There is much information on the internet with regards to property laws in Thailand. These are some of the most common errors made in Thailand with regards to property and also shows why you need to speak to a property lawyer in Krabi or Thailand when buying property. One of the most common errors in thought is that if you buy property in Thailand in the name of a company.
That you only need to do it once and never worry about it again. This is incorrect. Your company which holds your property needs to file a tax return each year and financial reporting each year. Failure to do this will result in fines or worst the de-registration of the property by the government. Many think that you can obtain a 99 year lease in Thailand on property. This is incorrect as Thai law only allows 30 year leasehold agreements. This needs to be registered as well as any other lease over 3 years in agreement has to. Most leases however have the option not so much for renewal but to purchase the property.
Anyone can own property in Thailand — this however is limited. As a foreigner in most instances you can buy a condominium in your name. You can also own 1 Rai of land in Thailand IF you invest at least 40 million Baht and have permission from the Minister of Interior. Also ensure that your lawyer checks the title deed of your property to ensure that it is land or property that can be sold. Certain types of land may not be sold in Thailand. Ask a lawyer about the classes of land in Thailand with regards to their title deeds.
Again, if you are looking at buying property in Thailand then speak to any of the lawyers on staff with us with regards to obtaining the real answers. Speak to our lawyers in Krabi today or at any of our offices in Thailand.
Do it today!