Although it can be challenging, foreigners can purchase real estate in Thailand. You need to be aware of the following:
Legal restrictions: Foreigners are not allowed to possess land in Thailand; however, they are allowed to own buildings and constructions that are built on land. As long as foreign ownership of the total floor area of all the units in the building does not exceed 49%, you are also permitted to purchase a condo.
To make sure the property you are interested in buying has a clear title and is not burdened by any liens or legal concerns, it is crucial to conduct a title search.
Property ownership structure: buying a property in your own name or forming a Thai corporation to hold the property are both options. If you want to buy several properties in Thailand, setting up a Thai business might be advantageous.
Financing: It can be challenging for foreigners to find finance in Thailand, so having the money on hand to buy the home outright is crucial.
Taxes and fees: Purchasing real estate in Thailand is subject to a number of taxes and fees, including transfer charges, stamp duties, and withholding taxes.
Employ a reputed real estate agent: To guarantee a smooth and successful transaction, it is advised to engage with a respected real estate agent that has experience working with foreigners.
Generally, foreigners can buy property in Thailand, but it’s vital to do your research and engage with experts who can help you through the process.