It’s Easy to Own Real Estate in Thailand
There are two ways for foreigners to buy property in Thailand. The first is a long-term lease. In Thailand, renting a piece of land or a villa for a maximum lease period of 30 years is the most effective way for foreigners to obtain temporary property rights in Thailand. Secondly, through the purchase of property rights by the company, foreigners can purchase villas or land in Thailand and have permanent property rights, but they must have permanent property rights to the villa through the registration of Thai companies.
90 Years Long Term Lease
In Thailand, renting a piece of land or a villa for a maximum lease period of 30 years is the most effective way for foreigners to obtain temporary property rights in Thailand. The renewal of land leases can only last for up to three 30 years, or 90 years, and must be updated. The property rights of the land and land property rights are separate. Once the lease term expires, the landowner cannot merge the owner of the building. If the land lease contract is not registered in the Land Registry, the land lease for more than three years will be calculated only for three years, so the 30-year land lease must be registered with the Land Registry. In addition, even if the land was sold by the owner, the original land lease treaty was still valid.
The tenant may designate any third party as his land property transfer candidate at any time during the limited land lease period. After the tenant has designated the new land leaser and officially informed the real estate agent, the real estate agent is responsible for completing the conversion procedure for the tenant within 30 days. Once the tenant moves from A to B, the effective date of the previous land ownership will be refurbished. That is, B will not be the remaining land ownership of A, but the ownership of the new time limit. That is to say, the new “90 years” will be born.
Company-Purchased Real Estate
Foreigners can purchase villas or land in Thailand and have permanent property rights, but they need to have a permanent property right in the form of a registered Thai company. However, unlike the time-consuming and laborious approval procedures of domestic registered companies, it takes only 7 days to complete the procedure in Thailand. Not only is the registration fee low, but the registrant will also have absolute control over the company. The registrant will be the legal representative of the Thai company. The legal representative has the final decision on the company’s finance, equity, personnel distribution, etc. This means that without your signature or stamp, all decisions are invalid.
The Thai company that was established generally does not need you to actually operate, and only needs to pay a little low-cost company billing fee each year. At the same time, a good lawyer and real estate agent can help you solve these problems and help you create a perfect home.
Land Ownership Issues
Usually, foreigners cannot directly own land in Thailand. Foreigners can only buy land in the name of a Thai company and then build houses and villas on the land they purchase. In fact, foreigners have owned most of Thailand’s villas and plots in this way for decades, and there have never been any cases of property rights problems. Of course, a reputable lawyer can better ensure that foreign buyers have absolute control over the company and its assets.