Acquiring a Property in Thailand
One of the most culturally rich countries in the world is found in Southeast Asia. Known for its glorious elephants, the Land of Smiles is not just a good place to visit but a perfect spot for settlement.
However, there are a lot of things that you need to consider before you buy a property in Thailand especially if you are not a local resident. There are certain laws and orders that generally prohibit the selling of any kind of estate to non-residents but if you really want to get one, here are some things that might help you acquire what you desire.
- Land Leases - If you are just planning to stay in that country for a while (a couple of months or so), the best thing you can do is to rent the property instead of buying it. With this option, it will be fast and very easy to negotiate the terms and conditions and you don’t have to go through a lot of legal processes (which takes a lot of time). Many residential areas are up for rent at reasonable rates. Nevertheless, if you are planning to stay for good or for a long time, this is still quite a good option. The lease law allows a period that lasts up to 30 years. And, if there are no discrepancies or any kind of dispute, the possibility of renewing for another 30-year contract is feasible.
- Company Ownership - This choice is more suitable for businesspersons who wish to establish a finance-generating establishment in the country. You can opt for this choice as long as the corporate entity is registered and majority of its owners are Thai. The best way to start off with is to be a foreign investor.
- Investment - Thai real estate law gives foreigners the chance to buy a limited parcel of property given that a contribution of at least forty million Baht is given for five consecutive years. How, the rule states that the land acquired in such manner should only be used for residential purposes.
- Thai Spouse - If you are planning to move to Thailand for the purpose of marriage, then acquiring any kind of estate would not be much of an issue. According to the decree, the couple needs to sign declarations at the land department regarding the funds to be used. However, this kind of ownership may become a bit complicated especially if the couple decides to file for a divorce. Therefore, if you are going for this option, a prenuptial agreement must be prepared beforehand to avoid future problems.
These are just a few basic methods to take hold of any possession in Thailand. Always keep in mind that any of the things listed above may change over time. So, if you have concerns, it is best that you consult legal experts in the local area and be familiar with the laws and restrictions.
