SECTION 6: A COMPREHENSIVE GUIDE FOR BUYING PROPERTY IN PHUKET
Investing in property is always a big decision. Buyers want to have the confidence that their real estate investment is a well-considered and safe choice.
The laws in many countries make property ownership pretty straightforward, but in Thailand foreigners are not allowed to own land, and this restriction extends to landed property such as villas and houses.
A foreign buyer may, however, buy freehold condominiums, which can be registered in their own name at the local Land Department. This section aims to cover every aspect of the laws governing property ownership, and is intended to help those discerning investors who are looking to invest in the Phuket property market to make intelligent and educated decisions.
Equipped with the right information, foreign buyers can make informed decisions. They can also use that information to deflect the inaccurate statements and questionable advice that sometimes comes from agents or developers. In many cases, buyers do not find out that they have made poor investment decisions – or even that they have flouted Thai Laws – until it is too late.
Buying and Leasing Property in Phuket Articles
An Overview On The Thai Baht
SECTION 10: INVESTING IN PHUKET PROPERTY ALSO MEANS YOU ARE INVESTING IN THE THAI BAHT AN OVERVIEW Investing in Phuket Property and the Thai Baht The relative strength of any national economy will
Buying a Foreign Freehold Condominium in Phuket
Condominiums are the safest way for foreigners to purchase real estate in Phuket. Condominium law allows 49% of the living area in each condominium project to be sold to foreigners as foreign freehold. Foreign freehold ownership means the foreigner will own the condo unit in perpetuity i.e. forever. This ownership is registered at the local Phuket Land Department. If a foreigner is considering buying property in Phuket, then this article explains everything you'll need to know, and why a Phuket condominium is the best option!!!!
The Option of a 30-Year Leasehold When Buying a Villa in Phuket
What Exactly Is Leasehold? The terms “freehold” and “leasehold” are not necessarily universal concepts. Freehold vs. Leasehold ownership is a common distinction in many countries. But the differentiation is found most frequently in the UK
Using a Thai Company Limited To Own Villas, Town Homes and Landed Property in Phuket
SECTION 9: USING A THAI COMPANY LIMITED TO OWN VILLAS, TOWN HOUSES AND LANDED PROPERTY IN PHUKET What Sam Says About Buying Land Through a Thai Company A Thai Limited Company – having
How Low Are The Fees And Taxes When Purchasing Phuket Real Estate?
As in most countries, when you buy a property in Phuket there will be either local authority or government fees and taxes to pay. Those taxes here in Thailand, however, are some of the cheapest in the
Transferring Money into Phuket
The THAI BAHT - Transferring Money into Thailand TRANSFERRING FOREIGN CURRENCY INTO PHUKET TO BUY PROPERTY Transferring Money into Phuket Any foreigner planning to purchase a property in Phuket must follow the correct procedures
Evolution of the Phuket Property Sector – Why So Many Foreigners Own Villas Illegally
Thai law clearly states that foreigners are not allowed to own land in Phuket. However, over the last few decades the number of new visitors to the island has not only buoyed the tourist industry, but also created a thriving Phuket real estate industry. Many of these visiting foreigners wishing to invest in the island also decided to purchase Phuket villas. Rather than entering a 30 year lease contract for the land, they were advised to set up a Thai company to secure freehold land ownership. But in the vast majority of these cases, nominee shareholders were used, which is also clearly illegal in Thailand. Although it is possible for foreigners to have control of a Thai company and for that company to own land, the company must be a fully functioning company, with legitimate Thai shareholders, be generating revenue, submit yearly accounts, pay tax on revenue generated, and adhere to all the corporate laws of Thailand. This article covers how it has been possible for so many foreigners to be unknowingly breaking the law. In 2006, the Thai government did clamp down on this practice, but the clampdown was quickly forgotten and, since then, the real estate industry has been on an upward trajectory, with landed property continuously being sold to foreigners. Should the Thai authorities make the decision to clamp down on illegal ownership of land in Phuket, many foreigners may be in for a shock.
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