Real Estate Right When Buying a House in Thailand
- Written by News Company
Owning a property in Thailand is a good way for residence or retirement purposes, investment and business reasons. It is vital to note that there are certain things to consider, despite what Thailand is offering. For tourists, the risks can be seen in complicated regulations and the lack of knowledge of the Thai’s culture. The most viable thing to do is choose a Bangkok law firm, who practices the Thai real estate law and bears experience in defending client's rights when the talk is on buying land and property in the country. You may get to know more on real estate in Thailand at helpful sites like https://www.thailandflat.com.
A lot of tourists thinking of buying and leasing real estate in Thailand are most of the time confused by the misleading information and false claims on the Internet. For a fact, there are particular legal issues under Thai land law over the right of foreign nationals to purchase and get rights to Thailand real estate. Below are some of the basic principles in acquiring property rights in Thailand:
What are the varied ways of earning land rights or buying property in Thailand?
1) Land Leases – even if Thailand real estate law controls the land ownership rights to tourists, they are allowed to hold a 100% interest in a Thailand land lease. In this lieu, the tourists rightfully lease the land or house from a Thai local, who is the owner of the land. The Thailand lease law permits a 30-year maximum lease period, while allowing renewing the lease for 30 years. Read more on real estate on other countries at this link.
2) Company Ownership – Only the companies with a majority of Thai ownership is able to purchase land in the country. Previously, tourists get to enjoy an interest in Thailand real estate, if they are minority shareholders in a Thai company. On the other hand, during the recent years, stricter rules were implemented by the Thailand Land Department. It has been over controlling the limited companies, which has candidate Thai shareholders, who do not bear a legitimate interest in the company who claims ownership of the land. A non-Thai shareholder is still able to protect his investment in a Thai company as abided by the law.
3) Investment – the Thai real estate law permits tourists to purchase and own a particular land based on an investment of 40 million baht during the past five years. It is allowed only in residential purposes. For added information on real estate in another country, click on this link.
4) Thai Spouse – furthermore, in the Thai real estate law, a Thai local who is married to a tourist is permitted to purchase a land or property in Thailand under his or her own name. Nevertheless, the couple is entitled to sign declarations at the Land Department to mention that the money exhausted is the separate property of the Thai local. When there is separation between the couple, no claim on the land or property by the tourist is allowed. There will be constraints for the tourist to prove that the land was marital property. In this lieu, a specific Thailand prenuptial agreement is necessary.
5) Usufruct Habitation and Superficies – for a fact, a tourist may get a life term interest in particular kings of property rights in the industry of Thailand. For example, a usufruct is a right to lease a land, which is non-transferable and bears certain differences.
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