Buying a house or condo in Thailand? What our MILA Law lawyers in Bangkok say...

Real estate includes land and any assets that permanently built on land such as building and house. Real estate is the thing that you must know before buying houses such as registration, right documents and transferring. By this time there are many foreigner work and live in Thailand. So they have to find some place to live such as condominium, apartment and house. Buying houses in Thailand have many things they should know before buy the house in Thailand such as laws and conditions. For doing the real estate in Thailand have the many condition on it and one of many conditions is about buying house for foreigner.

                Doing real estate about buying house has 2 types. First is absolute purchase contract, must do this contract and register with the authorities. And second is buying contract, we don’t have to do this contract but it is to intent that this contract is really happen in the future. From the law in Thailand, the foreigner can not buy house and land in Thailand except got the exception that they can buy only 1acre for living with these condition, first is they have to invest in Thailand more than 40 million baht long 5 years. Second, must got the permission from Ministry of the interior. In case of having Thai spouse, still have the right to buy land but can’t buy as marriage property and the land must be the property of Thai spouse. The foreigners are able to invest in condominium by following the law of Thailand, condominium is a building that able to separate and sell to persons but must have 51% of Thai owner and 49% foreigner owner.

                Buying house is a type of doing real estate. You should study about the law and condition of doing the real estate in each country. For buying the house in Thailand you need to do the absolute purchase contract and you might do the buying contract before you buy to intent that these contracts had already happens. For the foreigner they can not buy the land and house in Thailand except you got the permission to live in only 1 acre area. And in case of having the Thai sprout, the foreigner still can buy the land and house the land but the land and house will be the property for Thai sprout. And in case of condominium, foreigner can invest n Thai but the owner must be Thai 51% and only 49% foreigner owner.

In accordance with the law, foreigners are prohibited from buying houses and land in Thailand. Except for some exceptions which require foreigners to own land to be a residence or house in Thailand for no more than 1 Rai. Which must have rules and money as follows:

1.) Investments in Thailand not less than 40 million baht and must maintain the investment for not less than 5 years.

2.) Must obtain permission from the Interior Minister.

3.) Land that can be owned must be Bangkok, Pattaya, or within the designated area as a residential area under the town planning and must be outside the safety zone for military service.

4.) Residence or house must be used for living and not immoral. If the condition is wrong. The agency has the right to sell that land.

5.) Must invest money in one of the following types of businesses as follows:

5.1) Buying Thai government bonds, Bank of Thailand bonds, State enterprise bonds or bonds guaranteed by the ministry of finance for principal or interest.

5.2) Investment in property funds to solve problems in the financial institution system which established under the law governing securities and stock exchange.

5.3) Investment in the share capital of a company that has received investment promotion under the law on investment promotion.

5.4) Investments in businesses that have been declared by the board of investment to be eligible for investment promotion under the law on investment promotion.

6.) Foreigners whose spouses are Thai.

 

Nowadays, there are many foreigners who come to have a spouse in Thailand. For Thais whose spouses are foreigners and still hold Thai nationality, they have the right to purchase land as private property. But can't buy into marriage property. Foreigners and Thai spouses must sign a confirmation document with the competent official at the land office in writing together that all the money in buying land is private property of the Thai people only, not marriage property or if Thai people can show evidence to confirm that the money that is bought for real estate is private property.

 They can buy real estate without having to have a foreign spouse sign the confirmation documents.

Call outr lawyers in Bangkok or Chiang Mai to help you in this process: MILA Law Firm Thailand Lawyers.

Contact

We meet clients only by appointment. Feel free to call or send an email should you want to meet one of our attorneys. We speak English, Italian, French and Thai.

3rd Floor, Modern Town Building, Soi Sukhumvit 63 (Ekkamai), Klongton Nua Wattana, Bangkok, 10110

If you come by BTS, Thong Lor Station and Ekamai are just a few minutes away. The office is located at the center of Ekamai (Ekamai Soi 3), near the intersection to Prakanong, Rama 9 and Thonglor. Just 10 minutes walk from BTS Thonglor and Ekamai.

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Tel: 097 180 5845

info@mila-law.com

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