Get Answers to Your Real Estate FAQs, Whether you own a home or rent an apartment, there are a few things you need to know about real estate. Learn about mortgages, renters’ insurance, and more.
As you might imagine, real estate agents field quite a few questions every day. People are naturally curious, and it’s an agent’s job to guide folks through the often-complex world of home buying and selling. You might also imagine that some questions about real estate come up more often than others. Whether you’re a first time buyer or repeat buyer who could use a refresher on how deals get done.
These are the most common property and real estate questions that are asked in Thailand when it comes to buying or selling property in Thailand. If your question is not listed here then speak to us online for further advice and guidance. Call us now, speak to us online or walk into any of our offices in Thailand for attention.
To answer that question, plain and simple, it IS legally possible for foreigners to buy property in Thailand. Foreigners are allowed to own property with some restrictions. Foreigners are allowed to own condos but are prohibited from entirely owning land (such as villas or townhouses).
Foreigners can follow these three rules on property ownership in Thailand:
The easiest method of a foreigner owning real estate as well as having their name registered on the title deed (known in Thai as “Chanote”) is to actually buy a condo. Make sure to also verify that the title deed is real and that it is indeed designated as the official title deed of the actual property, all of which can be done at the land department.
As stated before, foreigners are legally prohibited from owning land under their name in Thailand. Fortunately, Thailand’s legal framework offers some ownership and control alternatives to foreigners. While direct ownership and title deed registration is not possible, alternative holding structures allow foreigners to enjoy and “indirectly” control land usage.
The most common methods of ownership structures used for “indirectly” owning or enjoying landed property usage are usually buying a leasehold or buying property through a Thai company.
A foreigner bringing in money of no less than 40 million THB (1.13M USD at the time of writing), as specified in the Ministerial Regulation, into the Kingdom of Thailand for investment may apply for acquisition of land, not exceeding one rai, for residential purposes provided that permission has been granted by the Minister. According to section 96 bis of the land code, the land acquisition application must comply with rules and conditions established in the Ministerial Regulation. Furthermore, the land size in any acquisition for residential purposes must not exceed 1 rai (1600 sqm.).
Any promoted company with 50% and above foreigner-held shares may apply for land ownership by submitting any relevant forms to the Thailand Board of Investment (BOI). When the land acquisition has been approved successfully, the BOI will then issue a letter of approval to the applicant and the Department of Land (or provincial governor) would be notified as well.
In Thailand, Land is measured in Rai, Ngan and Wah.
Land prices are usually expressed in Baht per Rai or Baht per Wah. Condominium prices are usually expressed in Baht per sqm (square meter).
Yes. A foreign-owned property may be rented out. Some banks may allow you to open an account to collect the rents. You, as a non-resident, must be aware that personal income tax shall be deducted from your income earning in Thailand.
Contact us today to learn more about how we can help you navigate the local real estate market and find the perfect home for you.
