| Owning Property in Thailand |
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Owning property in Thailand is an option for foreign investors, with tropical holiday destinations such as Koh Samui and Phuket being popular investment locations. Below are Healy Consultants services and information to equip investors with required knowledge on owning property in Thailand:
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1.
| Foreign individuals are unable to own land in Thailand, however they are able to purchase condominiums. Interest in owning property in Thailand comes from a range of investors as it offers diverse opportunities from city apartments in Bangkok to ultra luxury condominiums overlooking beaches in Phuket. Following are types of property that foreign individuals can legally acquire: i) A unit in a registered condominium, provided the total foreign ownership in the complex doesn't exceed 49%, ii) A building (but not the land it sits on), iii) A registered leasehold of up to 30 years for all types of titled land or buildings. | |||
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| For foreign individuals wishing to own property in Thailand they are required to show the funds for property investment have come from outside Thailand. To assist clients in this matter, Healy Consultants arranges property finance for Thailand property investment, including negotiating mortgage terms and conditions. Our firm works with leading international banks including ANZ Bank, DBS Bank and OCBC Bank. | |||
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| The lower entry cost owning property in Thailand compared to other markets in the region is one appealing factor to investors. The current political turmoil could mean the Thailand property market, especially Bangkok, is impacted in a negative way. | |||
4.
| Tourism plays a significant role in the development of Thailand real estate. The Tourism Authority of Thailand (TAT) predicts there will be a 5.6% increase in the amount of visitors to Thailand in 2010. This amounts to a total of 14 million visitors compared to 13.2 million in 2009. The total revenue expected to be generated by tourists in 2010 is 540 billion baht, which represents a 6.4% increase from this year's targeted revenue of 530 billion baht.
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| As a result of the economic recovery globally, couples with the growth of budget airlines - Thailand’s holiday destinations will also see increased demand, creating an inevitable surge in tourism. | |||
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| There are two ways for a foreign individual to acquire a house and land package. The first is to form a Thai Limited company, where the foreigner can have a maximum controlling interest of 49%. It should be noted that the company must comply with relevant laws and it is the company that owns the land, not the foreign individual. The second method is to purchase the land in the name of a Thai national, such as wife or friend. The property is then rented from the Thai national and the foreigners name is included on the title deed so the land can not be sold or sublet without the foreigners consent. The lease period is generally thirty years and can be renewed twice, thus extending the ultimate duration to ninety years. | |||
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| Healy Consultants offers comprehensive professional advice and management services to assist clients with their objective of owning property in Thailand. Whether the requirement is i) residential real estate or ii) commercial real estate, our firm will establish the property needs such as budget, property locations, size, proximity to transport and schools, and security requirements to develop appropriate property investment options. |
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| The property management services provided by Healy Consultants are beneficial for investors owning property in Thailand. Outsourcing requirements such as property maintenance, refurbishments, security, property valuations, finding tenants and ad hoc problem solving saves clients time and money. |
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9.
| Property taxes are applicable for investors owning property in Thailand. Healy Consultants provides invaluable tax and accounting advice to investors in order to efficiently meet the tax requirements associated with owning property in Thailand. Property taxes include a transfer fee and stamp duty that can be paid by buyer or seller, depending on negotiations. Structures usage tax is a tax applied to only commercial properties.
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10.
| To ensure the legal matters associated with owning property in Thailand are managed correctly, Healy Consultants appoints and supervises a Thailand lawyer. Because the realty industry in Thailand is unregulated, having a lawyer experienced in property transactions helps the client maintain peace of mind over their newly acquired asset. |
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| Contact Us | ||||
For more information on owning property in Thailand, please contact us at our Singapore office at (+65) 67350120 or email us at email@healyconsultants.com | ||||
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