Thailand is a beautiful country and this is one of the reasons why a lot of foreigners choose to retire here. There are many reasons to retire in Thailand and it’s one of the reasons why you might be wondering whether foreigners can own real estate properties in Thailand. Of course, you would need a home to live in during your retirement but the problem is, foreigners are not allowed to own real estate in Thailand. Here are some of your options:
However, there are options so a foreigner can own a piece of real estate in Thailand and one of them is leasing which can be a tedious process. It starts by having an agreement with the Thai landowner to lease a piece of land for as long as 30 years and you have an option to renew it for 60 more with the land office. In addition, the lease contract, which should be in Thai, must be registered and signed by the owner and a few family members.
Buying an apartment or condominium
Another option for a foreigner is to purchase an apartment or a condominium which is not a bad idea because owning the aforementioned is allowed in Thailand. The fact that 40% of condominium owners in Thailand are foreigners signifies that a lot of expats choose this alternative.
Setting up a private limited company
One more common practice is to set up a private limited company where the foreign ownership should be 49% or less. The foreign owners can have control over the land acquired by the company through a special power of attorney given by the Thai owners.
So, these are your options if you are a foreigner planning to acquire property in Thailand. Aside from this knowledge, you also need to familiarize yourself with the process of purchasing real estate in Thailand and the different deeds associated with it, as well as the legal aspects of a sales contract or a rental lease agreement. Make sure as well to get help from an experienced real estate agent to help protect your interests so you can have a blissful time living or retiring in this country.