Real Estate In Thailand - The expat
perspective. What you can buy - and how.....
Thailand has recently
witness a surge of interest in property buyers from
around the world. One of the first questions on
everyone's lip when they enter the Kingdom is "How can I
owned the property I want to buy?"
There are a number of
answers to this question, which revolve around the Thai
law that foreigners may own up to 49 percent of
condominium property. Hence if a property develops has
build an apartment block of 100 units, he can sell 49
percent of the condominium space (units) to foreigners. In
this case each expat who want to buy one of the 49
units will wholly own the flat in his or her own name.
Buying a house standing
on a piece of (Thai) land is a different story. In the
past, many people opted for the easy route of buying the
house in the name of a Thai friend. Effectively, you are
giving them the money to buy a house and hope they do not
lock you our after the first argument. History tells us
that this method does not always have a happy ending.
Land for building comes
with a title deed, or "chanod" in Thailand. It is possible
to have your Thai partner's name on this document as
owner, with your name also register as mortgagor, as you
lent the money in the form of the mortgage. This means
that house cannot be sold without your consent.
You can also use a Thai
Nominee to purchase a property and have a 30-years lease
with 30-years renewal options form the nominee.
Another method is
Usufruct Interest (sidhi-kep-kin) that gives you temporary
ownership rights to thing on the Thai Land. In practice, a
Usufruct is limited to a 30-years maximum period; like
leases, the agreement can be successful renewed. In
contrast to a lease, a Usufruct interest can be sold or
transferred, although its expires upon the death of the
holder of the Usufruct and therefore cannot be inherited.
Finally, there is the
limited Liability Company, which is most popular as the
Articles of the Association can be varied to allow greater
protection for foreigner minority shareholders. The
recommended foreigner ownership share in this case is 39
percent, but with changes to the Articles Of Association,
the foreigner can be the only active director of the
company.
All these choice can be
discussed with an experienced Real Estate Agent and
satisfactory outcome is normal these days.
by....Ajarn Kietisak
Phantawong
Director,
International Legal Counselor Office (LLP)
For further information
about ICO Expert Services, Kindly contact or visit their
office at :
ICO Expert Services.
ICO Building, 299 M. 2 T.Sanpanath, A.Sansai, Chiang Mai,
Thailand.
Tel: 053-351414, Mobile: 01-9511100 Fax: 053-351413
Email:
lecturer123@hotmail.com
The Best Real Estate and Home in Thailand,
Home in Park
250/13 Moo 3, Leabklongchonlaprathan Rd., T.Nongkhay
A.Hangdong,
Chiang Mai 50230 :: E-mail ::
info@homeinpark.com
Call 6653-430670, 6653-430571
http://www.homeinpark.com
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