It’s a common misconception that foreigners cannot buy real estate in Thailand. It is true that there are restrictions in place, but it is easily achievable if you learn the rules and use a reputable real estate agent in Thailand. If you have your heart set on owning a home and property on one of Thailand’s pristine beaches, in it’s peaceful countryside, or in the middle of the exciting hustle and bustle of Bangkok, keep reading to learn what boxes you need to tick if you want buy property here.
Learning the Thailand Property Laws
For the most part, Thai law prevents foreigners from directly owning land in their own name. But there are a few legal ways to get around this law. The most popular way to get around it is by owning a Thai company that you can then use to purchase the property. That way it belongs to you, even though it isn’t in your name. If you’re not going to buy an existing company, you can set up a Thai Limited Company. If you’re business savvy, this is a great option, because it provides you with a way to earn income in Thailand in addition to owning a home. The company does have to have a majority of Thai shareholders.
Can Foreigners Buy Land in Thailand?
Technically, there is way that foreigners can own land in their own name, although it requires a lot of paperwork and some good fortune. A foreigner can apply to purchase 1 rai of land in specified areas. The land must be for residential purposes only. The person applying to buy the land must have at least 40 million baht invested in government bonds or specified assets that are beneficial to the Thai economy. In addition, The Minister of the Interior must approve the application before it can move forward.
Thailand Property Ownership
If just reading these two options is giving you a headache, you’re probably wondering if there’s a better way to own property in Thailand as a foreigner. Lucky for you, there is. According to Thai law, foreigners can own homes in their own name, just so long as they apply for the proper permits. They can also enter into long-term leases with Thai landowners. Once you enter into one of these long-term leases, you can then apply to build your own home or purchase one that is already on the land.
Before taking the plunge and investing in property in Thailand, you may prefer to rent a property first. There are always properties readily available for foreigners to rent from small studio condos to large spacious townhouses. This will give you a taste of what it’s actually like to live in such a culturally rich country like Thailand before you invest in your own property here. It will give you further insight into the sort of area you’d like to live, although speaking to a reputable Thailand real estate agent can provide much of this information for you if you feel ready to take the plunge now.
Find Thai Property
Thailand Property Expert
Local Service For International Clients