Can Foreigners Own Property in Thailand
ฝัง
- เผยแพร่เมื่อ 4 มี.ค. 2017
- Foreigners buying property in Thailand has a number of issues and in this video I'll cover these for you; please note this is the most up to date information I have
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This was the clearest and most easily comprehensible explanation I've heard yet on Thailand's foreign ownership laws. Graham has a real knack at doing this. Well done fella!
Andrew Francis ……...Mmm, yes Graham's explanation of the Thai property laws regarding land ownership by non-Thais [foreigners] was very clear. It was also mostly, completely incorrect. Let me address each 'method' Graham alluded to individually:
1. Putting a property in your Thai spouse's name. This is an utter and total myth. UNLESS the Thai spouse can prove that they had the funds to purchase the land/property themselves. [if you think about it, if a foreigner puts the property/land in his Thai wife's name having bought it with his own money - the property/land is owned by a foreigner. This is completely impossible in Thailand]. In addition, and whilst this method can be circumvented by 'gifting' the property/land to your Thai spouse, they are responsible for any taxes, duties etc related to the property/land as well as registration/licensing of the property/land as a domestic residence.
2. 'Nominee companies'. Again, Graham is totally wrong in this. As the Thai 'nominees' have a controlling interest in the company [51%] Thai law does not see this as foreign ownership. In fact, my wife and I [we are both non-Thais] successfully proved ownership of our pool-villa bought under a 'nominee' company in a Thai court of law. There was absolutely no issues about this - the judge never once raised it as a concern. In fairness and over recent years, the Thai government have been 'cracking down' on this method - but mainly where it has been abused by multiple property ownership [the original concept under ex-Prime Minister Thaksin, was that a foreigner 'may own up to one property' under this arrangement] or clear manipulation of the 'nominees'. [eg: a shop worker buying a 10M THB villa!]
3. Leasehold. This is arguably the most dangerous and risky method of buying property in Thailand. Many 'developers' claim that they can arrange 30+30+30 leases if you buy one of their properties - this is a complete lie. As Graham correctly stated, the maximum length of the lease is a total of only 30 years. Indeed, it is extremely rare to even get a 30 year lease at all! [most are for about 10-20 years]. At the end of this term, the landlord has every legal right to re-possess the property - irrespective of how much you have invested in it having it re-modeled, renovated or decorated etc. In fact, there have been a number of the cases where a landlord has taken possession of a property mid-term and the tenant has been left without any compensation.
In conclusion [and as my wife and I found out to our cost] Thailand is a wholly unsafe and extremely risky country in which to buy property. The 'system' there is utterly predisposed to corruption and abuse - and that is why Thailand is home to countless ruthless criminals [most of whom served there 'apprenticeship' in the Costa del Crime ripping off people with time-shares etc]. Be warned!
dont know if anyone gives a shit but if you're stoned like me atm you can stream all the latest series on instaflixxer. Been watching with my gf for the last few weeks =)
@Stanley Riley Definitely, I've been watching on InstaFlixxer for years myself :D
Nice chat , really straight up and to the point . Also perfectly timed for the rooster at the end, lol.
Great vlog. Finally a clear understanding of what i will need to go through..
Thank you for very good information. You impressed me.
Hi Graham, I just discovered your vlogs and what refreshing change from most other vloggers in Thailand. Straight, honest talking with no BS. Now subscribed.
As for property; I always believed that whatever you invest into Thailand you will never get back out of the country. My ex-wife and I bought a nice land plot of 9 Rai in Nakhon Si Thammarat in 2004 bought off her relative. I paid just 40K BHT per Rai at that time. We just got divorced and her land had now been independently and professionally valued at 500K Baht per Rai! That was a great investment. Many readers will think how could that be good for me? My marriage and divorce were in the UK so divorce laws here split worldwide assets equally. Therefore in settlement I was awarded half of the value of her Thai land by court order. OK so she gets half the UK house too but that's another story. We also still jointly own a condo in Bangkok (paid for by me of course) bought in 2010 for 6MB with both our names on the title deed - made another mistake there. Anyway that has had a net sale offer recently at almost exactly what we paid for it at 6MB. Since Brexit and the plunge in value of the British Pound this represents an increase in real terms of 20% once funds are transferred back to the UK. I've been very lucky not to completely loose my shirt - just half!
I still love Thailand and will be looking to rent property in the future!
