Foreign Land Property Ownership Thailand
The bad news is that foreigners are prohibited from owning land in Thailand (as per under the Land Code Act) therefore making it impossible for foreigners to obtain outright sole ownership over land and house in Thailand. If Married you do own 1/2 of everything in the marriage technically, however if your spouse should pass away you still have no right to keep the house and land and have one year to dispose of it (an exception is if you have children in Thailand, the land and house can pass to them if they have Thai nationality). Our Firm has a legally solutions to secure your benefit and prevent difficulties regarding to this matter such as, “Usufruct registration”, Juristic person formation with Mortgage endorsement or Property leasing registration with the Land Department etc.
One option is a foreigner can own a house but NOT the land, this is a complicated issue and NEEDS a lawyer to help you to protect your interests, if this is something you may consider contact us in the form below and we can talk to you about the options face to face.
The Good news is foreigners are allowed to own a unit in a condominium under the Condominium Act. HOWEVER there is a limit on foreign ownership in the building and not more than 49% of the units in the project can be foreign owned. So this needs to be checked before purchase to make sure you will not have any problems. In addition foreigners must qualify for ownership under section 19 of the condominium act, this means that the foreigner must have brought into Thailand foreign currency at least equal to the total purchase value of the condo and having exchanged this amount into Thai baht. The bank inside Thailand will supply documents to prove the remittance and exchange of that foreign currency. After that the proof must be submitted to the Land Department in order to register foreign ownership. As you can see there are a lot of steps and things that need to be taken care of so it is highly advisable to have a lawyer to help you to prevent difficulties.Moreover, with a highly professionalism and experience of legal team, our Firm is able to assist the foreigner who is residing abroad to purchase condominium in Thailand without any single visit in to Thai country! We will represent you in full process that needs to be done; you only wait for us to send an official condominium title deed with your name as an owner back to you in your country.