Do you want to buy property in Thailand, but cannot find time to travel? It is not necessary to visit Thailand to buy as a foreigner. In this article, we cover how you can buy property in Thailand remotely as a foreign property investor.
Thailand is a colorful and bustling country, it delivers an exciting lifestyle that attracts thousands of ex-pats who are looking for a more vibrant laidback lifestyle, with an affordable cost of living in an amazing climate. With an affordable cost of living in an amazing climate,’ is why many foreigners decide to pack their bags, jump on a plane and move to Thailand.
But for those who prefer the convenience of buying property in Thailand from afar, remote buying is the answer. With remote buying, foreigners have the option to complete the process from their home country or while in Thailand.
There’s a big misconception that buying property in Thailand is somehow complicated when actually it can be very straightforward and easy to understand. There are a few important steps for a foreign buyer to keep in mind when navigating the process of remote property purchase in Thailand, which we will cover in detail.
Here’s A Buyers Guide To Buying Property in Thailand:
The 3 rules for foreign property ownership in Thailand
Foreign Property Ownership Laws in Thailand are generally straightforward and easy to understand. Foreign buyers & investors should just remember 3 rules:
- Foreigners CANNOT own land directly in Thailand. (there are ways)
- Foreigners CAN however own a building or a structure located on a plot of land.
- Foreigners CAN own Condominium Freehold Titles (Condos).
1, Condominium Freehold Titles (Condos)
Condominium Freehold Titles commonly referred to as “Condos” are the most direct way for foreign nationals to acquire property in Thailand.
Condos are a form of “Share of Freehold”, where each individual condo owner is entitled to a proportional co-ownership of the land, building and co-owners association (Juristic Person Office).
Condo projects in Thailand are subject to a “Quota System”. Thai nationals must maintain 51% ownership and foreign buyers can only buy up to 49% of a condominium.
2, Landed Property (Villas, Houses and Shophouses)
At present foreigners cannot own land and the only way for them to directly control this asset type is through Leasehold Titles. Thai Law currently offers a maximum of 30-year Leasehold.
Some Foreign Buyers have tried to bypass the strict laws on property ownership, using the following strategies:
- Buying through a Thai Spouse/ Thai Partner.
- Buying a “90-year” Leasehold. x2 Contractual Lease Renewals (30 years+ 30 Years+ 30 Years)
- Buying through a Thai Company. Note the company will still need a majority Thai Shareholding of 51%. These 2 strategies (90-year lease and buying through a company) are in the “grey area” of Thai Law and are not recommended. The Thai Government can possibly pass legislation that may limit the effectiveness of these practices in the future.
3, What type of property should you buy?
As property experts, we recommend buying condos. The ownership structure is more direct and less troublesome, the resale market for condos is more liquid and they tend to be easier to rent out!
How to buy property in Thailand remotely?
Remote property buying in Thailand refers to the process of purchasing real estate in the country from a different location.
With the convenience of technology and globalization, more and more foreign buyers are opting to purchase property in Thailand remotely.
The process involves contacting a local real estate agent or lawyer, completing the necessary documentation, and conducting negotiations through online means or with the assistance of a local representative.
It’s important to research the local laws and regulations to ensure a smooth and successful purchase.
Let’s take a look main areas you should consider when wanting to buy a property remotely as a foreigner in Thailand.
Start Looking For Your Property
The first step in buying real estate online is choosing the right property for you that ticks all your boxes. The Silk Estate website presents a wide selection of houses and apartments in Thailand, and, using convenient filters, you can customize the search according to the necessary criteria.
Schedule a Virtual Property Viewing
With the development of technology, buying property online has become even easier. Three main types of virtual viewing are available in all regions of Thailand;
● 3D online images (Google maps)
● Pre-recorded video, usually filmed by your agent or owner, of a property tour with commentary
● A virtual online viewing via Zoom or Skype allows you to see everything in real time.
Paperwork for Buying a Property Remotely In Thailand:
The paperwork usually intimidates buyers the most. Don’t worry! Your realtor and lawyers will check and prepare all the documents on your behalf. Furthermore, the property documents will be translated into English to ensure full seller contract transparency.
Making Payment for Property in Thailand Remotely:
After you find your dream home in Thailand it’s time to make the first payment to secure the property. This is possible via online international bank transfer.
Documentation after purchase
After buying a property, you will need to settle a few more bureaucratic issues, such as property registration. This can be done by a lawyer on your behalf or by you upon arrival in Thailand.
In summary, buying property in Thailand remotely is possible for foreign buyers.
Condominiums are the easiest way for foreigners to acquire property, as they offer a “Share of Freehold” structure with each condo owner entitled to a proportional co-ownership.
Foreigners cannot directly own land in Thailand but can own a building or structure located on a plot of land or leasehold property for a maximum of 30 years.
When buying remotely, you can start by looking for the right property through websites such as Silk Estate, schedule a virtual viewing, have the necessary paperwork prepared by a realtor and lawyer, make the first payment through an online international bank transfer, and handle final property registration issues through a lawyer or upon arrival in Thailand.
If you would like more information on buying a property in Thailand remotely that we invite you to contact us to schedule a property consultation call. Chase the sun forever in Thailand by becoming the proud owner of a house, apartment, or condo apartment in the best place on earth!