The Thai Law does not allow overseas nationals to own a property in the country. Therefore, foreigners need to analyze the legal issues that come along with owning a land. However, a foreign national can fight for his or her right for building possession different from land properties, like, condominiums.
Laws for Non-natives
An efficient lawyer in Thailand provides his or her client with effective legal solutions to buying properties. According to law of the country, a foreign national is liable to own the following properties –
• Any division in a registered Condominium.
• Registered leasehold of up to 30 long years for all sorts of entitled buildings or lands.
• A Building separated from land property
Foreign nationals cannot own a freehold land. The person also does not have the right to own more than 49 percent of the shares of a distinct company that owns a freehold land.
Procuring a Condominium
The Condominium act of Thailand allows a foreigner to own as much as 49 percent of the entire unit space of a condominium building, registered by the law. The purchaser can plea for a letter of assurance from the juristic person of Condominium who sets out the percentages of foreign ownership. Upon transfer of ownership, the foreign national can send the form to the Land Department. It is essential for a foreign buyer to bring hundred percent of the finances from overseas. The funds in foreign currency will then need a Foreign Exchange Transaction Form.
Details on Foreign exchange transaction form
The Thai bank provides this form to supply evidence of the trade to the land Department of the country. A Foreign exchange transaction form needs to evade complications because of strict currency laundering rules. It is also necessary for an exchange form to avoid remittance tax during repatriating funds. It is a matter of worry only when the foreigner sells the condominium at a later time. A foreigner can own the form at a price of 20 thousand US dollars. It is necessary for the person to specify his or her purpose behind the payment in the order form along with specifying the unit number and the name of the condominium.
Effective Solution for Foreigners
One effective way in which a foreigner can buy properties in the country of Thailand is through long-term lease option. The overseas national can get registered leasehold as they are simple and pretty straightforward and also secure. Long term leasehold structure with time and slowly become equal to freehold ownership. An individual can renew the property for two times. This extends the ownership for 90 years in total.
There are almost no issues with security as owning the building assures proper ownership rights. The lessor is not liable to own the property once the lease expires since the property has no link with the land. It is also not liable to become a subject under the Civil law of Thailand. A Lawyer can always become handy for foreign national while buying properties for the first time in Thailand. They provide effective tips and legal solutions that help the foreigners in future.