Lately, our compatriots have been increasingly buying real estate in The Land of Smiles. Today, we will tell you about the procedure in detail.
Can foreigners buy property in Thailand?
At the legislative level, there are no obstacles that can prevent the deal. But keep in mind: when registering an object, a number of restrictions arise. Citizens of other countries don't have the right to own a land plot, so they must sign a land lease agreement when buying a house.
There are two types of private ownership of real estate in Thailand:
- The object is bought in the free zone. In this case, it fully becomes the property of the new owner. It can be rented, bequeathed by inheritance or gift agreement.
- The property is purchased under a multi-year lease agreement, which is valid for thirty years. The object can also be donated, sold or bequeathed. Such contract must be certified by the Department of Land.
With regard to a residence permit, the acquisition of any property doesn't give the right to obtain it. But at the same time, the owner can apply for a long-term visa when investing more than $16,000. Buyers are often offered to apply for a visa at the time of concluding a purchase agreement.
A property owner who is not a resident of the country is required to pay utility bills and taxes on time. After buying an apartment or house, you must pay a one-time state duty for registering an object with the Department of Land. Its amount, as a rule, does not exceed 3 percent of the cost of an apartment or villa.
The procedure of acquiring housing by foreigners
After selecting an object, it should be reserved. As a deposit, the seller is transferred 1 percent of the property cost, then it is removed from sale. To do this, you will need a copy of your international passport, e-mail and postal address, contact phone number.
Then the object will be checked for legal purity. If all is well, the seller and the buyer proceed to draw up a sale agreement and transfer money.
The transaction can be made in the following ways:
- When buying a new building, funds are transferred to the developer's account. There are no limitations on terms of the country of bank a transfer is made from.
- When buying a second home, an account is opened in a Thai bank, to which funds can be transferred from any country. When registering an object, the new owner gives the previous check for the indicated amount.
Any transactions must be registered through the Department of Land. The employees barely speak English, so buyers should bring a representative with them. All documents confirming the ownership right are filled in Thai.
When buying a new home, the legal representative of the developer company is responsible for the registration procedure. If you buy secondary housing, then a lawyer is involved in the design.
In the Department of Land, the newly minted owner is given a set of documentation. It may vary according to the type of object decoration.
