i want to buy a property in thailand how do i go about it?

Answer 1

I have been living in Thailand for a number of years, now, and when I saw your question and the answers provided so far, I felt I had to jump in and help you out a bit.

1. By Thai law, a non-Thai cannot buy LAND in Thailand outright. That means a non-Thai cannot buy a house or a townhouse (they sit on land). But a non-Thai person can buy a condo. Most wise foreigners living here long-range will manage to get a condo. Since it is next to impossible for a foreigner to get a loan, you would have to buy the condo in cash.

2. By current Thai law, a non-Thai can buy 49% of a piece of property (house, townhouse, bare land), but a Thai person must own the controlling 51%. At first blush, this sounds like not so big a problem. But please read number 3 below.

3. I can hardly count the number of foreigners who have come here, fallen in love with bargirls, moneygirls, barboys, moneyboys, ladyboys, and also non-bar girls. Everything looks perfect (love is so blind). They marry. The poor foreigner thinks his wife is in love with him. Maybe she is. Then, again, maybe she is a shark and her husband is the chum, and the prey is the house she will want her new husband to buy. They buy a nice house--that is, the FOREIGNER buys the house, the Thai partner just signs the documents and automatically owns 51% of the property--THE CONTROLLING 51% I might add. The Thai wife (let's assume the Thai partner is female) now actually own the property. With so much money readily available (to her), the newlywed husband will quickly discover the nature of his wife's, "I love you."

However, you may be lucky and find your true love. If so, rent together for a good long time so you will know. See what she does with the money you give her. Observe how she treats other Thai people, as well as how she treats you. Kind and loving Thai people are plentiful. Take it slowly.

4. The Thai wife sometimes will have her huge extended family move in and gradually force the foreigner out of the nest he has built/bought/feathered. Or she will kick him out with threats about turning him in to the police for whatever she can concoct. Or she will divorce him and take the property that way. No matter what she does, she IS THE MAJORITY OWNER OF THE PROPERTY. And the victim husband's recourse to Thai law could drag on for years and years without successful outcome. The Thai wife is THAI and is the MAJORITY OWNER OF THE PROPERTY. -- I haven't been able to confirm this next item, which is: If the Thai partner in a joint property marriage dies, a Thai person still must be 51% owner, and the foreigner could now find himself with some family member he may not like, who has the MAJORITY PROPERTY RIGHT. But that's what I am told.

5. Whatever you decide: be careful, because # 4 does happen frequently. If, beyond all reason, you do decide to marry a Thai bargirl, moneygirl, then simply rent a nice apartment and keep your banking separate. You might want to open a joint savings account for household expenses, though, and give it to the Thai partner to use. You will very quickly see what kind of person your partner is.

6. Some foreigners will form themselves into a corporation with the sole purpose of countervening the Thai law in order to own property outright. In this case, the dummy corporation (let's call it what it is) owns the property--i.e., you. But the Thai government is now looking at this practice as 'iffy' and there is going to be an investigation as to whether the forming of a corporation in order to countervene the law is fraudulent. DON'T GO THIS ROUTE. You could stand to lose the property.

7. So, if you're planning to buy a condo and have the cash to do so, or manage to qualify for a loan because of your age and income [the formula usually is your current age and the number of years on the loan added together should not exceed 60 or even 65 in some banks], then the procedure is pretty-much like western countries: seek out a realtor who speaks English and understands what YOU REALLY ARE LOOKING FOR (Internet is good; newspapers are good); check the property, have it examined officially; have an English-speaking lawyer review and approve of the property--and have the lawyer check that there are no outstanding liens against the property, and that the property CAN BE SOLD LEGALLY BY THE PERSON SELLING IT. (Lots of tricks can occur when people sell what they don't actually own outright.) Be sure that all the documents you need to sign are translated into English for you. Be sure that all the permits and taxes and whatever registration is needed, takes place--your lawyer can do this.

8. Last thought: Right now, condos are overpriced in Bangkok. There is a 20% vacancy rate. The Thai baht is stronger than normal against some currencies--maybe against yours, too. My friends who have bought condos over the years here tell me that now is not a good time to buy. Wait six months to a year. I recently decided I wanted to buy a condo, and I have been looking for the perfect one--but I agree that the timing is not right, just now. Prices in Bangkok are running in the neighborhood of 70,000 baht to a square meter. This is high!

