Property Rights for foreigners citizens
What are the available property ownership rights for foreign individuals? Foreigners can lease real estate for up to 90 years. It is essential to consult with a lawyer and adhere to Thai rules when purchasing real estate in the country.
Real estate possession for foreigners is controlled by special laws and restrictions that are important to consider when purchasing real estate in the country. Here are the key aspects of property ownership for foreigners:
1. Land Ownership Restrictions: Thai law prohibits foreign citizens from holding land in their own name. However, You have the choice to acquire land through a lease agreement, typically spanning 30 years, with the possibility of extending the contract for an additional 30 years.
2. Condo Fractional Ownership: Foreigners can freely purchase condominiums (apartments) in Thailand. Nonetheless, their ownership is capped at a maximum of 49% of the total floor area within the condominium building, with the remaining 51% required to be owned by Thai citizens.
3. Foreign Investors: Foreign individuals or entities have the opportunity to acquire land and real estate in Thailand through various avenues, including establishing a Thai company. However, such a company must comply with the rules and restrictions on foreign investments.
4. Property Leasing: Non-residents from other countries have the option to engage in extended lease agreements for real estate. Typically, lease agreements have a duration of 30 years, with an option for renewal for another 30 years. During this period, the landowner retains ownership of the land, while the tenant may possess certain practical rights to the property.
5. Inheritance Laws: Inheritance regulations regarding real estate may exhibit variations for foreign citizens. It is crucial to have a meticulously executed will and seek legal counsel to ensure the orderly transfer of property in accordance with your intentions.
6. Compliance with Laws: Adhering to all Thai laws and regulations is vital when acquiring and possessing property in the country. Collaborating with an experienced real estate agent is essential; an attorney specializing in immigration and real estate matters can help you avoid legal complications.
Adhering to these laws and rules enables foreign citizens to acquire and own real estate in Thailand without legal issues. However, it's crucial to thoroughly study the laws and consult with professionals to understand all aspects of property ownership in the country and act accordingly.