Alternatives to Thai Property Ownership for Foreigners
If you've ever dreamed of owning a piece of paradise in Thailand, you're not alone! Thailand's culture, landmarks, and cities make it a top choice for foreigners. Yet, navigating the property market as a non-citizen can be tricky due to restrictions on foreign ownership. But fear not! Today, we'll explore some alternatives that allow you to fulfill your Thai property dreams with ease. Whether you're a city enthusiast, or a nature seeker, we've got options that will pique your interest. So, let's dive into these creative avenues to make your Thai property dreams come true!
Setting up a Thai Company
If you've got eyes on a Thai Property, one of the alternatives is to set up a Thai company. But, do bear in mind that this option comes with its own set of regulations.
First up, be mindful of the 51/49 ownership quota in which the company's ownership needs to get split up. The former of which, 51%, is Thai local-owned whereas the latter 49% is foreigner-owned. Also, your company needs to get accepted by law as a working business that makes money and includes real Thai investors.
Once you've set up your Thai company, you can then use it to buy a property in Thailand. Due to its complexities, we recommend you to consult a lawyer to help guide you.
Investing through the BOI (Board of Investment)
Another one of the alternatives is to invest through the Board of Investment (BOI). One of the benefits of a BOI investment is the ability to buy residential land for employee housing. But, the investment must benefit the country's economy in the form of assets or bonds.
The investment might also need approval from the Ministry of Interior before benefiting foreign investors. Note that your heirs won't be able to inherit the ownership as these privileges do not extend past your lifetime.
Be a Permanent Resident in Thailand
Being a permanent resident is also a good idea as you'll get more choices. You can stay in Thailand without the need for extension applications as long as you'd like. Your name will also get added to the house registration document. You can also buy a condo without having to make any overseas bank transfers. Being a permanent resident in Thailand will also increase your chance of getting mortgage financing approval.
Buying Leasehold Properties
Another alternative is to buy a leasehold property. The basic leasehold period is 30 years, with an option for at least two extensions, making it 90 years in total. You may not get complete property ownership like buying freehold property, you will gain exclusive rights to the property at the very least.
Getting Married to a Thai Spouse
Another option for buying property in Thailand as a foreigner is getting married to a Thai spouse. But, do keep in mind that your Thai spouse will need to prove that the money used in buying the property was theirs. The Land Department will also need a signed declaration from the couple to verify the money used belongs to the Thai spouse. This means the property will get registered under your Thai spouse's even though you intended to buy the property. You won't get to own the property with your spouse in a jointed manner, so the property will not be a shared asset.
Bottom Line
In conclusion, Thailand's allure is undeniable. With the right alternatives, your dreams of calling this land your own can still come true. So, whether you crave the streets of Bangkok or Phuket's beaches, Thailand welcomes you with open arms. Embrace these alternatives, and let the Land of Smiles become your new home away from home. Your Thai adventure awaits!
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