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Buying land in Thailand


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For foreigners...take this article for what it's worth.

Buying Land in Thailand

"Many foreigners visit Thailand and fall in love with the people, culture and geography. You can live in the mountains of Chiang Mai, the plains of the Northeast, or along the many beaches on the Gulf of Thailand or the Andaman Sea.

It is commonly believed that foreigners cannot own land in Thailand. But this isn't true. After completing a vast array of legal requirements, foreigners can buy land, but instances of this are rare and the requirements are prohibitive. But there are other legal ways to enjoy property in Thailand, even if you are not the full owner.

Difficulty: Moderately Challenging

Instructions

1

Secure a "usufruct agreement" from the owner of a piece of land. The usufruct agreement gives you the legal right to use, possess and profit from the land. You can enjoy this right for the rest of your life or any fixed period of time. The owner cannot sell or interfere with your use of the property. This is a secure and court-tested method.

2

Sign a long-term lease. A lease can be signed for a maximum of 30 years with an option to renew. A lease is often used in conjunction with owning a house. You own the house, but have a lease on the land.

3

Confirm the right of superficies. A Thai owner can grant the right of superficies to a foreigner. This gives you the same rights as a usufruct agreement. This can also transfer to your heirs. This right is attached to the land, so it stays in force even if the owner changes."

Moderately challenging seems like an understatement to me. Anyone here own or have foreigner friends that own land here?

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I've got one friend that owns one rai of land in an industrial living development by Chonburi. He had to incorporate $5millionUS in order to establish the corporation in Thailand. It is a well known corporation operating all over the world. With this investment he received an investment visa, good for 3 years I believe it is, without having to report every 90 days, and he was able to buy, and own , 1 rai of land to build his house on. The land is inside a development though, and he had no choice of buying in a different area.

If the corporation decides to leave Thailand, he looses his visa, and has one year to sell the house. I'm not sure what happens to the house if it isn't sold. I do know that there are restriction on him selling it to a foreigner. The same requirements he had to meet in the first place.

From my understanding 30 year leases are pretty easy to do with the help of an attorney, and they include the right to one 30 year extention only, not unlimited extention provisions. Then you own anything you build on it. You have to be very careful that the lease also includes the stipulation that you can sell the lease to another foreigner without penalty. Some do not include this provision, then the leasee gets screwed if they have to leave Thailand permanently, and aren't able to recoup their investment.

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