| Thailand is an incredible country much famed for | | | | required to register leases up to three years. It |
| its serenity and rich culture. In fact, the country is | | | | has been made mandatory to register any kind of |
| much popular among the tourists, and is now the | | | | lease renewal that has been agreed upon with the |
| number one tourist spot in South-East Asia. With | | | | land owners at the local land office. |
| its mind blowing scenery, stupendous beaches, | | | | Company Ownership - Registered companies in |
| idyllic tropical islands, and a myriad of attractions | | | | Thailand with majority Thai ownership could buy |
| covering palaces, ancient shrines, interesting | | | | land in Thailand. In general, only Thai majority |
| museums, historic monuments, and places of | | | | companies are allowed to own land in the country. |
| cultural significance, Thailand has been drawing | | | | However, in certain instances, the Board of |
| holidaymakers from across the world per year. | | | | Investment (BOI) allows a foreign registered |
| Of which many of the people, especially | | | | company registered in the country to own a land |
| Europeans and Americans, settle down here | | | | for a short period of time. |
| permanently, inspired by the incredibility of the | | | | Thai Spouse - A Thai wife of a foreigner is |
| place. Some westerns have even chosen certain | | | | allowed to own a land or property in the country |
| destinations in Thailand such as Koh Samui, | | | | in her own name. This option is a very good way |
| Pattaya, and Phuket, to spend their retirement life. | | | | to own to a property in Thailand if there is not |
| Factors such as exceptional low prices and | | | | any marital problem between the couples. |
| excellent investment potential have also lured | | | | However, it has been made mandatory for the |
| large number of people to invest in the country's | | | | couples to sign declarations with the Land |
| property market. All these have led to increased | | | | Department. This in turn is to specify that the |
| demand for property in Thailand. Property market | | | | funds used are the property of the Thai spouse. |
| in Thailand is highly active, with a number of | | | | But, it may sometimes become a problem in case |
| options, ranging from land and houses to | | | | of divorce. In such a situation, an expertly |
| condominiums, villas, and serviced apartments. | | | | prepared prenuptial agreement may prove helpful |
| Discussed further in this article are laws as well as | | | | for the non-Thai spouse. |
| procedures involved in connection with owning a | | | | Investment - As per the Thai property law, a |
| property in Thailand. | | | | foreigner is allowed to purchase a limited amount |
| The laws with regard to owning a property in the | | | | of land, on the basis of investment of about 40 |
| country is quite confusing. A foreigner cannot | | | | million bahts for five consecutive years, provided |
| easily own a property in Thailand. In other words, | | | | if the land is for residential purpose. |
| Thai law strictly prohibits a foreigner to own a | | | | Despite any other aforesaid options, one of the |
| freehold land in the country. However, there are | | | | best ways to purchase a property in Thailand is |
| certain loopholes in the law regarding this issue. A | | | | via the purchase of a condominium unit. The Thai |
| foreigner can own a land or property in the | | | | government does not impose any kind of |
| country through a number of ways such as land | | | | restrictions on foreigners to own a condo unit in |
| leases, company ownership, investments, and | | | | Pattaya, except for some requirements to be |
| above all, through Thai spouse. | | | | met under the Condominium Act (1979), such as |
| Land Leases - Although Thai law prohibits land | | | | bringing in 100% of funds for the purchase of |
| ownership rights to people, foreigners are allowed | | | | condo unit in foreign currency and recording of it |
| to hold 100% interest in a land lease in the | | | | by a Thai bank on a Foreign Exchange |
| country. In other words, land lease is one of the | | | | Transaction Form (FETF), which in turn is |
| simplest as well as straightforward options for a | | | | considered an evidence to submit it to the Land |
| foreigner to acquire a property in Thailand. | | | | Department. |
| According to the Thai lease law, a maximum of | | | | A number of firms are now in the scenario to |
| 30-year lease year is provided, and that too with | | | | help you deal with the legal procedures in |
| the option to renew the lease for an additional | | | | connection with the owning of a land or property |
| period of 30 years. | | | | in the country. They undertake a plethora of |
| Additionally, lands for commercial as well as | | | | services such as purchase as well as sale |
| industrial purposes could be leased up to a period | | | | agreement, asset purchase transactions, transfer |
| of 50 years, with options for further extension of | | | | and lien registrations, title searches, and industrial |
| lease. All kinds of land lease must be registered | | | | estates. |
| with the Land Development. However, it is not | | | | |