Q and A
Frequently Asked Questions
Q. Is it possible for me, as a foreign national, to buy and own property in Thailand in my own name?
A. Foreign nationals can own freehold condominiums in Thailand, registered in their own name, as long as the overall total foreign freehold ownership of units doesn’t exceed 49% of the floor area of the development. Over this limit, ownership must be through leasehold. For houses, foreigners are prohibited from owning freehold land in Thailand in their own name, but can lease the land for a period of 30 years, renewable for two further 30 year period, bringing maximum ownership to 90 years. The actual house can be owned freehold. For leasehold condomiuniums, a similar leasehold structure is used. GlenAsia offer their clients a secure solution for both condominium and house leasehold ownership.
Q. If I wish to rent out my apartment or house, are rental management services available for me?
A. Yes, owners can choose to rent out their property by placing the unit in the resorts' rental program. The rental is then fully managed on owners' behalf.
Q. What is included in the monthly service fees (common fee) for a property?
A. The common fees includes maintenance of all common areas such as gardens, pools, buildings and all facilities. It also includes service of the buyers unit to ensure the unit stays in prime condition when owner is not on location. In addition it also includes 24 hour security and admistration of owners' utility bills.
Q. Do I need to take out any insurance cover for my property and what is theapproximate cost in Thailand?
A. The buildings are always insured by the residents association policy, so only insurance for the proerty and cointents are advisable. There are several types of insurance companies to choose from, both Thai and international companies. Prices starts from approximately 2000 bath per annum, depending on the company and the scope of the insurance itself. GlenAsia can recommend policies which will suit your individual needs.
Q. What are the taxes when purchasing a condominium or house in Thailand?
A. The purchase taxes and fees amount to 6.8% of the taxable value of the proeprty, which is approximately 5-6% of the sales price.
Q. How much can I expect to pay for water and electricity bills for my property?
A. For water approximately 150-200 Bath per month and for electricity an average of 1000 bath per month when staying in the apartment. The cost of electricity is mainly dependant on the amount of use of the air-conditioning.
Q. How long can I stay in Thailand without any problems with my visa?
A. There are several different types of visa available for stays in Thailand and most are easy to obtain if the applicant fulfills the requirements of the desired visa type. For example retirement visas, tourist visas and marriage visas are easy to obtain. More information on Thailand’s immigration and visa laws can be viewed under the Thai ministry of foreign affairs (www.mfa.go.th) or by contacting the Thai embassy in your home country.
Q. Can I open an account with a Thai bank without a work permit?
A. Yes, some banks allow foreign nationals to open an account with only a passport as identification required.
Q. What are the inheritance laws in Thailand, regarding property?
A. GlenAsia suggests establishing a will in Thailand to specify who shall be the rightful owner of the property. GlenAsia can recommend lawyers who can help you with this service.
Q. Is Thailand a secure country to invest in?
A. Property and land prices have gone up steadily for the past decade. Some areas of Thailand, including the eastern seaboard, is currently under great development with many new quality projects coming up. The planned hi-speed train from Bangkok will make travels on the eastern seaboard even more convenient which will contribute to a continued increase in property value. The new airport, Suvarnabhum, which opened in 2007, reduced the driving distance to Pattaya by more then 30 minutes, now taking 1,5 hours. This has led to an increase in property values not only in Pattaya but also Rayong and other Eastern Seaboard locations.
Q. Is Thailand an easy place to live?
A. Yes, compared to many other Asian locations, Thaialnd is an easy country to both visit and live. The infrastructure is excellent and English is widely spoken in the main cities and tourist areas. The medical care is outstanding and “medical tourism” is a fast grwoing sector due to the high levels of professional facilities and care. The crime rate is low with foreigners seldom experiencing any problems. Thai people are known around the world for their friendly and welcoming attitude.
