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 Thai Property
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02 Jun 09 02:15
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Land Ownership By Foreigners & Connected Persons
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According to Thai property law foreigners can have a maximum ownership of 49% of the total unit space in a particular condominium. Exceptions are acquisition of land under several laws such as the Industrial Estate Authority of Thailand Act, B.E. 2522
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T-R-E
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... designed by some of Thailand’s most inspired young architects, as a fusion of Eastern and Western styles...
Kim Falcon Ravn, Denmark
Managing Director
Visit Falcon Hill, Hua-Hin
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From gorgeous sandy beaches to Golden Pagodas, Thailand offers an unforgettable, almost spiritual experience to tourists. A potpourri of multi-cultural, ethnic, and modern style of living and views. Thailand is a definite haven for foreigners interested in Thailand real estate. Blessed with natural vistas of beauty, this is the mystical and mythical land where elephants are worshipped and tourists are welcomed with folded hands in a 'wai' greeting.
One of the most important reasons for the growth of interest by foreigners in Thailand Hua-Hin real estate is not just because of the beaches or the attractive property prices but also because of natureÂ’s bounty. Thailand landscape is dotted with rivers, valleys, mountains, cliffs, gorges, waterfalls, flora and fauna. Who wouldnÂ’t want to spend the rest of their life in a beautiful valley surrounded by cliffs where the only sound you can hear for miles is that of the Hornbill or the gurgling streams!
There are two ways to acquire land in Thailand under the law. Foreigners can either buy land or take it on lease. If you are a foreigner planning to invest in Thailand Hua Hin property then you need to understand Thai laws with respect to land ownership by foreigners and connected persons prior to investment. HereÂ’s an insight into some of the Thailand property laws that govern foreign investment in Hua Hin real estate:
1. As a foreigner, there is a stipulation to the amount of money you can bring in to Thailand for Thai property investment. According to the Ministerial Regulation, the amount of investment money should not be less than forty million Thai Baht. The land that you intend to acquire should be for residential purpose and canÂ’t be more than 1 Rai in a particular area or region. Of course, you will require prior permission from the Minister.
2. As a foreign national, you can also opt for acquisition of land in Hua Hin under several other laws like the Industrial Estate Authority of Thailand Act, B.E. 2522 (1979), the Promotion of Investment Act, B.E. 2520 (1977), and the Petroleum Act, B.E. 2514 (1971).
3. There are several important restrictions. One of the primary clauses of concern states that you need to register the condominium at least one year prior to your date of application.
4. One of the important aspects to be considered prior to Thailand Hua-Hin property investment is that of immigration. Being a foreign national, you will be permitted to enjoy residency in Thailand under the law on immigration. For the same, you will be required to produce passport that will clearly indicate your nationality apart from a certificate of residence issued by the Thailand Immigration Division, National Bureau of the Royal Thai Police Force.
These are the important aspects for land ownership by foreign nationals in Thailand and should be kept in mind before applying for land ownership.
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