Can a Foreigner Own Property in Thailand
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Can a Foreigner Own Property in Thailand?
Summary:
Understanding property ownership in Thailand can be complex for foreigners. It is crucial to consult an English-speaking lawyer before making any transactions.
Article:
Retiring in Thailand is a dream for many, including myself. As I plan to relocate there in about two years, I've been researching the intricacies of acquiring property in this beautiful country.
For foreigners, commonly referred to as "farang," buying a condominium is the simplest option. However, there are restrictions on the percentage of foreign ownership allowed in a condo complex.
While foreign land ownership is prohibited, foreigners can lease land and own the buildings on it. Typically, leases last for 30 years, but extending beyond that is uncertain. Some sources suggest a possible additional 30-year extension, but this is not guaranteed.
Another option involves setting up a company to lease property back to oneself, which exists in a legal gray area. Although some acquaintances have successfully used this method, I have concerns about its long-term viability.
A more secure option might be a "usufruct." This legal arrangement, which a lawyer recommended to me, offers certain advantages over a standard lease. I plan to explore this further during my next visit to Thailand.
Ultimately, whether through a lease or a usufruct, I aim to secure a place in Thailand for the foreseeable future, without concern for what happens to the property afterward.
One option I strongly discourage is placing the property in a Thai partner's name. Officially, she must demonstrate she funded the purchase, but this can often be circumvented. The risk is that she could sell the property without your consent.
Always consult with a lawyer to determine the best way to proceed with property transactions in Thailand. Make sure to discuss pre-nuptial agreements and ensure your will is enforceable. Never make a decision without legal guidance.
You can find the original non-AI version of this article here: Can a Foreigner Own Property in Thailand .
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