If you ask anyone that has ever visited Thailand if they would consider purchasing a property there, the vast majority of people would say yes. Thailand is full of all of the beautiful perks that you could ask for in a tropical paradise, and anybody could envision themselves happily moving there. Here are a few things you should know about buying property in Thailand if you’re interested:
1. Foreigners can't technically own land in Thailand
By law, if you are a foreigner you cannot own land in this country. If you are a foreigner and want to actually purchase land, you have two options:
- Take out an extended lease
In this case, you would not actually own the property, you would just take out an extended (typically 30 years) lease. This option is often the case when a Thai citizen marries a foreigner and purchases the land themselves before stipulating a lease with their spouse. You can also find a Land Office to lease a property from. If this is the course of action you would like to pursue, then you should make sure that the title for the property is accurate and that all of the deed information is appropriate.
- Create a Thai Limited Company
In this course of action, you would set up a private limited company that had both foreign and Thai ownership, as companies are allowed to own land. The drawback to this option is that the foreign party can only own up to 49% of the company.
2. You don't have to worry about property taxes
Good news: no taxes! This usually comes as a surprise, due to the many other regulations and restrictions surrounding real estate sales to foreigners. Foreign condo property owners in Thailand have the benefit of having zero property taxes to answer to, since typical house and land taxes do not apply to those who only own a condo. The owners of the building that the condo is a part of have their own property taxes, but nothing for the condo owner themselves. However, your condo purchase does include other taxes. For example, you can expect to pay document fees, transfer fees, and other taxes if you plan on selling your condo. Keep your eyes peeled for any real estate regulation changes and to stay up to date on condo stipulation programs!
3. What about buying a condo?
Due to the many land purchasing restrictions preventing a foreigner from buying actual land, apartments and condos become the next most sought-after option. A foreigner can completely purchase and own outright 100% of an apartment or a condo, making this the least complicated route to owning property here.
Getting into specifics, a foreigner is allowed to completely own an apartment or condo so long as the building the unit is located in is at least 51% Thai owned. A large percentage of condos in major cities such as Bangkok have foreigner-owned units, so this is a very common route to ownership.
4. How do I find property in Thailand?
If you decide to take the leap and buy your dream property in this beautiful country, a good place to start is by finding a property agent to help you find the best property for you. Locating the best condo or house in Hua Hin for you can take some legal planning to determine the right method of ownership that you should aim for.
Here are a few tips to help you find a property in Thailand:
- Make sure you contact a knowledgeable agent
A solicitor who is fully versed in the Thai property ownership laws is invaluable during your property search journey.
- Look into the informal marketplace
Local listing places, such as real estate social media groups and forums can give you additional insight into what is going on in the community.
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