Can Foreigners Own Property In Thailand? The FACTS About Buying Property As A Foreigner in Thailand.
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- เผยแพร่เมื่อ 4 พ.ค. 2024
- Can Foreigners Own Property In Thailand? The FACTS About Buying Property As A Foreigner in Thailand.
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Here are the time stamps in the video for you to skip to your preffered section:
0.00 - 1.47 INTRO
1.47 - 6.58 CONDO OWNERSHIP LAWS
6.58 - 8.24 VILLA OWNERSHIP LAWS
8.24 - 9.00 DUE DILLIGENCE
9.00 - 9.37 WHY PHUKET?
9.37 - 10.59 CONTACT SARA
Can foreigners own property in Thailand?
Can foreigner own land in Thailand?
What is the difference between leasehold and freehold?
In this video I answer some common questions about buying property as a foreigner in Thailand.
So if you are considering purchasing property in Thailand, this video will give you a full breakdown of the property ownership laws for foreigners in Thailand.
Hopefully this video was useful for you and gave you some clarity about owning property in Thailand as a foreigner.
#thailandproperty #realestate #phuketproperty
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Never ever trust A lawyer anywhere. Consult multiple ones and only if you hear the same story then dig into the actual law and verify for yourself.
hmm
Better to buy in your own country, where you know the law is on your side, rent it out and use the money to rent in Thailand. Only invest in Thailand what you're prepared to walk away from.
Walk away, why would you need to walk away, i have done very well investing in Thailand !!! Walk away, ahaahahahahahahaha
Loser mentality.
My home country prices are 10x which means I must go marriage with my bank next 30 years 😂 No thanks. Hire a lawyer in Thailand who knows the law 👍
@@mixalis6168because the government or anyone powerful enough could shaft you at any time.
@@PloyandJayinThailandthe law is that foreigners can not own land. End of.
You skip the most interesting part. The company ownership part. There are some tricky possibilities to own land & property! No matter if a foreigner can only own 49% of the company. There can be a thai person who owns the rest(51%) but you can set him under some contract, that you are the manager, or so and kick him if something happens... A lot of people doing these trick. I hoped you tell this in the video, because how this exactly works would be interesting.
Yes this in true!
The business type it sounds like you're referring to are partnerships or sole-proprietorships. If anything I would think the best company to form would be a Thai corporation. If Thai corporations are anything like the Western corp the company is a legal entity meaning you do not own it. It has managers or officers that manage it. As such even-though by law a Thai must have 51% interest in the company, as a corporation his level of power can be restricted to that of a non-controlling interest by contract. Is this what you mean?
Also I presume if you were to have children in Thailand the children would be Thai citizens & at some point the 51% interest/ownership could be transferred to them.
SIMPLE SOLUTION: If you want to buy Thai property (which means 51% must be Thai owned) do this...chop up the 51% into multiple pieces (which means YOU will have the biggest piece and the more pieces, the less chance you get badly hurt if something unforeseen happens). Next, have EVERY person, you give a piece to, sign a LEGAL 50 YEAR NON-SELLING contract. That way, you don't get blind-sided by someone backing out!!!
Thanks for the great explanation of option 2 to buy set up Thai company. You could have done an entire video on that alone but seemed to do a great job with the clarity in just one video. Thanks!
Glad it was helpful for you!
Much appreciated your information. Keep up.
Wonderful facts and info 🎉
It’s similar to buying an apartment in Melbourne or anywhere else in Australia. You own the unit but not the land but the difference is that there is no limit or percentage factor as to how many people own units on that same block. Unlike Thailand which stipulates a 49% foreign ownership
Thank you for this information!
Glad it was helpful!
great material friend cheers
Very informative vlog thanks for sharing
Glad it was helpful!
Very informative thank you.
Glad it was useful!
Great thank you ❤
Great advice and explanation. I wondered whether you had done a video on a comparison between renting and buying?
Thanks for that bud. Great info.
Glad it was useful!
@@sasa4029 lol. Another Russian property expert. Go home mate.
@Алекс Админ he has a channel, I had recently watched a vid and then got a pep talk from his lil short. Chill ye bean my guy, we are all about to have a great day.
This is a beautiful video
Great video. Simple explanation, very concise. It seems to me that there would likely always be a market for the less-expensive lease-hold properties. Really, unless you cared about leaving it to your kids (depending on how old you are), you're not going to need it forever.
You may have answered this in another video, and I haven't checked them out yet - but I'm curious about the laws regarding being able to rent it out, if you decide not to live in it, or rent it out while you go traveling, etc. Is this allowed? Thank you.
Glad it was helpful! You can rent your places out yes. Plenty of developers offer % share of rental fees for managment of units. There's also lots of independent management companies who will find renters for you if you don't want to do it yourself. Save you the headache.
??????????????
