You are so impressed by the beautiful beaches, friendly people and delicious cuisine of Thailand that, after a fantastic vacation, you decide to buy some land and make it your little tropical paradise. You turned on your computer and typed Buying Land in Thailand. Then you pressed Enter. You are surrounded by thousands upon thousands of entries, all begging for your “click”. Before you go overboard, are you sure you know enough about the property market in Thailand? Are you protected against the many Thai property issues that are prevalent here? Read more now on Phuket property for sale
In the last two decades, foreigners have been spending their hard-earned money to buy property in Thailand. Unfortunately, those who acted in ignorance of Thai law saw their money go down the drain because they were unable to recover it. You have regained your senses and wonder: Can foreigners own land in Thailand now? In general, foreigners cannot directly buy land in Thailand. Thai law prohibits foreigners from acquiring land in their name. There is a theoretical exception, but this has yet to be implemented.
There are still other options for foreigners to acquire land. It is common for foreigners to form their own Thai Limited Company in order to acquire land on their behalf. A long-term lease with the land owner is another option. A common misconception is that a foreigner can still own a house or other structure on the land. To build a house in one’s own name, it is only necessary to obtain a building permit.
Next, you should familiarize yourself with the buying process in Thailand. Understanding the various types of Thai title documents is important in determining the owner’s right to the land that you are interested. It is also a good idea to be aware of the Thailand property tax and transfer costs in advance. Calculate the total cost of the purchase using the property transfer calculator.
Use the Thai legal services to acquire property of registered and reputable Thai lawyers. This will protect your interests, and you can be sure that your tropical paradise is soon a reality.