Property Ownership Right
If you are planning to buy a property in Thailand, the first thing you need to bear in mind is that non-nationals are not allowed to own a landed property directly under their name. However, with the right legal backing to control the ownership of the property, foreign nationals can own lands in the country. This legal support has been beneficial to investors over the years, and they have leveraged on it to own expanses of landed properties in the country.
There are two main ways whereby foreign nationals can own properties in Thailand. They include;
Long-Term Leasehold Agreements
This method makes it easy for foreigners to buy properties in Thailand. It is easy to secure a long term leasehold contact in Thailand. In the first place, you can secure a lease of 30 years. Close to the expiration of the lease duration, you can agree with the land owner to renew it for twice that duration; that is to make it up to 90 years. However, Thai law may not be able to enforce this, so the lessor cannot take over the land when the lease agreement expires.
Limited Liability Company
You can also open a company, and have Thais as majority of its owners. That way, you can hire an accountant or a local lawyer, who can prepare the necessary documentations for you to buy properties under the company’s name.
As stipulated by the law, you, as a foreigner, can only own 49% of the total shares in the company. 51% of the shares must be held by citizens of Thailand, but they can sign over the control of their shares to you. The land will be a property of the company, and as the person at the helm of affairs of the company, you will have total control of the ownership of the property.