|
|
.
|
 |
 Thai Property
|
02 Jun 09 02:22
|
|
|
Thailand Property Legislation
|
|
Buying or investing in a condominium is considered as the easiest option for foreign investors provided foreign ownership in building does not exceed 49%. Another option is a 30 year lease.
|
|
|
|
T-R-E
|
- It is, perhaps, the attention to detail that sets Falcon Hill apart from other luxury properties in Thailand.
Kim Falcon Ravn, Denmark
Managing Director
Visit Falcon Hill, Hua-Hin
|
|
Thailand, the jewel of the Orient is one of the most exotic locales not only for tourists but also for foreign investors eyeing for Thailand real estate. In the last five years, there has been a stable growth in Thailand Hua-Hin real estate and this growth is expected to increase in the next five years as well. If you are interested in Thai property investment then there are several aspects that you need to consider especially the legal aspect and Thailand property laws.
Here is a list of questions that can help you to identify the processes involved in buying or investing in Thailand Hua-Hin property and how the real estate investment law works in Thailand.
As a foreign national can I own Thailand Real-Estate?
As a foreign national you will be able to own a registered condominium, a building, and registered leasehold for approximately 30 years applicable on different types of titled land and even buildings. As a foreign national you will not be able to own freehold land. You will also not be able to get more than 49% of any Thailand company shares, which owns Thai freehold land.
What type of property can I own in Thailand?
The simplest Thai Property to own is condominiums. Buying or investing in a condominium is considered as the easiest option for foreign investors. There are of course certain restrictions like the total percentage of condominium units that can be sold to a foreigner cant be more than 49% of the overall units in a condominium block. The second restriction is that the funds that will be used for buying a condominium will need to be remitted from the country of owners origin and needs to be correctly recorded by a reputed Thailand Bank on a Tor Tor Sam. Investing in a condominium by foreign nationals is governed by Thailands Condominium Act B.E. 2535 (1992).
The Tor Tor Sam is referred to as the official bank document, which is normally issued by a bank after it receives foreign currency in the prospective property owners bank account. You will need to request for the issuance of a Tor Tor Sam before remitting funds to a local bank in Thailand.
How are Leases and Usufructs useful for property investment in Thailand?
One of the most effective methods of ensuing ownership of Thailand Hua-Hin property on a long-term basis is through a Thai Lease. The law in Thailand doesnt support an automatically renewable property lease and the maximum lease you can receive as a foreigner is for 30 years. Once, the 30 year mark has been crossed; you will need to obtain a new lease after property registration at your nearest local land office.
On the other hand, a Thai usufruct is similar to a life estate. You can be vested with lifetime use of Thai property and the law that provides you with this right is known as usufruct. In Thailand, the usufruct can easily be extended way past your lifetime if you are the owner.
|
|
|
|
 Front Page
 Printer-friendly version
 Mail to friend
|
|
|
|
