Investing in real estate in Thailand must be done according to the particularities of the Property Law in this country. Since Thailand has its Civil Code based on the European one, there are many similarities with western legislative requirements for the buying of a property. A foreign national must qualify for ownership of the property as this matter is treated by the Condominium Act from 2008.
Our specialists in company formation in Thailand can explain to you in detail the legal framework for property acquisition in this country.
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Few key aspects of Thailand Property legislation for foreigners
The provisions regarding property ownership in Thailand allow a foreigner to buy up to 1600 sqm of land in a residential area. According to the Land Code Act, the foreign investor will have to put as well 40 million baht in government assets, additionally to the land purchase. If you have already invested important capital in the local economy you might benefit from special privileges for land ownership, according to the Investment Promotion Act.
According to the Condominium Law, a foreign investor cannot own more the 49% of the floor area of a building. Additional requirements refer to how the purchase by a foreigner has to be done: the equivalent of the amount of money that you need for the purchasing of the property must enter Thailand in foreign currency and exchanged in baht inside this country. The land on which the condominium is situated as well as that provided for mutual benefits and use is considered common property in a condominium.
You can rely on the advice provided by our specialists in company registration in Thailand for more information on the property acquisition provisions in this country.
More aspects of property acquisition in Thailand for foreign investors
If you intend to open a company in Thailand and you need to acquire a property to install your office there, you can buy real-estate and place it under the umbrella of the business. Usually after you choose the property, you will need to make a deposit in order to keep it reserved for you and to show your serious intention of investment. You will need to sign a sale purchase agreement, and it is recommendable to employ a reliable notary for the elaboration of the contract.
Our consultants in company registration in Thailand can offer specialized support concerning the acquisition of property in Thailand.
.You can contact us as well if you intend to start a business in this country and need help with the incorporation process.