A Step-by-Step Guide to Choosing The Right Property in Thailand
It is extremely easy for westerners to become fixated on the diverse attractions that Thailand has to offer. Ranging from white sandy beaches to never-ending summer, mouthwatering Thai cuisine and even this nation’s intriguing cultural heritage. Indeed it is hardly surprising that quite a large number of westerners who visit Thailand are often keen on residing here for the long haul.
However, buying property in this country is usually complicated as the law of the land forbids foreigners from owning land. Despite this fact there are still plenty of loopholes that enable expats to circumvent this technicality.
As a rule of thumb, should you be planning to purchase property in Thailand, it is highly advisable to first fully ascertain whether the house you have set your eyes on will be really yours. And are the risks involved too insignificant to stop you conducting such a transaction.
All in all, the benefits of owning a home in this South East Asia nation far outweigh the problems such a move presents. This includes far much lower purchasing costs and more importantly, a relatively lower cost of living than in virtually all western countries.
The following are some critical tips that can come in handy in your quest to purchase property in Thailand.
Buy a condo
Purchasing condos for foreigners in this nation, unlike other properties, is straightforward and entirely legal. Expats can own these residential properties provided that the majority of inhabitants are Thai citizens. And due to the insatiable demand for condos, disposing of them is always simple. Studio condos in tourist hotspots like Bangkok, Phuket and even Pattaya can be had for at least 1 million baht. While high-end, luxury units go for around 5 million baht.
If you can’t buy a condo settle for a leasehold property
Buying a property on leasehold in Thailand gives you the right to own it for a given period of time. That can always be renewed with fairly little complications. Ideally, you should settle for a property that carries a long-term lease (at least more than 50 years) to avoid problems as short leasehold houses are very hard to sell.
If you can’t buy a leasehold property buy one under the name of your Thai partner
Another means foreigners can utilize in purchasing property in Thailand is to put up the name of their Thai spouses or associates on it. One thing to note about such arrangements is you will be forced to vacate the property if your relationship with your partner turns sour. To safeguard your investment, it is highly recommended to make him/her sign a contract that allows you to reside in such a home for a given period of time regardless of falling out with them.
Buy a property under the name of a nominee company
Finally, if all the above options are not viable you can purchase property in Thailand using a nominee company. There are many skilled accountants/lawyers that would be delighted to draft the necessary paperwork to validate such a firm. Provided the majority of its shareholders are Thai nationals (basically your accountants or lawyers staff).