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How
to own a property in Thailand. |
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Purchasing
a home is the easiest
way to own
property in Thailand
as you can purchase
in your own name
without having the
hassle of nominees.
Foreigners are
permitted under
Thai law to own up to
49% of the units in
any properties. You
will also have to
prove that the money
for the purchase
arrived from abroad as
a foreign currency or
as travelers'
checks. This is done
at the receiving bank
by use of a Tor 3 form
issued upon converting
the foreign currency
to Thai Baht.
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You
cannot buy a home without
a Tor 3 form, so when
transferring money for
the purpose of
purchasing a home in
Thailand ensure that the
transferring bank does
not convert to Baht
prior to the transfer.
When you have chosen
your preferred home then
obtained your Tor 3 form
you can then go ahead with
your purchase. |
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NOMINEE
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This is the easiest
method of house
purchase.
All you really need to
complete this form
of house purchase
is, money and a Thai
national who is
willing to own
property that you the
buyer have paid for.
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NOMINEE
WITH A 30+30+30 YEARS LEASE
WITH OPTION TO BUY .
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This is
probably the safest
way to buy a house and
land in Thailand. You
still require a Thai
Nominee but the deal
is made safe for the
buyer by having a
lease registered on
the land. There is a
tax payable on
the lease income.
However, this is
minimal.
The
lease is a legally
binding document
registered at the
lands office. The
initial term of the
lease as well as the
extension periods
are declared as paid
in advance and
incorporated into the
agreement is an
option
allowing the Lessee
(buyer) to purchase
the land outright
should the law change
and permit
foreigners to own land
in Thailand. This is
the closest you can
get to freehold
property ownership in
Thailand.
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NOMINEE
WITH A MORTGAGE SYSTEM |
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This is a
very safe method of
house and land purchase.
Once again you will
need a Thai Nominee
in order to effect a
property purchase in
this manner. Instead of
a lease agreement,
this purchase method
relies upon a mortgage
to secure the buyers
investment. The way
this works is, the
buyer has a Thai Nominee
to buy the property then
the property is
registered as mortgaged
at the lands office.
Once again there is a
tax applicable to this,
it is however minimal.
The property cannot be
sold until the mortgage
lender signs the title
documents declaring the
mortgage cleared. This
once again gives 100%
control over the
property although not
ownership. The buyer may
remove the nominee
should any problems
arise and transfer in a
new nominee at any time.
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COMPANY |
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This
is probably the most
popular method of property
ownership. To own
property through a
company you need 7
(seven) partners
(shareholders) including
yourself. Each of the six
Thai shareholders have
a portion of the 61% that
must be owned prior to the
house purchase (this is
reduced to 51% after the
house is purchased). There
is only one director
(the buyer) who is also
sole signatory for the
company. The buyer will
also have to obtain
documentation through the
lawyer who forms the
company giving the buyer
100% control of the
company.
Being a company, there
will be a tax
obligation, as there
would be in any country,
however the costs here
are minimal and your
lawyer will have an
accounting department
able to assist you with
the above. |
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GUARANTEE 100%
The foreigner can buy under the company's name |
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