Thailand famous places ever. The place has its own strength and calibre to attract people worldwide with the most attractive places, beautiful people, culinary delights, and incredible beaches. Also, there is no doubt that most people wish to buy a property in Thailand and settle there. So, in this blog article, we try to answer the most common questions on how to own real property in Thailand!
To begin with, can a foreigner own land or a property or a site in Thailand?
Generally, foreigners cannot purchase land in Thailand directly. The laws in Thailand prohibits foreigners from holding the ownership of land in their names. However, a foreigner can own land or a property or a site through different means.
Different alternatives to attain the ownership of land in Thailand!
● Own a company!
One of the most common alternatives to buying land, or home, or a site in Thailand includes owning a Thai limited company in Thailand. This alternative is used by most people who wish to own a house in Thailand.
● You can own a house or a flat too!
Most people tend to ignore the fact that foreigners can on a flat or a house in Thailand despite not owning land or a site if you wish to build a house. On behalf of your name, you are supposed to apply for a construction permit.
● Get the facts right and be aware of the laws!
It is vital for anyone to research something before they get into the work; so it is essential for you to to be well knowledgeable about the process of buying real estate in Thailand. in addition to this, one needs to know the types of title deeds so that it will be able for them to determine the extent of the rights of the owner of the land that they are interested in. Furthermore, be aware of the cost of transfer and property taxes of Thailand in advance; To know the overall purchase cost, do use the property transfer calculator.
● Choose your lawyer wisely!
No matter what it is, a legal service requires a reputed lawyer, and thus it is crucial for you to choose a well-known lawyer who can easily make sure that you own land in Thailand.
● Be aware of the Tax rules in Thailand.
Firstly be aware that all the rental properties that belong to Thailand are subjected to a land tax and home tax which would be 12.5% of the annual rental income. Also, the rental income in Thailand is taxable, and thus the owner will have to pay income taxes on the money in Thailand.