Chances are if you've been to Thailand on a holiday once, you went for a second trip and after the third vacation you're so dazzled by the tropical atmosphere, local cuisine and many other enjoyments this wonderful country has to offer that it's time to purchase your own little piece of it.
Luckily for you as a foreigner buying your dream home in Thailand is perfectly possible. Though as a foreigner or 'farang' you can not own land in Thailand, you are able to own and control buildings on top of that land. And according to the condominium act, you as a foreigner are also able to 100% own a freehold condominium in your name.
This condominium act permits developers to build condominiums on a plot of land of which the registration-able area within the building blocks is allowed be divided between 51% of the units preserved for Thai nationals and the remaining 49% can be kept for foreign buyers. This 49% is also referred to as the foreign quota of a development project.
This allows for a special type of freehold title and after you purchased the condo unit, the developer will then transfer the title deed with your name on it, and just like that you now have place of your own in Thailand.
Furthermore in case you were mesmerized by the wonderful sunny Thai beaches and you want to buy your own ocean view villa or a townhouse in your favorite part of the city, you can do so through leasehold which brings us to the second option.
The land owner will offer the buyer a long-term lease hold of 30 years with the option to renew the lease another 2 times, making it a total of 90 years. For some owning through leasehold isn't enough so therefore we can take a look at the other option.
The third way to own land or property on a plot of land besides a leasehold agreement, is setting up a Thai company.
In order for the company to be recognized as a 'Thai company', ownership of the majority shares has to be at least 51% belonging to a Thai national and the remaining 49% can belong to a foreign investor.
Nonetheless the director position of the Thai shareholder of the company can be transferred to the foreign investor after the formation of the company. Alongside this the majority of the voting rights per share can be given to the foreign investor making him the sole decision maker of the company.
Although this practice is not favored by the Thai government –out of fear for fake Thai investors– if the buyers abide by the law it's still a perfect opportunity to purchase land and property and enjoy the said ownership rights.
These regulations in real estate buying for foreigners may seem unfair at first, but the Thai government protects its economic system in that way so there wouldn't be any wave of foreign investors coming in Thailand buying real estate and pushing the property price up, leaving the locals suffering from this.
Based on these 3 available options,it is clear to see that buying a freehold condo in Thailand is therefore still the easiest way to get a title deed with your name on.
Looking to buy your own freehold condo in the land of smiles? Check out Revenue Real Estate exclusive Bangkok projects on the home page