Pattaya Real Estate|
Special offers, Discounted:
Laguna Beach Jomtien 2
Studio, Size 25 sq.m.
1 bedrooms, Size 50 sq.m.
Floor number - 15, Seaview
3 bedrooms, Size 161 sq.m.
Legal Services, Visa, Accounting
How to own property in Thailand
There are three ways to own property in Thailand.
1. Title deed in your own name
The most popular form of ownership among foreigners in Thailand is to own a property in your own name.
That can only happen if you buy a condo unit in a building that is registered as a condominium (*) and follow the rules
of The Condominium Act (No.4) B.E. 2551 (A.D. 2008) Since 1999 the rule has been that the total sellable
area of the condominium can be owned in a foreign name. That means a non-Thai citizen can buy and register
a condo in his own name. The remaining 51% must be owned by Thai persons or companies.
Download Condominium Act of Thailand
2. Register Thai company limited (**)
As mentioned above at least 51% of the sellable are of a condominium must be owned by Thais.
Since most buyers are foreigners, it is solved by setting up a Thai company to own the condo units bought by the foreigner.
The buyer will be Director of the company and the largest shareholder owning 49% of the shares.
De remaining 51% shares must according to the law be owned by at least two Thai people or companies acting as nominees.
These two Thais will sign "transfer share documents" so that the investor at any time can change the Thai nominee share holder.
The Director is controlling the company and its shareholders.
3. 30 years leasing (***)
Leasing contracts longer than 3 years must be registered at the local Land office to be juristic valid.
The maximum time for registering leasing in Thailand is 30 years.
After 30 years when the leasing contract has terminated, the leasing contract can be renewed if the
landlord accepts to sign a new leasing contract of 30 years to the lessee. We do not recommend our customers to register
property on spouse, family, friends, lawyers etc. There is no security for the property if a problem should arise.
We recommend alternative 1. and 2. Then you as buyer have control over your property. You will have title deed
in your hand and no one else owns your property.
A condominium, or a condo, is a form of housing tenure and real property where a specified part of a piece of
real estate is individually owned while use of and access to common facilities in the piece such as hallways,
heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership
and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the
term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined
as an "apartment" that the resident "owns" as opposed to rent. In Thailand "apartment" is normally referred to
as an apartment unit for rent in a building that is not registered as a condominium so each unit can not be
owned separately as in condominium.
** Thai company
A Thai company is a Thai registered "company limited" (Co., ltd.).
Leasing is a process by which a firm or a person can obtain the use of a property for which it must
pay a series of contractual, periodic, payments. The lessee is the receiver of the services or the assets
under the lease contract and the less or is the owner of the assets. Leasing is a form of rent and gives the
less the right to use and live in the property during the contractual period.
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|21 Mar 2023 |