Great video - thanks Graham
Great Vlog Graham. Hope it saves someone from a very expensive mistake.
Yes, it could be a very expensive mistake. Long story but I learned the hard way.
Very well explained...Thanks Graham
Hi Graham, I've just clicked on the Ramayana ad for you! Hope it helps.
thank you for sharing this !!!
Thanks! We were looking to buy in Phuket! We are going to 2020 Olympics for 2 weeks then going to Bangkok, Phuket, Phi Phi islands for 2 weeks vacation & look around at possible properties.
We are just going to enjoy our vacation and forget looking for property to buy!👍🏽
Good info Graham !
Good straight forward information.
Spot on! Graham.
Great info, this came in handy.
Very good advice!
Brilliant vlog Graham and very informative
Cheers mate.
Interesting view points,
Hey Graham, Thanks for telling the TRUTH & NOTHING BUT THE TRUTH.
PEACE MY BROTHER.
great information , thank you.
Best video and advice i have ever seen. Listen to this guy. Ive been living in Thailand for 6 years. Don’t get stung. Don’t buy if you have any doubt even the slightest doubt and even if your 100% still give it two year before you buy 6 months ain’t long enough. Rent. Learn the language...
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Really useful vlog Graham. It's so important to do your research and spend time in Thailand before jumping in feet first. Its can be a beautiful place to live but as you say, like anywhere, it has its problems. Research is vital and making connections and planning must be done before taking the plunge.
I occasionally look at Thai Visa and comes across so many people complaining abour Thailand, expecting it to have the same standards as their home countries.
I've been around Chris and I've never yet lived in a country that doesn't have its problems and issues for expats - Thailand just has it's own unique flavour of restrictions and I don't let it bother me.
Thai Visa is THE place to complain although there are a few folks on there that are extremely pragmatic and that's the key to living anywhere. Thailand, regardless of what we think of the country or its political system is still a developing country and it'll take many years before it develops into anything like the west ... the question is ... is that what we really want; after all we left the west to find something different ... maybe we should just accept these differences. Have a great day mate.
If you're watching this Graham thank you for sharing . Miss your work mate. Rest in Peace.
Thanks, nice vlog
Very well explained what to do and what to don't .
thank you ka
Very good presentation Graham hope you are both well
Thanks Des. Fam is doing fine but not sure how I caught another cold right on top of the last one ... that's life :)
Hi Graham & Pie a Brilliant Vlog (new subscriber)
Thank you so much ka
Great video, very informative..! Cheers
Thank you. There's been an update from the Gov recently and I'll cover this in a future video.
Great video!
Most farangs that go to isaan build a house for their significant other. On family land in the wife's name. You my friend, are the exception! There are more horror stories than Happily ever after ones. Don't buy anything you are not prepared to lose in Thailand. Rule...don't do anything in thailand you wouldn't do in your own country.
I don't have any problems with Thai property laws. It is their Country...
We, and by we, I really mean my wife currently own a small house in Bang Na, in the next couple of years we will probably buy another home in the Chiang Rai area. Although we may wait until we have retired to buy. After being married for nearly 31 year I am not worried that my wife is going to screw me over.
Graham did do a good job of explaining this and yes, renting is safest. But, there is zero chance of getting any return on your money.
Thanks for sharing.
yes, ... I and so many expats would agree that renting is the safest option
Exactly what I needed to know. Looks like rental is best for moi.
It's the safest and easiest option ... don't like where you are living? Just pack and find another place. No having to worry about selling or any of the legal issues that come with ownership :)
Well explained
Thank you.
Bonjour Graham..Nice and informative video..A friend of mine bought a condo in Pattaya..But i think the best thing to do is to rent..Have a nice day.
Generally most folks don't have any problems with condo ownership so it's one of the better options. Have a wonderful day Francis
good advice graham.People make too many mistakes retiring in thailand.They go there thinking they are on holidays still and find out soon what happen when your monthly pension go out the door fast.I believe in renting a place there also as like you said there a lot of scammers out there.Like your videos and keep up the good work.
It's much easier to rent and that way you know nobody can rip you off. It happens here a lot and yet people still fall for the same old scams.
Great advice never invest in something you are not willing to walk away from if it goes wrong.
That is really the bottom line. Have a great day mate.
