Buying Property in Thailand

The ownerhip of land and property within Thailand is regulated and, in general, direct freehold ownerhip of land by foreigners is not permitted. As many properties are bought largely by foreign buyers, ownership models have developed allowing foreigners to invest in property in the country, while still comply with the 

Condominium Ownership in Thailand
Forieign freehold ownership is possible up to a maximum 49% of the total floor area within a condominium development. 
Condomiuniums over this threshold may be purchased by foreign buyers through leasehold ownership. A lease for the property can be granted to foreign buyers for a period of up to 30 years, with two lease extensions possible, each for 30 year periods, providing 90 years effective ownership.

House Ownership in Thailand
Foriegn buyers may own the freehold to houses in Thailand, but since foreigners cannot own land directly, the actual land is owned via a leasehold model. A combination of freehold and leasehold is therefore used for house ownership. The lease is similar to that for condominiums, being an initial 30 years foillowed by 2 possible extensions. 

Leasehold Ownership at GlenAsia's Resorts
GlenAsia leasehold ownership of both houses and condominiums are designed to provide foreign buyers a long-term and secure model in which to own properties in our resorts and, of course, are fully compliant with Thai real estate laws.  

Condominiums
Freehold ownership is possible up to 49% of the total floor area within each CJP (Condominium Juristic Person). Condominiums above this threshold are owned through our leasehold models via Thai companies.

The Thai company is controlled by the foreign buyersm as shareholders in the company, providing long term security. If buyers prefer to have a single compnay for their own property, we also are able to arrange this. 

House Leasehold Ownership at GlenAsia's Resorts
In cases of villa or townhouse purchase, the house itself is owned by the foreign buyer under direct freehold ownership. The model for the land is similar to that used for condominiums, with a Thai company being established under the control of the foreign buyers. The Thai company owns the freehold title to the land upon which the house stands and leases the land to the foreign owner on a renewable 30-year lease. In this case a comoany can be set up for a number of houses or a seperate company for each house owner. 

Owning Property Via a Thai Company
Ownership via a company also facilitates an easier and more cost effetive transfer of the property if it is sold, making title changes unnecessary and saving transfer of ownership costs. All leases are registered with the Land Department and appears on the land title. and are fully enforceable for the full thirty year term, and only after the lease is registered will it appear on the land title.

Transfer of Funds
In order to qualify for freehold ownership in a condominium, overseas buyers must wire the funds into Thailand from a foreign bank, and the receiving bank in Thailand must accurately record the receipt of funds in the form of a Foreign Exchange Certificate (Thor Tor 3). This provides evidence of the deposit of foreign currency into the authorized local Thai bank. The total amount of funds transfered must meet or exceed the amount needed for purchase of the condominium, and the Foreign Exchange Certificate must state that the purpose of the remittance of foreign funds is for the purpose of purchasing the specific condominium, exactly as specified in the contract of purchase.