Thailand offers all of the trappings of a tropical paradise that people in the "real world" fantasize about retiring there. Thailand isn't one of the world's most popular tourist destinations for nothing. Thailand, with its rich and exquisite culture, provides travelers with a true sense of mystery and surprise while still allowing them to enjoy the conveniences of home. This east-meets-west balance is one of the most appealing features for foreigners looking to buy property in Thailand, particularly in the Bangkok area.
Being in Bangkok means that world-class beaches, rolling mountains, and other Southeast Asian countries are all just a short flight away. These are only a handful of the numerous reasons why real estate is a hot prospect. This article will consider a few important things to know when considering investing in real estate Thailand.
A foreigner is not allowed to own land in Thailand by law. There are two options for foreigners who desire to buy land in the United States. One option is to lease the property for a 30-year period rather than purchasing it outright. The majority of these situations involve a foreigner marrying a Thai citizen, after which the Thai purchases the land and the foreigner signs a lease.
Another option is to establish a Thai Limited Company. If you take this path, keep in mind that as a foreigner, you are not permitted to own half or more than half of the company's shares in Thailand real estate. The only exception to this rule is for US nationals who have a treaty with Thailand that allows them to possess 100% of a Thai Limited Company.
Due to the restrictions on foreigners purchasing land in Thailand, many people opt to buy a condo or apartment instead. Unlike land, a foreigner can purchase 100% of a condo or apartment outright. This is by far the simplest and most straightforward method of acquiring property in Thailand.
In Thailand, foreigners who purchase a condo pay no property taxes. Condo owners are exempt from land and housing taxes. The building's owner is liable for property taxes, but it's a good idea to have a lawyer check to see if your condo has an escrow account in case the issue of you paying taxes is unclear. Other taxes, on the other hand, are levied on your purchase. Expect transfer costs, document fees, and taxes that may have been imposed during your ownership period if you sell your apartment.
Phuket, a peninsula in the southwest of the country, is noted for its pleasant weather, beautiful beaches, and opulent hotels. It's no surprise that many people are seriously considering settling down in this idyllic location. Older individuals may choose Phuket as a relaxing and sunny retirement destination, where they may eat delicious meals and take in the island's breathtaking environment.
When considering purchasing real estate in Thailand, it's critical to conduct due diligence to ensure a safe investment. Local agencies abound that offer legal and financial advice for foreign investors.