As tourism and globalization are growing every year, many places across the globe are becoming popular locations for property investment. And Thailand is not an exception. Thailand, especially Chiang Mai attracts a lot of foreign property buyers mainly those who want their property in the northern capital.
If you are a foreigner who is looking for somewhere to settle, Thailand has the best places for you. Buying a house in Chiang Mai or other properties in Thailand as a foreigner has never been that easy when you have the right information at hand. I have conglomerated the most important tips for you below. Here we go!
What are the Different Types of Ownership in Which a Foreigner Can Own Property in Thailand?
Remember, the way you do business in your mother country might be different from what you will get in Thailand. Here are the different ways in which you can own property here.
This is the most popular way to own land in Thailand. But as a foreigner, you can’t own property in this form which typically means holding a title deed for the property. The only means to this is through a condominium freehold also referred to as “foreign freehold”.
This is where you literally rent the property from the Thai owner. If you are looking at owning land in Thailand, you will be mostly restricted to this type of ownership which is limited to a maximum of 30 years’ renewable periods.
Types of Property You Can Own in Thailand a Foreigner
Here are the different types of property you can buy in Thailand and how can go by it.
The process of buying a Condo in Thailand as a foreigner is extremely easy. Remember, foreigners, are not allowed to purchase more than 49% of the property. The said property must also be registered with the land’s office. Equally important, the money has to be sent from your mother country’s account.
A House or a Villa
Thailand’s property laws dictate that foreigners are not allowed to own land in Thailand. Since houses are structures that are built on land, you will require to own the land through leasehold so that you can own the house or a villa on it. So, if you are looking to buy a house or a villa in the Ploenchit Collina housing estate in the San Kamphaeng area, you’ll need to enter into a 30 years’ leasehold ownership with built-in renewals to maximize your stay.
Owning land in Thailand as a foreigner through freehold ownership is almost impossible. The only available option is owning the land indirectly through a company that’s registered in Thailand by a Thai national. After the registration, you are appointed as the director.
Although, the easiest and the most popular way is through leasehold terms.
As I said earlier, buying a property in Thailand as a foreigner is simple with the right information. You can always own a condo through foreign freehold ownership, own a villa or a house through long-term leasehold accompanied by built-in renewals, and own land through leasehold or indirectly through a Thai registered company.