The Land of Smiles is truly a paradise on Earth and it is no wonder as to why there are numerous foreign national who wish to buy properties in Thailand. Being well-familiar with the Thai property market is a boon especially when you wish to purchase properties in Thailand but before thinking about that, you must first consider one very important question: “Is it possible for foreigners to own properties in Thailand?”
When it comes to foreign land ownership, there are numerous restrictions that are in place but even with such restrictions, it is still possible to acquire properties in Thailand if you know how to get around.
According to a 2013 study, Thailand has been doing well in attracting international investors. Not only that, even the real estate market is doing pretty well. Real estate Hua Hin and those in Bangkok, Pattaya and Chiang Mai have reportedly been thriving along with the tourism industry of the country.
So when you think about purchasing properties in Thailand, do not ever forget to conduct an extensive research not only on the properties but on the legal aspects as well.
You should know that before, foreigners have been extremely prohibited from purchasing any kind of property, whether it is a condo, a house or land. But in 1997, the laws that prohibit foreign ownership have somewhat relaxed.
Although there are still restrictions that are in place, there are now also numerous ways to get around the restriction. Also, the only prohibition in place is with the lands but apart from that, foreigners may be able to purchase condos and houses or any other property to their name. Condominiums are the most likely choice for foreigners because there are no restrictions whatsoever in it except for the fact that the 51% of the total units should belong to Thai nationals.
Some ways to get around restrictions is the use of Limited Liability Company and the use of Thai nominees. But the best way to go is probably leasing a property which can then be renewed when the contract expires. You should be careful though, because you can’t just use nominee shareholders or even create joint ventures just for the purpose of acquiring property. Doing so is punishable by law.