For foreigners who want to buy a property in Thailand, here’s a crucial fact to consider: Thailand’s Land Code does not allow foreigners to own land. … Through this process, foreign nationals may acquire land through a leasehold tenure and are allowed to own any building or structure that lies above that land.
Can foreigners lease land in Thailand?
Yes. A foreigner can obtain 100% interest for a land lease in Thailand. Unlike direct land ownership, the law allows foreigners to obtain long-term land leases. … Leases of up to three years do not need to be registered but registration at the Land Department is compulsory for leases that are three years or longer.
Can foreigners own freehold property in Thailand?
Yes – a foreigner can buy and own a house (building structure) freehold in Thailand. The land however must be owned under a long term lease.
What is leasehold ownership in Thailand?
What is protected leasehold property ownership in Thailand? Protected leasehold means that the owners at the estate not only have a lease for their condo, villa or other property, but they are also shareholders of the Thai limited company that owns the freehold (chanote) of the property.
How does leasehold work in Thailand?
What are the lease terms in Thailand? When purchasing a leasehold property, as a foreigner you will typically be granted a 30 year lease, which gives you the rights to the land for this period, after which the property will be returned to the original owner.
How long can you lease land in Thailand?
In Thailand land lease law, the maximum length of a residential lease registration is 30 years but the lease can be extended for an additional 30 year period with an agreement between the land owner and lessee.
How much does it cost to lease land in Thailand?
The cost of leasing land in Thailand is fairly low. Property taxes on leased land are 12.5% of the rental amount. Other fees include a registration fee of 1% of the lease amount, and 0.1% stamp duty.
Can foreigners buy condos in Thailand?
There are no restrictions on nationality and every foreigner who can enter Thailand legally (there are no visa-class requirements) can buy and own a condo unit within the foreign ownership quota of the condominium, but every foreigner must personally qualify for ownership under section 19 of the Condominium Act.
What property Can foreigners buy in Thailand?
Answer: Under Thai law, foreigners cannot own land directly in their name. However, they can purchase condominiums outright (Freehold) or buy a landed property and lease the ground (usually for 30 years, with option to extend) on which the property sits.
Can foreigners buy property in Thailand 2021?
Yes, Foreigners Buying Property in Thailand can take freehold ownership of a structure in Thailand, however foreigners are not permitted to own land in Thailand. Foreigners may enter into a long lease agreement, commonly known as “Leasehold” to secure the land.
What is foreign freehold in Thailand?
Concept of Foreign Freehold in Thailand
It means foreigners are allowed to own not more than 49% of the total unit floor area in a condominium on a freehold basis. The remaining 51% of the condominium have to be owned by Thai nationals.
What is freehold and leasehold?
What’s the difference between Freehold and Leasehold? When you buy a freehold property, you own the property and the land it sits on. When you buy a leasehold property, you own the property but not the land.
What is a leasehold agreement?
A leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease agreement is concluded between the owner, who is the lessor, and the tenant, the lessee.
What does lease mean?
A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. The lease guarantees the tenant (also known as the lessee) use of the property and guarantees the lessor—the property owner or landlord—regular payments for a specified period in exchange.