Thailand is very popular among Dutch tourists. When you have spent one or more holidays there as a tourist, many express the wish to stay there longer, to spend the winter there, to live (semi-)permanently or even to buy a home there.
Legislation surrounding buying a house
We are often asked whether one can fully own a house as a foreigner in Thailand. The answer to this is yes! One can own a house 100%. However, you cannot register the land in your own name. However, the land on which the house stands can be leased or leased. You can have this lease officially registered at the land register, here "land office", for a period of 30 years. In the purchase contract, a lawyer must record that the lease can be re-registered in the interim for a new period of 30 years. This is important if, for example, the house is sold or inherited. If one includes this in the contract, it effectively becomes a perpetual lease.
Buying an apartment in your own name
As a foreigner, you do have the option to register an apartment directly in your own name. The condition is that at least 51% of all apartments in the complex are registered in the name of Thai legal entities. It is important here that the money for the purchase comes from abroad.
Establish a Thai Co Ltd for buying a house
In addition, there is the possibility to put the land in a Thai firm. However, at least 51% of the shares must be owned by a Thai party. Practice has shown that this construction is still possible, but is discouraged by the Thai government. There are a few hundred thousand of these types of firms, which, provided they are properly audited, are left alone.
Buying a property with such a Co Ltd construction is very attractive because there are no transfer costs at the land office. However, it is very important that a “Due Diligence” investigation must be done by a local lawyer. Please note that Thai banks do not provide mortgages to foreigners.
10 reasons to buy a house in Thailand
- Homes in Thailand are still affordable, here you can still buy a house for a price that you can only dream of in the Netherlands.
- One of the fastest growing economies in Southeast Asia, so you can count on a steady increase in value of the house.
- Thailand is popular with tourists and winter visitors, so that your own house can also be used for rental.
- Thailand offers lucrative opportunities to rent out one's own house on a 'long-term' basis.
- Thailand is a modern country with all the facilities that go with it, such as good medical care, modern shops and good international schools.
- Thailand is a safe country where and easily accessible.
- You can live cheaply in Thailand, the price level is low.
- Thailand has beautiful nature and a wonderful climate.
- The country offers many tourist and recreational opportunities such as golf and water sports.
- Because of the Buddhist culture, people have a lot of respect for their fellow human beings, especially for the elderly and the disabled.