Because of the exotic beauty and splendour of Thailand most of the travelers who concern visit briefly end up living in this stunning and tropical country as expatriates.
Typically, under the Thai law, foreign ownership of land is strictly restricted. Economically clever immigrants nevertheless, have found the process of buying condominiums in their own name and leasing those systems out for earnings generation to be an extremely appealing investment.
Hence, resourceful immigrants have directly acquired full control over the home they obtained in the form of condo systems. Some expats will live in the Thai condo themselves while other owners choose to have a residential or commercial property management company handle the rental. Some Thailand condo designers will even use this service to the brand-new purchasers.
Because foreigners are forbidden from acquiring real estates in Thailand, they have actually opted to purchase the next best thing. Acquisition of condo systems have actually ended up being the simplest and most hassle-free replacement for immigrants who want to own real estate in the nation.
Although foreign ownership of condominium systems is permitted, acquisition thereof is restricted to a maximum of forty-nine percent (49%) of the entire building.
Another method of indirectly obtaining real property in Thailand is through a long-lasting lease. Although the non-Thai is merely thought about as a lessee in this case, he is converted into the virtual owner of the leased properties given that the lease arrangement might be prepared in such a way as to render the contract binding for a very long time, the maximum period which is for thirty (30) years.
Prior to the expiration of the agreement of lease, if the latter changes his mind and decide to sell his rights to the rented properties, he may validly be enabled to do so as long as such an act is attended to under the contract of lease.
Another alternative method to indirectly owning real estate is the purchase of land through a duly signed up Thai company. Although purchase of land by an individual foreigner is prohibited, it isn’t prohibited for the Thai company to own and to acquire Thailand property.
Thailand condo legal services are supplied by Siam Legal International in Bangkok, Phuket, Chiang Mai, Hua Hin, Pattaya and Samui.