5 Easy Ways for Foreigners to Own Real Estate in Thailand

5 Easy Ways for Foreigners to Own Real Estate in Thailand

A foreigner can own a property in Thailand, but not freehold land.

There are alternative ways to control the land as a foreigner through a Limited Thai Company, but the title deed or 'Chanote' as it is called in Thailand, cannot be in the foreigners own personal name. 

This is mainly a measure to control foreign ownership of land and keep the control and prices within reach of the locals. However there are other reasons buried deep within the Thai psyche...

Thailand has never been technically 'conquered', and therefore has historically fought hard to keep control of its land. It may have had to relinquish some land in the past, but it has always proudly maintained its independence as a country. This may give you some insight into the mind-set, from which some of these real estate laws have been born.

However, if your dream is to own a property in paradise don't despair... 

Purchasing Real Estate as a foreigner in Thailand is still possible, and there are several ways to safely solve this ownership issue explained:

 

How Can Foreigners Own Real Estate in Thailand?

When purchasing Real Estate in Thailand, it is important to be aware of there are many different ownership options, so be careful to choose the most appropriate option to suit your personal buying needs, depending on your age, nationality, marital or family status or inheritance issues.

To keep things easy to understand, Thailand real estate ownership options for foreigners generally fall into the following 5 categories: 

 

1.) Buying a condominium:

This is one of the easiest and most clear-cut methods of owning real estate as a foreigner in Thailand. The 'Thailand Condominium Act', allows foreigners to own the freehold of up to 49% of the total unit space & must request a letter of guarantee which must be presented to the Land Department upon transfer of ownership. (i.e if there are 100 equal sized condominiums in a project, 49 would be available for foreigners to own in their personal name on the title deed/ 'Chanote.')

2.) Leasing land in Thailand:

A foreigner can also lease land in their personal name for 30 years, as maximum duration with the land department in Thailand. However, according to the Civil and Commercial Code, sections 537 to 571 the hire of ‘’Hire of immovable property’ the property lease can be renewed for 3 consecutive times i.e. allowing a leasehold of up to 120 years. This is also a safe form of purchasing real estate for forefingers, but it is always advised to consult with a reliable local lawyer to guide you through this process smoothly & securely.

3.) Purchasing land through a company:

Another alternative is to set up a Thai Limited Company, which simply involves having a lawyer arrange the provisions after which the company can legally purchase land. However, be aware that as a foreigner, you can hold 49% of the company's shares the rest of which must be held by Thai juristic persons who will sign over control of their shares to you. Also although the land will be owned by the company, as a Managing Director you would control the voting of the other shares, and therefore have full authority over the ownership of the land. 

4.) Investment:

Thailand Real Estate law allows foreigners to buy and own an amount of land based with an investment of 40 million Thai baht for five consecutive years, on the condition that the land is used for residential purposes.

5.) Thai Spouse:

As per Thai Real Estate law, the Thai spouse of a foreigner may be allowed to buy land or property in Thailand in their own name. However, the married couple may be required to sign agreements to state that funds belong to personal property of the Thai spouse. Any claim on the land or property by the non-Thai spouse could therefore be waived which might be problematic in a divorce case. Hence, a skillfully drafted Thailand prenuptial agreement may help to minimize risk to the non-Thai spouse.

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