Client case studies
|Buying Thailand Property|| |
Buying Thailand property is an option for foreigners. In Thailand, foreigners are able to purchase condominiums. Phuket is one popular destination, outside Bangkok, for buying Thailand property. Below, Healy Consultants' services related to buying Thailand property.
Purchasing Thailand property requires payment of taxes. Healy Consultants provides professional tax and accounting advice to investors to ensure all tax obligations are met efficiently. Property taxes include a transfer fee and stamp duty, which can be paid by buyer or seller. Structures usage tax is another tax, but is only for commercial properties.
When buying Thailand property, foreigners are required to prove the property finance has been brought into Thailand. Healy Consultants assists by arranging international mortgages for our clients, including providing options and negotiating mortgage terms and conditions. Our firm works with leading international banks including ANZ Bank, DBS Bank and OCBC Bank.
Foreigners are unable to own land in Thailand, however buying Thailand property is possible via condominiums. The restriction here is that the total foreign ownership of the condominium complex can not exceed 49%.
Healy Consultants provides investors suitable options for buying Thailand property. Based on the requirements of the client in terms of location, size, budget, property facilities, proximity to transport and Thailand schools, security and more, our firm will manage all aspects required to ensure the outcome meets with the clients objectives.
To minimize the risk of problems arising, it is advised to carry out all searches and research into the property before signing any document to buy Thailand property. A 10% deposit is usually paid at the confirmation of the purchase agreement. This deposit is non-refundable, except if the seller pulls out of the sale, or there is a clause in contract. The balance is paid when final contract is signed.
Healy Consultants will appoint and supervise a local lawyer to ensure all the legal aspects associated with buying Thailand property are undertaken correctly and the strengths of local laws are utilized to protect asset ownership. The real estate industry in Thailand is not extensively regulated so it is advised to have an experienced lawyer when buying Thailand property. The processes our firm will be involved with include:
Creating a legal engagement agreement between our client and the lawyers outlining roles and responsibilities, terms and conditions and legal fees related to buying Thailand property.
Collecting the due diligence from the lawyer to ensure our client is adequately protected when buying Thailand property.
Establish and monitor the key legal dates of execution, including settlement date, date of handover of keys.
Review all legal documents to ensure our client is adequately protected when buying Thailand property.
Ensure our client’s Thailand lawyer is frequently communicating with all parties to the property transaction, including mortgage bank, local government institutions and counterpart lawyers.
Healy Consultants provides an array of post purchase services which assist clients to manage the time consuming activities involved in property investment. These services include:
Organizing property insurance to secure the structure and contents of their new asset.
Project managing the requirements for migration to Thailand including immigration visas, relocation services, and orientation of their new country.
For further information for buying Thailand property, email us here or telephone us in Singapore (+65) 6735 0120.
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