Introduction
It is lovely when you get to travel to see other parts of the world. This single act can get to change one’s life as he would be exposed to various things. Such a person would get to learn new things, acquire new knowledge, way of life etc. He would also be able to meet new people and share ideas with them. There are cases whereby people leave their countries to live in other countries. These people would want to have a new life among new set of people in a different land. By living in a society, one needs shelter where he can dwell. Shelter can either be bought, build or rented. Foreigners might want to have their own personal home by buying a house in the country. It should be noted that there are laws in various countries controlling the act of foreigners buying landed properties. An example is Thailand.
Alternatives To Owning Lands In Thailand By Foreigners
In Thailand generally, foreigners are not allowed to directly buy a land. Thai law forbids foreigners from owing lands in their own name though there is an exception which has not yet been practice. Notwithstanding, there are alternatives which can be used by foreigners to successfully acquire land in Thailand. The most common way is for one to setup his own Thai limited company to be able to own a land on his behalf. Another way is for one to enter long term leasehold with the owner of the land. Long term lease hold is commonly used for purchasing property in a contemporary residential development area in Thailand. It should be noted that the terms of contracts usually vary; especially prior leasehold would be taken out for 30 years. Subsequent leases could be later agreed upon with the owner of the land. However, all this is under the strict enforcement of the law. Many people do not know that though a foreigner cannot own a land in his name, he can own the structures and buildings on it. One only needs to
apply for a construction permit to erect the house in his name.
Next step is for one to be well groomed with the process of buying real estate. It is essential to fully understand that there are different types of Thai title deeds. One is meant to know the differences so as to be able to determine the extent of the owner’s rights over the land he is interested to have. It is also advisable for one to know how much it cost to transfer and also Thailand property taxes in future. Property transfer calculator can be used to determine the total cost of the land. It is very important for one to make use of legal services when acquiring properties. These legal services must be from registered and reputable lawyers in Thailand. This should be done in order to be protected and also to ensure that the land desired can be owned later on.
Conclusion
Basically, foreigners cannot directly own a land in their names. However, there are alternatives which can enable foreigners successfully own a land in Thailand.
