Due to the exotic beauty and glory of Thailand, most tourists visiting for a temporary visit eventually live in a majestic and tropical country abroad.
Under Thai law, foreign ownership of land is strictly prohibited. Financially smart foreigners, however, found themselves buying an apartment in their own name and hiring these units for income generation to be a very attractive investment. Thus, resourceful foreigners directly transferred full ownership. in the form of condominium units. Some foreigners live in their own home in Taiwan, while other owners choose to hire a real estate company. Some Thai homeowners still offer this service to new customers.
As foreigners are banned from gaining real estate in Thailand, they have decided to buy the next best. The acquisition of condominiums has become the simplest and most problematic substitute for foreigners gaining real estate in the country.
Although foreign ownership of condominium units is allowed, it can buy up to forty (49%) throughout the building.
Another method of indirect real estate purchase through Thailand is long-term lease. Though non-Thai is considered a sole tenant in this case, it has become a virtual owner of the leased property since the lease agreement can be formulated in such a way that the agreement is mandatory for a long time, with a total duration of thirty (30) years.
Before the expiration of the lease agreement, if the latter changes your thoughts and decides to sell your rights to the leased premises, you have the right to do so until such action is governed by the lease.
Another alternative approach to indirect ownership is land acquisition through a properly registered Thai company. Although the purchase of land by foreigners is prohibited, the Thai property is owned and purchased by Thai property .
Source by Martin Juarez