Hello Graham, at last, an honest man !!!! as an expat, and have been for over 35 years, living working, travelling and enjoying life as much as possible in many countries. I to love Thailand (been here for over 10 years,) and in fact all the Asian communities, but the one thing I do totally agree with you from Renting is far easier if you are single why buy? is tread carefully, be aware as much as possible, best karma to you and your family. PS I'm looking for a place to rent any hints? I am now a retired Science teacher come, labourer.
Good advice
Great info
Informative
Thank you, this was interesting
You're welcome, hope it helps.
I have looked at a few websites and listened to some other vlogs. No one has mentioned these details. I have not seen this information on real estate websites. Thanks
HI graham some great comments on this one yes every bodys correct here and fair play to the thais on this i would love to move there and employ thais even at a small profit basis just for the life style and looking after people on the farm and family but it doesnt luck for me its gonna happen im really sorry to say
great topic graham thank you for the vlog
warm regards jamesey
Listen to this guy, he knows of which he speaks.
Thailand Paul makes a good point . If you look at the UK in certain area's of London property prices went astronomical in the 70's due the Middle East money paying silly prices . In Cornwell and other area's locals have been priced out of the housing market by people who wanted holiday homes . Foreign ownership would drive up prices , eventually beyond the reach of ordinary Thai's .
Displacement of nationals can be a problem but Thailand is a huge country so it could absorb more people. I think zoning would be an ideal solution so as not to push out the nationals.
Not true, the restriction were brought in to stop property speculation by the Japanese. It helps keep prices lower. Look at UK and Australia alone to see how foreign ownership raise prices so the citizens suffer. Here they look after their citizens.
I have the impression that Thailand protects it's own . It is disappointing that I can not safely own property there but , coming from Australia , I respect their apparent view "keep Thailand Thai". Renting is certainly what I'd do and be happy to simply be in Thailand .
Yes they do protect their own. It's a balancing act. The issue is that there are far more poor folks and if they allowed foreigners to own land then it would push prices beyond the reach of far too many people. On that note their land would increase in value so they would get more for it. The perception of this issue is mixed, some believe that foreigners should be able to own land but within restricted areas such as Bangkok and Phuket, while others believe that it's better left as it is.
Renting is, without question, the easiest and safest route to take.
wow good luck to your piece of land
"If you don't like it, there's always an airport". That's so true. This guy really understands the scope of the property situation in Thailand. There's plenty of very happy expats living and Thai and plenty of unhappy people who have lost everything.
Hello there Graham. I hope you Pie and Fam are okay. Thank you for the very helpful videos you have made. Graham I have a question to ask what's the situation if someone have some cash in Thai bank is it safe, if you don't like to live in Thailand after a while can you get it out and take it back home again?
Have a nice day !!!
Your Sweater looks like a Marine item.
Keep up the good vids.
It was a gift from one of the locals who obtained a couple at an army supply store; they are really warm :)
well said mate,,
Thanks Sean. I'll cover a lot more questions I get asked for sure.
Pumpkins good for you too
Thank you, I was tempted to buy an apartment in Thailand. I would've been scammed.
Bang on
You said Thailand has a lot of problems. May I know what are they? Please do a video on that.
Love to eat morning glory when in Thailand and Pie can make soup of pumpkins :-)
Morning Glory is one of my favourite vegetables. I don't like Pumpkin and these are the discarded one's so we're just using them for duck feed; Pie chops them up :)
well scripted good info well done
Thank you so much ka
Condo's ---never mind only being allowed to own 49% of the building--look at the law carefully! 49% on any ONE floor! Check that out!!
The best thing is just rent. ^__^
You've really looked into this topic. Extremely informative vid. I agree with the view on property ownership expressed below by Thailand Paul as well and see it as Thailand protecting its own people. Also, prices for everything across the country would skyrocket if a bunch of foreign developers came in, and that would destroy the awesome value westerners get for their money in Thailand.
good vid graham
Cheers Phil; just the facts that I'm currently aware of. You never know things might change :)
i always rented in pattaya i wouldnt take the risk in buyin.. moved to petchabun and have never looked back take care mate..
'Happiness is achieved through your own mind' - a 'like' from me just for that line alone)))
For sure. Thanks mate.
Buy farm land in the USA 4 acres = $10,000 x yearly property taxes of $357.00. Farm, residential, unrestricted zoning ratings. Creek water, buildings under 400 sq foot considered a shield, no zoning requirements. Off grid living for $29.75 per month. Zero taxes on all out buildings, and farm animals. The cheapest place in the world to own land is Orange county, North Carolina. This is where I bought my 4 acres. Grow my own food, and water is free, and the house little house cost to build was $4500.00 All paid for and 30 mins from all major cites, and interstates.
