If you are thinking about buying land in Thailand then you need to speak to an attorney. Thai law does not allow a foreigner to own land unless they have invested at least 40 million Baht and have approval from the Minister of the Interior – this will allow you 1 Rai of land for that investment in Thailand.
Most foreigners in Thailand tend to buy their house in the name of their wife. This creates a problem later should there be a divorce as before the property can be bought you need to confirm that you have no interest or power in owning the property. In other words, you need to surrender your rights to the property being bought. You can protect yourself however by registering a usufruct over the property or by having your attorney draft a prenuptial agreement in Thailand before getting married.
The other option is to register a Thai company which would then hold the land or house in its name. The problem with this is that over the past few years the government has warned that they will clamp down on this scheme of buying property in Thailand. Before you go this route it is best to speak to one of your property attorneys in Thailand. With offices in all major cities in Thailand, we are able to assist you or speak to us online or via our tollfree numbers on our main website.
The other option available to you if you want land or a villa then you need to look at either obtaining a long term lease or a usufruct which allows you a maximum of 30 years. These need to be registered at the Land Department in order to be valid. The usufruct and lease are not the same as they have different pro’s and con’s so speak to any of our property attorneys in person for the better option.
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