Are foreigners own in Thailand?

Question: Can a foreign owner own a house in Thailand?

Answer: Buying a condominium in Thailand is probably the easiest and easiest option for foreigners who own property The only restriction on buying a condominium in Thailand is that the proportion of living spaces sold to foreigners may not exceed 49% of the total area available in the complex and the funds used for the purchase of the condominium have been transferred from abroad and so recorded. by a Thai bank in a currency transaction form (Tor Tor 3). Ownership of the owners of each condominium (Chanote) is issued, which clearly shows the foreigner as the legal owner of the unit.

Question: What requirements does a foreign individual or organization have in buying a condominium in Thailand

Answer: To purchase a condominium, one of the following requirements must be met:

1: Foreigners are domiciled in Thailand in accordance with the Thai Immigration Act.

2: A foreign person is authorized or resident in Thailand in accordance with the Thai Investment Incentive Act.

3: A foreign legal entity is in compliance with the publication of BE 2542 (AD 1999) Foreign Business Act and received an investment promotion certificate in accordance with the Investment Incentive Act.

4: A foreign or foreign legal entity that introduces foreign currency into Thailand or transfers a Baht currency from a person's account abroad or uses a foreign currency on its deposit account. This requirement is usually met by the presentation of a Tor Tor 3 form that the bank receives from abroad.

Question: Are foreigners allowed to own land in Thailand?

Answer Under strict application of the legislation in force, it is officially forbidden to own land in Thailand (including individuals and companies). However, there are exceptions to the statutory ban. There are other ways to organize land acquisition in Thailand.

The Land Code has been modified to allow foreigners to own land if all of the following requirements are met:

1. Land is used for residential purposes.

2. The land does not exceed one rai (1 rai about 0.4 ha).

3. No less than 40 million baht will be transferred to Thailand for investment.

4. Foreigners adhere to ministerial decrees regulating the nature of the activities of foreigners, the duration of the investment and the location of the land owned.

5. Authorization is granted by the Investment Council. According to section 97 of the Thai Land Act, foreigners are defined as a Thai company or association in which more than 49% of the capital is owned by foreigners or more than half of the shareholders or partners are foreign nationals. This does not happen often.

Question: Can foreigners acquire land or real estate in Thailand through a limited company?

Answer: Yes, a method for foreigners to acquire land or real estate by establishing a joint venture that is owned by significant Thai owners, but has adequate safeguards to protect foreigners. minority interest. If foreigners are planning to do business in Thailand, you can purchase the freely available land through the Thai limited liability company. The land will be attributed to the Thai company, not the individual. It is important that the non-Thai minority shareholder does not have more than 38%, as the foreign shareholding structure, which is larger, is usually examined by the Land Department.

Question: What are the different types of private rights?

Answer: Land is the right of ownership or the titles and other documents. Persons who actually own and use the land may be entitled to possess such land under the Civil and Commercial Code. The primary proof of land ownership is the title (Chanote or Nor Sor 4). These items must be registered with the Land's Land Department where the land is located. It should also be noted that land is often owned by several people. A person whose name is listed on a Chanote or Land Title Deed has all the rights to that land, can serve as proof of the ownership of government officials, can prove the clearly defined boundaries of the land, and can enact legislation on this land by law It allowed.

Question: Is my wife a Thai citizen, does she know her own land?

Answer: Yes, Since 1999! Before 1998, a Thai-married foreigner loses the right to buy land in Thailand. However, they can still keep the land that was before the foreigners got married. The 1999 Ministerial Decree allows Thai citizens married to foreigners to buy land. The Thai spouse must prove that the money used to purchase the land freely held is legally and exclusively without foreign claims. Usually this is signed by the foreign spouse, who declares that the funds used to purchase the property belonged to the Thai spouse before the marriage and do not belong to his claim.

Question: I am married in a Thai . We would like to build a house on the land that my wife's mother gave us What is the best way to make my investment in case of interruption (I pay for building a house)

] Answer: The safest way to protect an investor is by signing a long-term lease with his wife and keeping a record of renting at the Land Office. If you have a child, you can own the patches in your own name. We recommend that you consult a lawyer who can advise you in more detail.

Question: Can foreigners own buildings even if they do not have land?

Answer: Yes. Although Thai law prohibits foreigners from owning land in Thailand, foreigners have the right to own buildings. The common structure is that foreigners enter into a long-term lease with a Thai company or individual and build a home owned by foreigners.

Question: Can I buy real estate in Thailand when leaving the country?

Yes. A person who wants to buy property, including a foreign person, can purchase a property without being present at the time of the owner's registration. You must do this by acting on behalf of a lawyer or another person.

Renting and Leasing

Question: Foreigners can enter into long-term lease agreements

Answer: One of the most effective ways to get a building to land is due to obstacles to buying land for foreigners. "The 30-year lease of land is subject to the possibility of extending the rent for a further 30 years. Rents are limited to 30 years, except for industrial land or commercial lease, which can be set up for 50 years. The ownership of the leased land of a building that is already owned is protected by the fact that the building rests on the ground, the ownership of the building is separate from the land and the lessor cannot be placed after the lease expires. therefore, a lease of 3 years or more must be registered with the Land Department, and the rent will remain valid even if the land is sold

Question : The condominium is a long-term lease shirts are available

Answer: Yes, condominiums can be rented for up to 30 years to foreigners and have the opportunity to renew. This structure is becoming more and more popular for foreigners who want to build their own "condominium" in a building that exceeds the quota of foreign ownership. It is also a viable structure for older or others who would like to enjoy the property for several years, but do not want to buy real estate. Leases longer than 3 years must be registered with the Land Registry.

Question: Can foreigners legally rent real estate in Thailand?

Yes. Foreign-owned property may be rented to another third party. Rental income is taxable at 12.5% ​​per annum.

Source by Michael Barricelli

Leave a Reply

Your email address will not be published. Required fields are marked *