Really Orange County I can buy acres of land still? Do you have some info you can give me to investigate this further? Thanks for your time
Great video Graham, you explained it very well.
I think the Thai property laws are good from the point of view that they protect land ownership for the Thai people. If foreigners could own property in Thailand then every man and his dog would be buying land in Thailand, causing a property boom and driving up property prices.
Sure, a lot of Thais would become wealthy selling their land, but future generations would find it difficult getting into the market.
The Chinese have been buying property here in Australia for years, especially Sydney. Property prices are through the roof and supply in Sydney is very low. First home buyers, Australian nationals, find it very difficult to buy a house now...
It is one of the reasons the restrictions are applied that's for sure. I do think certain zones could be set up and would generated more foreign investment.
Hi graham.
I'll probably get a lot of stick for this but here goes, I think it's great that foreigners can't own land, it really means their protecting their own people.
shame they didn't do that back in the UK, maybe there would be not the shortage there is now.but do you really think the UK governments really care about their people ? I think not.
Take care mate.
I suspect that's one of the underlying reasons but I think they should allow it but restrict how much land can be purchased; most decent villas sit on 1 rai or less - they could also create zones such as Phuket and in certain areas where foreigners could own. It is a complex issue that's for sure.
I agree. I also think Thailand would loose some of it's culture and innocence.
That's also a very good point Steve; just look at what they did to Phuket, Pattaya, Hua Hin etc.
that is good comment Thailand paul
our goverments did it al.
I love it if i have to do my visa or bike license or bank or what ever there is a thai sitting there not a marocan or turk or surinaam or african no Dutch at all.
Thai should keep it to themselfs keep the country for thai that is it.
Frits Thank you my friend.
Hi Graham, at 62 was thinking about living/buying in Phuket, having seen yr vid, renting better option, many thanks
Dont buy. Rent instead. You can’t afford risk at this age.
when I made my home with my wife and daughter it was not allowed for my wife to own land because she was married to a farang
Dude what about the American 1999 deal?
Very informative and honest, thanks for sharing.
Thanks Gena. Have a great day.
True Australian (:
Never buy ANY property in places which are not transparent and by transparency I mean from the moment there is different rules for different peoples based on where they are from then there is no transparency. It is as simple as that. Enjoy those places by investing your time not your money .
Invest in your home country rent in foreign countries.
What condos? They are not 100% foreign-owned capable?
graham i hope you or pie can answer this
i do hope you can
my grand daughters mother in law is 100 % thailand she went home for the kings furnnel
she married a english guy 29 years ago and had 2 kids one my daughters married one of her sons who is registered as english and had a daughter called saphia if i wanted to buy property out there for her as she is classed as half thai where would we stand ?? thats a great question graham im awaiting for her to answer me
what are your beliefs on this ?? as well
i will let you know on the feedback i get
warm regards jamesey
As long as the individual hold Thai Citizenship he / she may own land in their own name. If a foreigner applies and gets citizenship he / she may also own land. Hope that helps mate.
Can you do a 20 year land lease with your thai spouse in case you split up?
Best to avoid the morning glory. It's poisonous unless prepared just right.... My conundrum is, since I'm a home builder, I want a particular build. I could put the property in my Thai wife's name and lease but then after thirty years what? I have serious issues with my American children not having any legal rights to the property. Why would I not want to rent? Everything I've seen is not a place where I would be proud to finish my time on the planet. I need more detailed info on the corporate ownership of land. Also, if one were to get Thai citizenship, one could own property. But I don't know if that is actually possible. I'm now 53 yrs and teach at an international school. I have a very positive and fulfilling life here in Thailand!
The reason why you don't want to buy a condo/house in Thailand is the very poor construction quality. I bought a home in Hua Hin at the 88 condo. Everything looked good and nice. We now have issues with noise from water pump, building cracks all over the building, elevator making weird noises. They don't soundproof these noisy machines in buildings in Thailand and that is very bad. So just RENT IT! It is highly likely you buy a nice brand new condo unit in Thailand and you will not be able to sell it 5-10 years down the line and you will lose. RENT!
