Are you an expat looking to buy a house in Thailand, but not sure if it’s possible as a foreigner? You’re not alone. Many expats face the dilemma of wanting to own a home in Thailand, but are unsure about the laws and regulations surrounding foreign property ownership. For example, you might be considering buying a house on a beautiful island in Thailand, but are worried that you won’t be able to own it as a foreigner. Or, you might be thinking of setting up a business in Thailand and want to know if you can own a property through your company. Read on to find out the answers to these questions and more.
As an expat looking to buy a house in Thailand, you might be wondering if it’s possible to own a property as a foreigner. The answer is a bit complicated, but don’t worry, I’ve got you covered.
The Law
Under Thai law, foreigners are not allowed to own land in Thailand. However, there are some exceptions and loopholes that can make it possible for foreigners to own a property in certain circumstances.
Exceptions
One exception is if you are married to a Thai citizen. In this case, you can own a property in your spouse’s name, but you will not have any rights to the property in the event of a divorce or death.
Another exception is if you set up a Thai company with a Thai partner. In this case, the company can own the property, but you will need to ensure that the company is legitimate and not just a shell company set up to circumvent the law.
Condos
The easiest way for a foreigner to own a property in Thailand is to buy a condo. Condos are considered to be a type of property that can be owned by foreigners, as long as the condo building is at least 40% owned by Thais.
Usufruct
Another option is to set up a usufruct agreement with the owner of the land. A usufruct agreement allows you to use the land for a specified period of time (usually 30 years) in exchange for a payment to the owner. This can be a good option if you want to build a house on a piece of land, but don’t want to own the land itself.
What to Do
So, what can you do if you want to buy a house in Thailand as a foreigner? Here are some steps you can take:
Buying a house in Thailand as a foreigner can be complex, but it’s not impossible. With the right research, advice, and planning, you can find a way to own a property in this beautiful country.
Remember to always consult with a lawyer and do your research before making any decisions. And, if you’re not sure about anything, it’s always best to err on the side of caution.
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