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All You Need To Know Before Buying Property In Thailand

Thailand has the same western laws and regulations as the Thai Civil Code based on the European civil law system and copied features from common law countries. Thailand’s local laws are considered to be western. What makes buying homes for sale in Thailand so different and difficult for non-Thai people is that Thai law prohibits all foreigners from owning the land making it difficult for immigrants to acquire direct ownership of land and a house in Thailand.

Immigrants may not own property in Thailand but (in theory) outsiders own land up to rai (1600 square metres) in certain areas to reside under the Investment Board Act (section 96 bis Land Code Act) which requires more. The world has bought an investment of 40 million baht in Thailand for certain goods or government bonds that benefit the Thai economy. IF approved (probably) it is according to strict conditions and the land must be in certain places and needs the approval of the Minister of the Interior. In addition, this ownership is not transferable and is therefore limited to the life of the person who has been granted the right to own the land to live under this distinction. Even if you are very rich, this is not a viable option. Apart from these exceptions, ownership of property in Thailand is limited to foreigners.

Foreign companies with significant investment that benefits the Thai economy may have the exclusive rights and exemption from land ownership granted under section 27 ).

A Thai foreign-owned company with large Thai stock (with shareholder and percentage share) is the only vehicle available to foreigners to control their investment in Thailand. Although partial ownership of Thai foreign companies (up to 49%) is illegal under Thai international laws, legitimacy and land ownership of most of these partially owned companies are controversial if they are illegal. The Thai government 2006 imposed restrictions and restricted the misuse of Thai multinational companies to deny restrictions on foreign ownership of things in Thailand. In terms of section 93 of the Land Code Act, a foreigner who acquires land as a legal heir may become a landowner with the approval of the Minister of the Interior. you must Note that section 93 only applies to foreign land ownership under the agreement (section 86) NOT to foreigners who own the land as the legal heir of a Thai partner. There is presently no agreement that allows people from abroad to own land in Thailand, so no foreigner will be allowed a permit by the Minister of the Interior. They can inherit the land, but they cannot register ownership and must sell the land within a year from the date of acquisition.

Foreigners (natural and legal persons) may be (apartment or apartment unit) in Thailand within the foreign ownership share of the condominium, but ‘foreigners’ who buy a condo in Thailand must qualify for foreign ownership under section 19 of the law. Thai Condominium Act.

Therefore Thailand is a good place to buy property, but under rules and regulation.

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