Real Estate in Thailand has become sought after. Real Estate not only in Bangkok but in Hua Hin, Pattaya and Phuket have all increased in value over the last few years. Certainly, there isn’t more satisfying to the charmed foreign visitor like you than the prospect of owning a piece of paradise in the form of real estate in Thailand. This real estate in Thailand could be any property such as a parcel of land in Phuket or Samui, a condominium in Bangkok, an apartment in Chiang Mai or even a shop in Pattaya in this undeniably beautiful and most exciting part of the world called Thailand. Whether you intend to use that dream real estate in Thailand as a vacation place, a permanent residence or simply as an investment, surely your decision to acquire any real estate in Thailand will never go amiss.
Although the law specifically states that foreigners can not own land in Thailand in their own name, they own the building(s) on the land. This may sound strange at first, but don't think of it is a deterrent. You can own property, as long as you do it the right way. There are two notable exceptions to the law banning foreigners owning property.
- If a foreign company has Board of Investment (BOI) approval and the land is part of the project (usually manufacturing), as long as the company conforms strictly to the BOI terms they can buy land in the company name and build their business facilities. For more information on this you should refer to the BOI website at http://www.boi.go.th
- Land Code Section 96, allows foreigners to buy up to one Rai of land to build a house to live in with their Thai spouse, providing they also invest at least 40 million Baht for five years in government bonds, recognized property mutual funds or BOI projects. You must get permission
Condominium Apartments
Bangtao Tropical Residence luxury condominium resort and spa will be registered under the Thailand CONDOMINIUM ACT. 49% of the total aggregate units in each project can be sold to foreign investors as freehold units. The remaining 51% of units are sold as leasehold units that are leased from the development company. The leases are for 90 years (30yrs+30yrs+30yrs). Leasehold buyer's are provided with a share subscription to a Thai company that holds the freehold of the units they lease. Being both leaseholder and part owner of the leasing company ensures the ability to renew leases in perpetuity. Freehold and leasehold units will be registered by the developer in buyers’ names at the Phuket land office. In practice there is no difference of title security for freehold or leased. Foreign freehold titles are still available on selected Bangtao Tropical Residence units.
Villas
Our two completed villas namely Bangtao Tropical Residence Pool villa and The Residence Lugano buildings are sold under a standard Construction Agreement. The buildings are registered in the buyer's name at the Phuket Land Office upon full payment of the villa.
The land is leased to the buyer. The lease is for 90 years (30yrs+30yrs+30yrs) and registered in the name of the buyer at the Phuket Land Office. The Lease Agreement is a standard contract and therefore compliant with, and protected by, the full body of Thai law relating to leases. Special provisions are included to allow the lease to be converted into freehold should Thai law change in the future and to take advantage of any extensions to the normal lease term.
This scheme is internationally approved, 100% legal with Thai law and provides a secure and protected ownership scheme that is easily re-sold.
It’s vital to take good legal advice from your legal advisor for further information