As a foreigner, you might find the Thailand real estate market to be quite attractive. You know that there is a huge influx of foreigners in this constantly growing country, but you also know that it represents one of the most important touristic attractions in the world. Thailand is currently facing an impressive explosion in this industry, hence the unusual attraction. All in all, it makes no difference if you are trying to buy a condo for your long lasting vacations or you are thinking to retire in a heavenly place and live as an expat in Thailand. In any of these situations, a little education on the market can work a very long way. So what should you know? Is it easy to buy a property in Thailand?
The first and most important rule might look disappointing – foreigners are not allowed to buy or own land in Thailand. However, they are allowed to invest in apartments, as well as condominiums. This is exactly why no one buys beach houses, but just beach condominiums, which are just as handy. But on a different note, the laws are still quite tricky. Normally, you cannot own over 40% of the condominium’s ownership. Once again, it looks like a limitation. Experts claim that you can still make the difference though. You can buy an entire building, but without owning the land under it. In this case, you are the main owner, yet the problem is even more significant – you cannot afford it.
Common solutions in buying properties
The past years have brought in a lot of different changes in the Bangkok real estate laws. They are insignificant though, but they provide a lot of doors to foreigners to explore this industry. For instance, having a three decade renewable lease looks like a solid option. You can renew the contract as many times as you want and even with extra 30 years. This option is not perfect either because your powers are limited in front of a purchaser. If someone buys the property, you have no powers left if they have something else in mind. Other than that, you cannot sell or sublease the property without the lessor’s agreement.
Innovative ideas for potential owners
An interesting option that plenty of people consider implies starting a business with a 51% Thai ownership. Companies with a Thai ownership majority will never experience any problems in buying and owning lands. You can control the business by being given control from the Thai ownership or by giving yourself more voting rights. This is a very efficient method that plenty of foreigners consider. However, unless you are familiar with the Thai law, you might need to hire a specialized attorney for all the paperwork.
Finally, if you plan to start a solid corporate venture in Thailand, you will be able to buy a Pattaya condo for sale if you choose to make a huge deposit in a board of investment. These deposits should be at least $1.25 million, so they are mostly recommended to people who have no issues with their available budgets.