How to buy a property - Thailand
Buying a property in Thailand by foreigners is possible, but requires meeting certain conditions and procedures. Here are the basic steps and rules:
Buying an apartment (condominium):
1. **Selection of property**: Finding a suitable apartment in a building where foreigners can own up to 49% of all units.
2. **Checking the legal status**: Making sure that the selected property has the appropriate permits and documents.
3. **Signing the preliminary contract**: A preliminary contract is concluded and a deposit is paid.
4. **Transfer of money**: All funds for the purchase of the property must be transferred from abroad in foreign currency. The bank will issue a document confirming this transfer.
5. **Signing the final contract**: Signing the final contract and transferring ownership at the land office.
6. **Fees and taxes**: Paying the required fees and taxes.
Buying a house or plot of land:
1. **General rules**: Foreigners cannot directly purchase land in Thailand, but they can own a building on leased land.
2. **Land lease**: You can rent land for up to 30 years, with the possibility of extension.
3. **Creating a company**: Alternatively, you can create a company with a majority Thai share that will own the land.
4. **Checking the legal status**: Making sure that the land and building have the appropriate permits and documents.
5. **Signing the lease or purchase agreement**: Signing the agreement and transferring the rights at the land office.
6. **Fees and taxes**: Paying the required fees and taxes.
Being careful and carefully checking all documents and procedures is crucial to a successful property purchase in Thailand. The renowned Polish Real Estate Agency - Discover Thai based in Phuket, run by Mr. Marcin, will help you with this.