My son has a home in Chiang Mai. He is a teacher. Are Americans allowed to own homes and trucks, just not land?
Are you a citizen now, having a Thai wife?
You have to take HISTORY into account when dealing with property rights, the first thing Europeans and Americans did, when they went into a country, was take/buy the land, the native population normally wasn't educated enough to understand what was happening, so now, these Governments are saying, IT AIN'T HAPPENING AGAIN.
So I understand the why, just wish it hadn't happened, sure complicates life now.
There is someone on youtube who is selling the idea to americans to go and buy property in Thailand and he is not telling people the things that you are saying. I know what you are saying is true because I spoke to several others that are not on youtube. Is there anyway to report this person to the local government as opposed to just flagging the videos?
Just subbed great info, and please read my comment, and leave Thailand, for really cheap living in the good old USA.
Thank you so much ka
Property ownership is MORE than dirt. You need legal protection and you will NOT get it in Thailand. You can get title to your property stolen by fraud and you will be given no adequate legal remedy. You will get screwed.
Yes it's happened.
Can you just become a thai citizen and solve all these issues
Putting the property to thai wife is the most risky ever !
so its ok for a western female then ?
mixalis .. yes.
so its ,,, no
No, well at least regarding the land. Renting is probably the best and certainly the safest option.
Until property investors can actually own the land then I am not interested as it is too risky Russian roulette investment.
I’ll assume from your accent that you are not American but us citizens are allowed to own 100% of their business per alien business law of 1972.
Hi Graham , I'm not sure if I've missed your reply or not , but I sent you a message on viddie .
I didn't recall seeing a message come in from Viddi, sorry mate.
What about 49% land ownership and the other 51% in the hands of TWO thais? You would then have a controlling percentage
Controlling percentage is 51 or greater perhaps you should learn the difference between minority & majority percentage.
First last... you will lose it all. You are clueless.
No you cant
At least they protect there people unlike America
RIP
so can somebody buy land for a thai wife, then lease it from her for 30 years for a 1 baht per month. can a contract be written out for that cost?
I think Graham mention this in the video, if your Thai wife brought the land ( presumably you are financing it ) she could then lease it back to you for 30 years, which would insure you have somewhere to live for the next 30 years.
I presume this is a safe-guard against any family problems which might happen in the future - If a marriage ended in say 10 years down the track then you having a lease on the land would mean you couldn't be kicked off the land...well not for the next 20 years anyway...Is this right Graham?
There might be a clause in the Thai property law that states that land must be leased at "fair market rate"
so possibly 1 Baht a month is too low. However, I think Thai land owners can dictate their own amount as it's their land...just my opinion, you'd need to check with a Thai lawyer.
If you buy land and put it into your wife's name then you'll have to sign a legal document that gifts it to her or the money to buy the land. This is to ensure that you hold no rights over the land. You may draft a contract whereby the land is leased to you for 30 years; I've never seen a minimum amount so assume 1 baht would be fine ... check with a lawyer first though.
Generally if the marriage fails you can then sell the property and split the proceeds - what the split would be depends on the courts. If you do have a lease and you own the building then you'll have the right to reside in the property until the end of the lease.
Yes I would ask a lawyers advice before doing anything.
Hi Graham, I am just about to buy 4 rhai of land in Krabi for 2million baht to share with my wife's sister(50/50), so I will make a legal loan to her for 1 million, then she will lease the land to me, so although I can never own the land, I will still own the money that bought it.
I imagine Thai courts will see right through it, in the US it’s called piercing the veil; better run your scheme through a few expert Thai lawyers.
Foreigners can not legally own any land in Thailand. Any land purchase by a farang is actually registered under wife’s name. You can rent land from wife if you want. In case of divorce law sees you as a tenant and nothing else. Oh, and money you paid to buy land for your wife, law considers it a gift. In case of a divorce you get nothing.
And this “company” he is talking about has to be majority (minimum 51%) owned by Thais so you have no power of decision. It’s like buying land and setting up a company and gifting controlling interest( atleast 51% ownership) to Thais( generally your wife). You have no legal decision making power in the company that you bought with your hard earned money.
Lots of farang youtubers are full of misinformation.
There you have it. I’ve summed it up for you.
As they say in Thailand- “A fool and his money are soon parting”.
Don't bring into Thailand what you can't afford to lose...
You do not own land in condominium. You do owe money to maintain grounds. Stop saying you own land when you buy a condominium.