The information below covers the most frequently asked questions about property purchase in Thailand. Find out here the answers to some of your queries.
Can foreign nationals own property in Thailand?
Yes, you can own freehold property in Thailand and there is a recognised process that is not too complicated. The property will be owned by a Thai limited company of which a foreign national can only own 39% with the other 61% being held by six Thai shareholders. On the day of company registration, the six Thai shareholders sign their share transfer forms, which are all blank and undated, and all proxy voting forms are signed and handed over. Alternatively, you can buy through a leasehold agreement which, in the case of a condominium unit purchase, is renewable for periods of 30 years.
A hassle-free way to own a property in your own name is to buy into a condominium development where Thai nationals own at least 51% of the units.
Why should I choose Thailand?
Thailand has recently attracted significant foreign investment to become one of the Asian economic leaders. It is a regional base from which many companies keep their employees working all around Asia.
Property is much cheaper in Thailand than elsewhere and an increase in overseas interest in property purchase has greatly helped the country’s economy.
An exotic destination with beautiful mountains, dense forests and stunning beaches, Thailand is an established and sophisticated tourist destination with great universal appeal. Thailand is one of the cheapest places to fly to in Asia. The completion of the Suvarnabhumi-Bangkok International Airport (SBIA) is expected to spur growth in commercial property markets in eastern Bangkok as well as make Thailand even more accessible by air.
Thailand has good schools, an efficient health care system and it is seen as a friendly country in which to live, visit or invest.
What is the economic and political situation?
Foreign buyers are ready to invest in Thailand as the country’s fundamental factors are still attractive. Now, with unrest following the election of a new prime minister, Somchai Wongsawat of the People Power Party (PPP) on 17th September, many people are sitting on the fence to see what becomes Thailand’s political crisis, while the current situation is of course hardly sustainable.
The Thai government sees foreign investment as a great asset while the dropping of certain financial requirements now makes investment an easier option than ever before.
How do we travel to Thailand?
Thailand has three international airports; Bangkok, Chiang Mai and Phuket.
Heathrow – Bangkok: Thai Airways International currently flies twice daily.
Other airlines going to Bangkok include Eva Air, British Airways, Qantas, Phuket Air and Emirates
The new international airport at Pattaya, with flights at around £500 return from the UK, and the Suvarnabhumi Airport cater for the high volume of passenger traffic in Thailand.
What is the direct flying time from UK to Thailand?
Flying time from Europe to Bangkok is approximately 12 hours.
Is a visa required to enter Thailand?
You can stay in Thailand without a visa for up to 30 days, after which you should apply to the Thai Immigration Office before the visa expires.
If you will be in Thailand on business, you must apply for a “non-immigrant category B” visa.
Retirement visas are available for foreigners over 50 years of age and are issued according to financial means.