Apr 16 in Real Estate Phuket
When purchasing property in Thailand, it's essential to be aware of the following rules:
1. Foreign Ownership: Non-Thais can generally own condominiums outright, specializesded properties (such as houses or land), you may need to seek legal advice regarding leasehold agreements or setting up a Thai company.
2. Land Ownership Restrictions: Land ownership is restricted to Thai citizens, so foreigners must be cautious. One option is a long-term lease of up to 30 years, renewable twice, or a purchase through a Thai-registered company with Thai majority shareholders.
3. Due Diligence: Conduct thorough due diligence before any purchase. Verify property titles, ensure there are no outstanding debts or legal disputes, and consult legal professionals for assistance throughout the process.
4. Financing: Foreigners generally can't obtain mortgages in Thailand, so securing funding from your home country or using personal funds is common.
5. Taxes and Fees: Be aware of taxes and fees associated with property purchases, including transfer fees, income tax, and specific regional taxes.
It's vital to engage a professional local lawyer or real estate agent who specializes in working with foreigners to ensure compliance with all regulations and protect your interests.
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When purchasing property in Thailand, it's essential to be aware of the following rules:
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