I hope this helps you. Best of luck in whatever you decide to do.

Answer 2

The site below has links to many realtors and developers in Thailand. You can get information on what's available, prices and maintenance fees. Many of these sites have information on how a foreigner can own property in Thailand. Beware the dodgy method of forming a shell company (hires nobody and earns no money) and owning the property in the company name. This worked well for a long while but is coming under increased scrutiny.

It would be best to visit various areas, rent, learn the market, then, maybe, buy. Even in Thailand, real estate is a significant investment.

Answer 3

I'm assuming you're not Thai. You can't own land in your name. 1)You can buy condiminiums (apartments) as long as the block is majority Thai owned. I recommend this one as probably the safest. There's a Condiminium Act that protects you here. 2) You can take out a 30 year lease on land, which if you're are old enough, will see you out to the end. 3) I've met expats that have set up set up a Thai company which has bought land. The company of course has majority Thai ownership rules, but apparently the company is set up so the Thai shareholders don't know each other and can't gang up against you, the expat, who has real control. (be extremely wary of this one. I met a bloke in Udon Thani who had done this. I can't remember his name but he runs the bar opposite the Aussie bar behind Mr Tongs in Udon Thani town. He used to be a private investigator and seemed pretty intelligent. Go there and ask him how he did it. Obviously if he's not there anymore don't choose this option) 4) Marry a Thai and set up a company with her to buy land, She'll own 51% 5) Marry a local and put the land in her name. Make sure you're marrying for the right reasons not just to buy land, as your wife will of course own the land outright ( I did this, but I married a great Thai lady) 6) Marry a Thai lady who already owns land, as a trade off you can build the house. Once agaain marry the right lady as she will always own the land and anything you build on it will belong to her 7) Buy land for your Thai wife or partner but at the same time you set up a loan/mortgage contract with her so the land is 100% in her name but she owes you the money for it.(ie you are the mortgager and her the mortgagee.) 8) There used to be a special visa for Thailand if you had a load of money called the "Elite Card" Under the conditions of the Elite Card visa you could own a small parcel of land. The Elite Card was, I believe, set up by Thaksin Shinawattra. the PM ousted by the recent military coup. So I don't know if it's still around. I don't know where you live but the TAT (Tourist Authority of Thailand) will probably have an office somewhere in your country which will be able to tell you if this scheme is still around.

I recommend the condo option if you don't want any hassles and you are just looking for a place to live. GO THROUGH A LAWYER in Thailand any way you go. Don't waste your time with a lawyer who can't speak fluent English. Maybe even see a lawyer in your country who can recommend a law firm in Thailand
Good Luck

Answer 4

Technically, it's land that a non-Thai cannot own. But of course not many people want to own a building on land they don't own. As mentioned below, a condo is OK if a majority in the development are owned by Thai nationals. Many "farang" buy 30-year leases, normally renewable for a further 30 years twice but you run the risk of a premium to renew when the 30 years are up. An alternative is to buy a minority stake in a Thai company that buys the property - provided you have a suitable arrangement with the majority shareholders - many lawyers are adept at setting this up, but there is a risk that the authorities might contest the arrangement and "lift the veil of incorporation".

Answer 5

Read the following article about owning property in Thailand: http://www.ajarnmichael.com/BuildingHouse.html.

Best is to find a good law firm to advise you on your rights in Thailand. There are quite a few in Bangkok.

Answer 6

See some information from this below link

Especially, property in Thailand, investment

Answer 7

Send me your address I have 4000 acres in South Thailand that I want to parcel sell, i.e. 10 acre at one time

Answer 8

There are actual real estate agents that handle properties around the world. Google search.

Answer 9

Just dont do it. The country is under marshall law at the moment.
Wait until they have a democtatic government.
I live in bangkok but rent and i would not buy at the mo.

Answer 10

Look into the local English newspapers' Classified Section. That should give you some idea about the local real estate and go from there.

Bangkok Post
http://www.bangkokpost.com/

Phuket Gazette
http://www.phuketgazette.net/

Hope this helps.