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Thailand, with its pristine beaches, tropical climate, friendly people and dense jungles is a great place for a long term move or as a retirement destination. But the biggest challenge faced by all new expatriates to Thailand is that the Thai government does not allow out-right purchase of property or land by foreigners. Condominiums are the only exceptions, but even in this case, a number of restrictions are applicable.
According to the Thai law, a non-Thai person can own no more than 49% of the land or property on which a house is built. Although not without risk, here are some of the ways in which expats can acquire real estate in Thailand.
Purchasing Condominiums
Beach Condos in Thailand Have The Same Amenities Your Would Expect in America, Including Picture-Perfect Pools
Owning Land
It is possible to buy land in the name of an unconditionally trustworthy person like a spouse or a friend, provided they are Thai nationals. However, even if the land is purchased in the name of a Thai spouse or friend, proof will have to be provided that he/she can afford to make such a purchase and that the funds were not transferred from a foreign country, but came from within Thailand.
Buying a House
Buying a house in Thailand is a risky prospect as non-Thai citizens are not allowed outright purchase of land – ownership only up to 49% is permitted. In case you purchase a house, it is advisable to physically hold the title deed. Using such property as a collateral or borrowing against such property is difficult.
Beach Houses on the Island of Koh Phi Phi
As outright purchase of land is not possible, acquiring long term lease of a house may be good idea. The maximum lease duration in Thailand is only 30 years, but it is possible to extend it for another 30 years. The lease documents need to be prepared with great care to cover all the essentials and contingencies. They should include the possibility for extension of lease, clause for subletting, provisions in case the lessee dies and in the unlikely event of change in Thai law regarding land ownership by foreigners.
As you can see the rules are many in Thailand, and its always nice to know a little about them when you visit. While the rules may be strict, owning beachfront property in Thailand can be a great investment, both as an investment property and for your own use. For more information about real estate and many other general subjects, please visit here : Thailand rejser
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