Thailand is the kind of place that will put a person in awe the moment they set foot in it. Its beauty is so surreal that it entices tourists to buy a Thailand property instantly. But before buying an overseas property, take a look at the information collated below.
Are Foreigners Even Allowed to Acquire a Property in Thailand?
If it’s a landed Thailand property, the answer is no. According to Thai Embassy, “Generally, foreigners are not allowed to directly purchase land in Thailand. Simply put, Thai laws prohibit foreigners from owning land in their own name.”
However, a foreigner married to a Thai national is permitted to purchase a Thailand property after declaring in a joint statement that the money that will be used to buy a land is of the Thai spouse’s. And even then, property bought under this circumstance will not be considered as jointly-owned. The property rights will still belong solely to the Thai national.
If a foreigner is sure about buying a property in Thailand but want it to be under his/her name, there are two alternatives. First, a foreigner can opt for a long-term lease, which can reach up to 30 years and is instantly renewable after the lease ends. The second, more preferable option is to forego a landed property and instead invest in a condominium unit in Thailand. However, only condominiums with foreign ownership not exceeding 49% can be purchased by foreign buyers.
Now that it’s clear a foreigner can purchase a Thailand property, Yazhou Property has provided the requirements needed, so you can start browsing through the Thailand property market.
A foreigner must have an existing bank account in the country and they must provide a photocopy of their passport showing an immigration stamp as proof that they are in the country at the time of purchase.
In addition, foreigners must meet at least meet one of the requirements below according to the Condominium Act B.E 2535 (1992):
- Have a residence permit.
- Have a residence permit to stay in Thailand under the Investment Promotion Law.
- Foreigner registered as a juristic person who possesses a land right based on the Land Code.
- Juristic person who earned a promotion certificate under the Investment Promotion law.
- Can purchase a condominium in a different currency, provided they have the full amount in their possession during purchase.
Want to learn more about buying a Thailand property or other Asia properties? Check out our blog for valuable overseas buying information to help you in your international property investment plans.