How to Buy a condo or apartment in Thailand
Buying an apartment in Thailand is a popular option for foreigners. There are less restrictions on the purchase of a condominium than there are regarding the possession of l and. It is therefore possible for a foreigner to have a title to an apartment in Thailand. This is one of the few authorized property rights for people who are not of Thai nationality, so it is a very attractive option for foreign investors for main homes, retirement homes or just for a property investment.
What kind of house can be held by a foreigner in Thailand?
The Thai law stipulates that Thai people must own at least 51% of the area of a residence of an apartment building. If the foreigner-to-Thai ownership ratio is already too great you won’t be able to register a title for the condo, however it is possible for a foreigner or foreign-controlled company to own the entirety of the building. Some buildings in the Bangkok region are not subject to this regulation.
How do I properly make a purchase when I have been authorized?
The law stipulates that foreigners who do not have a residence permit in the Kingdom must prove that the funds come from abroad. Non-Thais who have a residence permit are not required to prove that the funds come from abroad.
Most foreigners buy an apartment by proving that money in foreign currency was transferred to their account in Thailand. They justify this by applying for a supporting document from their bank in Thailand. This money is then converted into baht in the kingdom, a letter stating the money has been transferred and converted for specifically this purpose and this purpose along is drafted, and everything is hunky-dory. So much foreign-bought property is sold in Thailand that this process is pretty well practice and ought to go quite smoothly.
Is it possible for a foreigner to inherit the property in Thailand?
Ownership of an apartment in Thailand can be inherited by a Thai or a non-Thai. It is recommended to consult an experienced lawyer for succession planning. The Thai legal system can be labyrinthine and it can move with all the haste of a snail with a limp, so it is a very wise decision to have all your documentation in perfect order and held by a lawyer with a sterling reputation. Don’t take chances with your property falling into government hands – definitely plan your estate.
Are long-term lease agreements possible?
According to Thai law it is possible for a foreigner to sign a lease agreement for a period of up to 30 years. It is also possible to have an option to renew the lease before it expires. Leases for more than three years must be registered at the department of land ownership and this is the very best way to make sure you don’t get screwed by the person or company you lease from. Once your lease is registered with the land office you have iron-clad protection against most types of fraud and absolute proof that your ownership exists and is legal. Beware of property owners who will only create leases for 2 years and 11 months maximum.
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