How do I become a homeowner in Thailand?
Complex and tedious in appearance, the procedure is finally quite simple and clear when you surround yourself with professionals in the fields of real estate and legal.
In this article, we will present the three most commonly used methods for owning property in Thailand.
A foreigner may own a property in his own name (often an apartment) in a residence that holds a condominium license. The rule is that 49% of the area of the condominium may be owned by foreigners while the remaining 51% must be held by persons of Thai nationality. You will have full ownership of the property in your name for an unlimited period of time.
It allows you to use the land of a third party (with or without a house) for a limitedtime. The third party retains full ownership of its land and the lease is registered with the Thai Land Department Office on your behalf for up to 30 years which can be renewed twice.
Renewals depend on the prior agreement between the two parties who signed the lease, so it is important to carefully check all the terms and conditions of the contract with a lawyer before signing.
The Thai Company Limited:
When you buy a property already owned by a foreigner, you can acquire the same property by buying the Thai company that owns it.
Otherwise, you will simply have to create your Thai company, with the help of a local lawyer, who will own the property. A minimum of 3 persons is required in this company: 1 foreigner (in this case you, up to 49% shares) and 2 persons of Thai citizenship (associated with 51% shares). You will be appointed director of the company and full rights will be grantedto you. You will thus have the full enjoyment of the property for an unlimitedperiod of time.