In case of a Villa What happens to the structure, if the lease does not get renewed?
What happens to the land if the business structure doesn't get renewed or dissolved.
Would love to hear more about company ownership. Your Co host is extremely beautiful Mike. 😊
Coming soon! I'll pass on the compliment 😉
Before you buy a property in Thailand, you should talk to other porperty owners especially expats. Don't buy just because it looks cheap compared to Western or North Asian prices. Ask how many made money buying property and made money selling years later. Cost of ownership. Things like that. In secondary cities, it's easy to buy but takes ages to sell, because the supply of land is unlimited except at center centers. So if you buy expect to hold it a long long time.
You can buy through a company, but technically the law states that a company should not be used for this specific purpose, as far as I know though, like many laws, it has never been enforced, many do this. If selling, just sell the company as the property ownership is unchanged. There are some accounting costs associated, but you only can own 49% of a company, be careful who owns the other 51%. A lease is for 30 years, there is no requirement in Thai law whatsoever to renew the lease despite agent claims. Inheritable but only till it expires. If renewed it would be at current market value that would include improvements you have made. Some use a Usufruct which gives use of the land for your lifespan, good if young. Noninheritable. Condos are easy if within the 49%, Phuket I believe likes to put leases on these as well when there is no need for it. Occasionally a condo will include villas/houses, these come under the condo act so you can buy these freehold as part of 49%.
Thanks for the info bud! 🙏🙏🙏
Good info thanks
My only question would, do you have to pay taxes on top of everything? If not, I would assume paying on the land would basically be like paying taxes.
What happens to the freehold villa (the villa itself) if the leasehold agreement for the villa land ends? Do you have to forfeit the villa?
and if i bought a condo in thailand and then i want to sell it, is there some regulations and taxes i have to be aware of?? like buy, aait and then sell at some profit or so
great information
Glad it was helpful!
This is for beginners.
Is it at all possible for more detailed information like actual property examples of the differences in the ownership costs of leasehold and freehold in one complex.
What happens if the building gets too old or government and corporate infrastructure developments require the building to be demolished?
Upon death where does ownership of freehold titles go if there are no Thai relatives?
Government?
Condo Corporate body?
Looks like the comments coming through are providing relevant information.
If you want to buy, do it
Support the people where you go. Renting is cool too. Don't let things scare you from living your dreams.
You can only register a 30 year lease at the Land Department. The fact that a lease contains option clauses to extend the lease for two further periods of 30 years is irrelevant. The maximum length of lease that can be registered is 30 years. You are NOT buying a 90 year lease! Using a Thai company to buy a house is fraught with problems. It is illegal to use Thai nominees to hold the 51%. Also, there is no such thing as 'freehold' in China. Land is owned by the state and people buy a maximum of 70 year leases.
Hello. Love your content. I wanted to ask if you know what happens after 90 years of leasing the villa? Do i lose it to the country? Also whats the difference of paid money between owning and leasing?
I don't quite understand. The land is on leasehold but the house can be freehold. What happened to the house when the land expired but the house has not?
Kiss it goodbye 👋
I love Thailand since the first trip to here.
Glad to hear it!
Hey Mike. I know this video was made 4 months ago. Isn't there a change in the law now that allows foreigners to own up to 0.8 ha land and to develop a project or buy a project that's at least $1M USD?
It would have been useful if you had mentioned taxes on properties, I see lots about buying the property but not the add on costs like these or service charges which are, over the long term a significant drag
Sure, I think we can create a new video about this one. Lots of info on this to share.
@@livinginphuketthailand When I was searching in Malaysia they didnt seem to have many/any ground rental or service charge, is it common in Thailand?
Just rent, it's cheap, invest the capital and use the income to pay your lease. No fuss, no muss! Better to but property in places that favor the owner.
This is just scratching the surface. It's only talking about eligibility to buy a property and not even complete. And condos mean apartment building in gated communities. Apartment in standalone building doesn't apply as Condo. Buying landed property is just too complicated, of course there are ways to circumvent the law part, but you need a local partner whom you can trust with your life, whether a spouse or a business partner. Already the lease issue suggest it would be wiser to rent. Ultimately you don't really own the property, you are paying the full rent upfront. And from my own experiences, i would say don't rely on property consultants, go get advice from a good lawyer.
If you buy a Villa freehold, what happens when the land under leasehold expires? Or, what if after 30 years the leasehold extension is refused?
Good question. The renewal is at the landowners discretion. Which is a risk. The safer option is to set up an Thai Limited Company and purchase the property under company name. Negates this risk and allows you to own outright.
hi, How much does the lawyer cost for the buying property? Thank you.
Depends on who you work with and exactly what you need them to do. Prices aren't too expensive in my experience.
Is the place from 6:14 min from Phuket?
