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Buying Land

Thailand real estate, by broad definition, includes condominiums, houses, villas, and land. In Thailand they do not use Western measurements for land.

 

STEP 1 : BUYING LAND IN THAILAND

 

Thailand Real Estate has taken off in the past decade or so with more and more foreigners wishing to live in Thailand and making Thailand their second home. Many wish to own land here but before taking this step, it is important to always use, firstly, the services of registered lawyers in Thailand and, secondly, reputable estate agents when buying land. It will be helpful to check the Thailand Real Estate Outlook, the glossary of Real Estate Terms and the Real Estate FAQ before commencing search for land in Thailand be it a house in Bangkok , Pattaya, Phuket or Hua Hin. Be fully aware that many of the problems that arise from buying land in Thailand can be avoided early on in the property search. You might need to read the Real Estate pitfalls in Thailand before engaging in search.

 

 

STEP 2A : SETTING UP YOUR THAI COMPANY

 

 

Once you have decided which land you are going to purchase, always consult a lawyer before signing any documents. Foreigners may not own land in their name; however their Thai registered company may own the land. There are different forms of business entities in Thailand . The most commonly used is a Thai Limited Company . There are certain business registration criteria which must be met when incorporating a limited company. The Thailand Amity Treaty is also still in existence for Americans to do business in Thailand , however this type of structure cannot own land.  There are also tax considerations so check the Corporate Tax in Thailand if you are going to do more than own a house or need a Thai Work Permit .

 

STEP 2B : ENGAGING ON A LEASEHOLD INTEREST

 

 

Buying Thai real estate under a leasehold interest has been continuously growing over the years. It is a very popular mode for foreigners to acquire property in Thailand .

There are different modes of acquiring land in Thailand . One method is through a leasehold villa investment. As per practice, it is the favored mode because it is simple and straightforward. Foreigners can obtain full interest on a lease in Thailand for the specified time. This differs from purchasing through a Thai limited company in which case there are several shareholders who may have interests that are different from yours.

However, the maximum lease term is 30 years with options to renew for an additional 30 year period depending on the agreement. The leasehold interest may be transferred or even be sold as any other freehold title conveyance in Thailand .

 


STEP 2C : OPTION FOR FOREIGNERS MARRIED TO A THAI

 

 

A foreigner married to a Thai may purchase land with the Thai spouse. Nevertheless, the land or property must be registered under the name of the Thai spouse. The married couple may be asked to sign declarations at the Land Department stating that the funds used are the separate property of the Thai spouse. This means that the non-Thai spouse is waiving any claim on the land or property.

However, there are certain disadvantages in this set up which arises in the unlikely event of a divorce. The non-Thai spouse needs to prove that the land is classified as marital property. Aside from this, there are other basic guidelines that the law provides in the management of matrimonial assets and in this case, a skillfully drafted prenuptial agreement may help minimize the risks to the non-Thai spouse.

 

STEP 3 : PROPERTY SERVICES IN THAILAND

 

 

Once your Thai Limited Company is registered, the following procedure is under the careful expertise of our firm alongside other property services. A thorough research is undertaken and the contracts are closely evaluated before signing.

It is important to note the types of Title Deeds in Thailand and the costs of transfer for your land and Thailand property taxes. Please refer to the property transfer calculator to check your fees payable. You may also consider perusing some articles on buying real estate and the common property problems.

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