established real estate agent about land available for leasing, and they can source a number of plots that might be perfect for your needs. Also, if you are looking for a short holiday in Bangkok, click here.
Company land ownership
It is possible to buy real estate in the name of a Thai company; however, you must be very careful, as if the company is not trading, the Thai authorities could seize the land, citing that the company was solely set up with the aim of buying land. The company should be trading and have Thai share ownership of a minimum of 51%, while you can own the remaining 49%.
Sourcing real estate
If you are looking to buy a condo in Pattaya, or anywhere else in Thailand, for that matter, search the Internet for English-speaking real estate agents and browse the listings until you find a property of interest. The real estate agent would have extensive experience in helping expats buy condos and can therefore facilitate the process on your behalf. If you are abroad, you can arrange for a series of private viewings of units that you are interested in when you fly out next, and with the help of the agent, you can seal the deal before returning home. The agent can also put you in touch with a property management company to care for the property when you are not there.
Purchasing real estate in Thailand is a wise long-term investment, and with the right real estate agent, the process is much easier.
