Bangkok is one of the best destinations for tourists; it is already a fact that there are numerous tourist visits Bangkok each year, about eleven million people. These people learn to accept and love the culture, tradition and lifestyle of Bangkok and decided to stay for longer period or move permanently here. Several immigrants from western countries (Europeans) and from Asian neighbor countries such as Laos, Cambodia, Malaysia, and Myanmar choose to live here. Whatever reasons they have they are still welcome here in Bangkok.
New Development in Thailand
There are increasing numbers of new development for commercial and residential property to keep up with the demand of increasing Thai population, including immigrants and expats. These properties are available for rent or purchase. Some foreigners want to buy property in Bangkok and the question is, is it possible for foreigners to have their own property here in Thailand?
Condos in Thailand
There are different residential types in Bangkok and only condominiums are available for foreigners. It is the easiest way to have a Bangkok property. Condominiums are located in a high rise building and have swimming pool, fitness gym, small garden and parking. Sometimes there is convenience store at the lobby. You can choose from studio units, one bedroom, two bedrooms and three bedrooms unit. There is service charge that you need to pay every month or every year; this is use for repair and maintenance of the building facilities.
Restrictions for Foreigners Buying Property
It is under Thai law that foreigners can purchase a condo but only 49% of total number of units is available for them. So if there are 100 units, only 49 units’ area available to purchase the remaining 51 units are for Thai nationals or citizens. Foreigners can purchase a unit on their own names and have a certificate of ownership. Foreigners are prohibited in owning a Thailand land under their own name. But there are exceptions; foreigners can own a property under their names if they meet certain requirements of Land Code.
The lot is for residential use and should not exceed 1.600 Square meters. Only 40 million Baht is allowed for investment in Thailand and approved BOI (Board of Investment) projects. Foreigners should follow the governing of Ministerial Regulations. They are responsible in checking the business nature, length of stay, and chosen location. They were able to receive permission from the Interior.
Buying Property in Thailand is Easy Comparitively
Compared to other countries, it is easier to buy a property in Thailand. The process and documentation is very simple, less complications and efficient. It is usually take thirty to sixty days in purchasing but if you are buying a newly built property, it is much easier and quicker to process.
Buying Land in Thailand
If foreigners want to buy a house or land, they can still do it but the land or property in not under their names. These are your options.
1. You can find a Thai national, a friend or partner, marry them and use their name in buying a property. The Thai partner will be the owner but you have the right to do whatever you want on your property. The only problem is when disagreement arises.
2. You can lease a land or a house. It is usually run for 30 years or 50 years and it is renewable. You may not own the property but you have your control whatever you want to do with it, whether you want to build a house, a building or others. Renewal of lease depends on the lessors.
3. You may form a company. By using Thai shareholders, you can transfer the house into the company’s name. But still you are limited with 49 percent or less shareholders stocks and sometimes 39 percent or less. The property is not under your name.
For foreigners who are not familiar in Bangkok, it is advisable to hire a real estate agent who can assist you in finding and purchasing a property. A real estate agent has the knowledge in Thai law which can help you in the process so everything will be legal and well documented. There is no service fee that you need to pay so you do not need to worry, whether to hire more than one to help you in locating different properties in Bangkok.
