by Daryl Lum | Feb 6, 2023 | Questions and Answers
Yes, foreigners are allowed to buy property in Thailand, but there are restrictions on the type of property and ownership. Foreigners are generally not allowed to own land, but they can own condominiums if the gross floor area of the condominium building is more than 51% owned by Thais (i.e. the maximum foreign ownership is 49%). Foreigners are generally not allowed to own landed properties in Thailand. Foreign ownership of landed properties, including houses and villas, is restricted by the Thai Land Code. However, foreigners can lease land for a long-term period of up to 30 years, with the option to renew.
It is important to note that these rules and regulations can change, so it’s advisable to seek legal advice before buying property in Thailand.
As a foreigner, it is possible to obtain a clean title to a property in Thailand, but it is important to exercise caution and thoroughly research the property and the seller before making a purchase.
A clean title refers to a property ownership certificate that is free of any encumbrances or legal disputes. When buying a property in Thailand, it is important to conduct a title search and ensure that the property is registered and has a clear ownership history.
However, even with a clean title, there have been instances of fraudulent property sales, so it is important to seek the advice of a qualified real estate lawyer and conduct due diligence before making a purchase. This can include checking the authenticity of the ownership papers, verifying the identity of the seller, and checking for any outstanding debts or legal disputes related to the property.
In summary, it is possible for a foreigner to obtain a clean title to a property in Thailand, but it is advisable to take all necessary precautions to protect your investment.
by kevinyeo | Jul 22, 2020 | Questions and Answers
Question: Can I Will My Uncompleted Property?
You do not yet own the Bangkok condominium when the property is not yet completed. The property is held under a master title until it is completed and the developer has applied to the land department for individual condominium titles for the owners. You can only make a will on the property title deed thus you will need to first wait for the property to be completed and title handed over to you.
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by kevinyeo | Jul 21, 2020 | Questions and Answers
Questions: Are The Local Thais Buying Properties For Investment In Bangkok?
Answer: Yes. The local Thais do buy properties for investment in Bangkok. There are many wealthy Thais who park their wealth in properties as a hedge against inflation. In some high-end condominiums, you might be surprised that more than half of the owners are actually the Thais, contrary to popular belief that the high-end condominiums in Bangkok are all being bought by the rich Chinese.
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by kevinyeo | Mar 13, 2019 | Questions and Answers
Question: How Do I Will My Bangkok Property To My Beneficiaries?
Answer:
You will need to create a Will to pass the property to your intended beneficiaries. For the Will to be valid, it has to be drafted in accordance with the Thai Laws, or else you run the risk of having the Will nulled and voided. When that happens, your assets will be distributed in accordance with the intestate succession act. Probate will come in and it is a very expensive and lengthy process.
As such, we strongly recommend that you have a Will in place for your property and consider engaging a competent lawyer in Bangkok. The Will once drafted needs to be lodged with the District Office in Bangkok.
For our clients, we will assist them with the drafting and lodging of the Will in Thailand.
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by kevinyeo | Mar 4, 2019 | Questions and Answers
Question: Can I Make Money Investing In Condo Near Future BTS or MRT Stations?
Answer:
It is not guaranteed that buying a condominium near future BTS or MRT station will give capital appreciation in the future. In this video, the question we had from the viewer was investing in an upcoming BTS station that is rather far away. In fact, it will take 50 minutes to travel from Siam BTS.
Developers like to sell the story of potential price growth investing next to future train stations. Bangkok, however, is multiple times the size of Singapore and Hongkong. Not all BTS and MRT stations are created equal.
Investors are still encouraged to get the best possible location with their budget. That means not straying too far away from core central Bangkok. Make sure the neighborhood is supported by commercial activities as they are the drivers for urban development as well as real demand from expatriate tenants.
Or perhaps consider locations with a masterplan to be developed. An example would be the area around Bangsue Grand Station and or T77 Sansiri Town.
Got a question for us? Reach us at [email protected]
by kevinyeo | Feb 28, 2019 | Questions and Answers
Question: How Do I Transfer Money Out Of Bangkok After Selling My Property?
Answer:
When purchasing property in Bangkok, the right way to transfer money and make payment is to go through your own country’s bank account and do a telegraphic transfer.
When you manage to sell your Bangkok property, the sales proceeds will go to your designated bank account in Bangkok. In actual fact, transferring money out of Bangkok to your home country is a lot easier than transferring money into Bangkok.
For example, individuals with a Bangkok Bank account can even transfer money back to their home country via internet banking using Bangkok Bank’s mobile app. It is a fast and seamless procedure.
Generally, there are no restrictions for transferring money out of Bangkok.
Have questions regarding Bangkok property? Reach us at [email protected] or [email protected]
