Thailand Property Laws
These are the very basics of Thailand property laws. Although Thailand Property Laws prohibit foreigners from owning land in the Kingdom, there are other available options for a foreign national to purchasing property in Thailand. An expat may own land in the country under the name of a Thai company, invest at least 1 million Thai Baht in the country under the BOI, marry a Thai national, purchase land through a leasehold of 30 years, or by structured ownership. Speak to a lawyer in Bangkok for assistance.
Thailand Property Laws
Using a Thai Limited Company
Foreigners may own land in Thailand under the name of a Thai company, provided that 51% ownership of the whole development is Thai owned. This process can be made possible through a Thai Limited Company or a registered Thai Partnership. A 2 million Thai Baht capital is required for each work permit if the company supports work permit applications.
Board of Investment
Foreigners who are willing to invest at least 1 million Thai Baht in Thailand without any minimum prescribed period will be entitled to purchase up to 20 rai of land for the purpose of housing for the employees. However, this depends on how small or large your company is and the transactions involved which relies on the discretion of the Board of Investment. Also, the land bought should be located in the same area where the said company is located.
The Thai Property Law was amended in 1999 allowing foreigners with a Thai spouse to own a piece of land legally in Thailand. However, the land should still be registered under the name of the Thai citizen. The foreigner should also be able to sign a declaration which states that the funding used for the said purchase were of the Thai national and not of the foreigner.
The foreign national can lease the land from the owner, who is a Thai national. The maximum duration of such a lease agreement under the Thai Property Law is 30 years, with the option to renew if agreed upon by the lessor. This is considered as the least complex option for a foreign national to have the right of usage of land in the country. Land being leased over three years should be registered at the Land Department for it to be legally binding.
A Thai company or a Thai spouse of a foreign national may grant the Right of Superficies favourable to the foreigner, granting him the right to personally own all developments situated in a certain land. Through this option, the foreigner can become the registered owner of a house without ownership of the land.