What happens when the foreigner leasehold expired? (like after 90 years total)
Do you need to sale property or is the property taken from you?
That's at the discretion of the land owner. There are ways to get around this however....
90 years is not warranty
@@livinginphuketthailand
totally untrue. also the limit is 30 years . Far too many cowboys on YT
What happens after 90 years? Can my great-grandchildren reply for ownership?
Trust a yank to need infinite rights on property. Libertarian much!
What will happen to your Villa if your Villa's land 90 years contract ended?
COME AND JOIN US ON THE PREMIER TOMORROW AT 1830 THAILAND TIME! SEE YOU ALL THERE GUYS!
Those land laws protects the locals from foreign gentrification, case in point Hawaii. Seems land grab gentrifications are more prominent in countries that was colonialized.
You better buy some Bangkok expressway stocks and maybe Thaibev and Kasikorn stocks!
The voice of a seasoned investor...😅
Place is Way (way way) overbuilt .. "Save your money" & rent .. It's a Renters Market ..
South Carolina and Texas are not allowing anyone who is Chinese, Russian, North Korean, and Iranian to own property in the US. Same rules should be applied to US foreigners wanting to purchase properties in Asian countries.
Why?
I don’t see what the point to buy a house if the land if I can’t own the land.
I agree. Setting up a Thai Limited Company is the best way around this.
@@livinginphuketthailand well, that comes with some hardship. You need a company phone that is picked up all the time by a Thai employee.. they started to checking it with random calls ..
It's more common than you think in Asia. In fact, here in Singapore where I am at, locals don't own any land. It's 99 years leasehold on public housing and some private condos, 999 or freehold for landed properties. But by law, everything in Singapore is owned by a government controlled company called Singapore Land
if a buy a condominium or villa in Thailand can I apply for a permanent resident visa without the need of long stay in thailand instead of Thai elite visa?
Nope
So what about after 90 years? What if you want to give it over to your grandchildren? Do you have to pay for the land all over again?
So, regarding the leasehold properties, after 90 years, the government will take back your property with all the improvements you put into it? That's not a good investment. Most people would want to pass on their real properties to their kids!
How is a leasehold preferable for an investor?
It just seems like the worst option unless you have no ambition of passing the wealth and you're near death.
The extra cost associated with it is justified because you at least OWN the asset rather than having to give it back.
Investing in realestate in Thailand is shitty!Just buy some stocks or etfs!Maybe an emergin market ex china etf!
where is ur accent from?
Protect your investment
Good advice!
I'm looking to buy condo in Bangkok, do you know anyone I can contact? Thank you!
Yes i know one!
Foreigners can buy land in Thailand but it's difficult. This is because the government still does not have to give the land a high price like Japan, Spain, Singapore. Thai people can still buy it at a very affordable price.
Whats the obsession with land?Land isnt much worth anyway!
Lease holds are better for single unit homes
If you want to invest money in real estate you have to buy in finnland!In countrys like Thailand you only rent!
if you like hunt do that
Why would you buy realestate in Thailand?It makes no sense at all!
No you cant, just rent, why would you want to buy.
I don’t get why people buy in a foreign country. Buy in your home country which is much safer, rent it out then use the money generated to rent in Thailand.
Lots of people like to have the best of both worlds! Most of my clients were wealthy foreigners who wanted a second home in Thailand to enjoy with their families. For people living here for 5, 10, 20 years, buying makes much more sense.
completely agree!! smartest way to do it!! if you can never truly own the freehold of the land or get full citizenship rights then its just stupid to buy a freehold... Thailand and many other countries will always protect their own people first and I don't blame them AT ALL!! TOO many other countries allow foreign investors to buy too much of the land and the locals are totally out priced or unable to ever be able to own property In their own country!!
@@livinginphuketthailand Some of my rental properties in the UK I make 10% on and they increase in value in the region of 75-100% over 10 years. I’d be very surprised if a property in Thailand would double it’s value in 10 years, especially with the oversupply. Maybe I’m wrong though.
@@livinginphuketthailand • Yes the wealthy foreigners (the 1%), what about the average retiree?.
Yup I agreed, exactly my thought too and also other Asians as well.
Married a gorgeous thai girl give her baby's then buy a house😊
30+30+30 is not legal
Why spend millions to buy or leasehold in Thailand? Rent so you can walk away from it.
Very confusing
Not allowed to own land and that’s a good thing
crap lady land its for thai what ever you do its this way
Free vs leasehold, the big question is which one is more "save" and less risky for a foreigner to be screwed out of.
Just forget it at all!It dosent make sense in any way!
QUESTION FIRST FOR FOREIGN ITS ITS PROPRIETY 100% SAVE GUARANTEE TO GOVERMNET THAILAND NOT SURPRISE NOT PROBLEM 1000% PROPRIETY FOREIGNER SINGLE ALONE NOT WIFE ?