My Chiang Mai Home - Legal Information
Thu, 29 July 2021 | Viewed: 1,379 times
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Would you like to buy a property in Thailand?
Condominiums
This is the perfect choice if you come to live in Chiang Mai 3-6 months each year, or if you would like somewhere "low-maintenance". This is also the simplest option in terms of foreign property ownership.
Foreigners can buy condominiums in his or her own names provided that not more than 40% of the apartments in the condominium are owned by foreigners.
Land Ownership Options
Although foreigners are generally not allowed to own land (but can own buildings) in Thailand, there are ways of acquiring property. Some of these ways include:
1. By starting a Thai company
A foreigner can set up a company and a company can legally own land. Even though legally, at least 51% of the company has to be Thai owned, the company can be set up in a way that the foreigner can have management control of the company, and therefore the land.
2. Marrying a Thai
Marrying a Thai person will allow a foreigner to legally own land. However, the land must be registered under the name of a Thai. The foreign spouse must also sign a declaration that the money used to buy the property is solely the Thai spouse's. This in effect gives the ownership of the land to the Thai spouse.
3. Lease
Foreigners are able to lease land for a maximum period of 30 years, with an option to renew for another 30 years. This is the least complicated method for a foreigner to acquire land.
If you are interested in "buying" land in Thailand, we strongly recommend that you seek advice from a good lawyer first. Please let us know if you'd like a recommendation.