Thailand is one of the most exotic and beautiful locations in the world. For this reason, it is one of the top tourist destinations and continues to draw new arrivals each year. Many of those coming to Thailand eventually decide to remain in the country as expatriates. When seeking to relocate to any country, the issue of home ownership becomes a paramount concern. Hopefully this piece will shed light upon some of the many facets of Thai Property Law.
Obtaining Real Estate or Property in Thailand
In order to stay in Thailand for the long term many people opt to buy Thai Real Estate. Owning a home in Thailand can be a bit of a risky enterprise since Thailand has many laws that preclude foreign ownership of land. However, there are some ways in which a non-Thai can own or control Thai property.
Condos in Thailand are a popular choice for many expats. Under Thai law a foreigner is allowed to own a Thai Condominium provided the Condo meets certain requirements laid out in the Thailand Condominium Act.
Thai Real Estate Lease
A long term lease of Thai Real Estate is another attractive option to many prospective foreign Property owners in Thailand. However, there is some misunderstanding regarding Thai leases. Many people believe that Thai leases are automatically renewable and they can last for over 30 years, this is simply not the case.
A usufruct of Thai property is another possibility. This is much like a life estate under the common law system in that a usufruct can grant a person the right to the use of land for life. There are many formalities that must be kept in mind when drafting a usufruct which is why it is advisable to have a lawyer prepare a usufruct.
Thai Company Formation for Property Ownership
Another method of “owning” property in Thailand is having a Thai company own the property and have a disproportionate number of voting shares allotted to the non-Thai property “owner,” this method allows a non-Thai to keep control of the property while still adhering to Thai law.
For interesting insights regarding Thai Real Estate and Property Legal issues please see: http://hubpages.com/hub/Buying-Property-or-Real-Estate-in-Thailand
The legal system of Thailand is complex body of regulations and rules. As with any legal structure used to own real estate, it is wise and recommended that a competent lawyer draft all documents and conduct due diligence research in order to make sure ones interests are fully protected.