If you are a foreigner and wish to purchase a real estate property in Thailand, you definitely need right guidance in order to understand real estate related Thai laws. You can definitely look out for information over the internet as there are many websites that describe the legalities of real estate Thailand. You must be aware because many sites provide misleading information. Regulation of certain laws has been made regarding the foreigners to engage into real estate transaction like buying a house in Thailand. Take a look.
Is it possible for a foreigner to avail absolute ownership of a property in Thailand? No, Thai law does not permit direct ownership of land or property. Getting legal rights to use real estate property can be acquired by other methods, which does not provide the property ownership to the foreigner. The common and most used rights to use property or purchase real estate in Thailand are investment, land leases, Thai spouse, usufruct, and superficies.
Real estate investment of 40 million baht and more
If you want to use a land in Thailand only for the residential purpose, then you can decide on investing on real estate. You can own or purchase a certain portion of land and use it for five years by investing 40 million baht.
There is a restriction for the foreigners to avail 100% ownership rights of a real estate property in Thailand. However, you can definitely take a land for lease and enjoy its benefits for a certain period of time. The maximum lease period that a foreigner can enjoy is thirty years and after that, it can be renewed for another thirty years, if both the landlord and the lessee agree to do so.
Marriage with a Thai resident
If you are a non-resident of Thailand, you can still purchase a real estate property by marrying a Thai resident. Your spouse is a Thai resident and therefore, he or she has all the rights to buy a house or property, but all the claims of the property will be enjoyed by your spouse only. You and your spouse have to provide a written declaration at the Land Department that the ownership rights of the property belong to your spouse only. If you want to get a real estate by marrying a Thai resident, then it is always advisable to draft an adequate prenuptial agreement as the Thai law. This will help you to protect your interest in case separation comes into your married life with divorce, death or any uncertain circumstances.
There are certain property rights that allow a foreigner to enjoy life long interest in a real estate property. Usufruct is a common Thai law that many foreigners use to get the benefits of land use.
If you are interested to buy a land or real estate property in Thailand for investment, residential purpose or for business, you need to contact an efficient law form. We are specialized in real estate and other laws of Thailand and our experienced lawyers can help you to get the right solution.