Foreigners can own property?
Thai government is suggesting that laws and rules about owning land and houses are about to change. Foreigners can own property
- Foreigners can buy and own both house and land, if it is bought inside a project and minimum worth 10M.
- As for the foreign quota in condominiums, it is suggested to rise from 49% to 80%.
- The lease of land will be increased to 50 years or more.
- Making it easier to start a company and get a work permit.
- Relaxing the visa procedures, by many things would be scrapping the 90 days registration.
These are post-Covid temporary stimulus packages that would last for 3-5 years.
Authors comments: If you ever hesitated to buy property in Thailand because of the limited rules, this is your big chance to buy and own a house, land, and condo. The condo increased quota will help developments to sell more. With this new package, you will not have a voting right on a condo juristic person meeting. This is to protect from foreign investors to completely take over condo buildings. House can be bought only in projects – this is to avoid foreign investors buying up exclusive land plots close to the beach and others.
The move, which is not finalized yet, is to help the recovery from the pandemic and attract more foreigners to come to live and retire in Thailand.
Authors comments: Some foreigners living in Thailand have raised concern that the rules will only be valid for 3-5 years and after that, all rights will be reversed. That will not happen since the buyer will get a title deed in their name. A title deed is as safe as it can be. If government cancels a title deed it will kill the country’s business forever, since no investor will ever trust the government again. This is not going to happen.
Firstly the Condo Act of 2008 is set to be changed, the government suggests.
Foreigners can own property according to the new government proposals
House ownership has been a bugbear of foreign investors for years with only those prepared to invest 40 million baht up able to buy a house on land – and even then it comes with the need to seek ministerial approval.
Also, it is planned to increase those buying on lease from 30 years to 50 years plus 40 years.
Authors comments: Today the law says you can lease land for a maximum of 30 years. Many foreigners have leased land for 30 + 30 years in the contract. Since this is not supported by law it is highly risky to do that. The new proposal of 50+40 years by law will make leasing a very attractive alternative and a guarantee that you can live in your house for the rest of your life.
Please visit our web page Orestone Group Co Ltd. There we offer free advice for those coming to Thailand or moving to Thailand. We also offer services like short-term visas, retirement visas, property registration, caretaking, work permits, renovations, and more.
Take a look at some of our properties for sale at Thailand4sale.net