Key Takeaways
- As a British citizen you can buy and own property in abroad.
- As a British citizen you can you can buy property remotely when using official approved guideline and correct channels.
- You must buy a property in Thailand with money from outside of the country.
- Retiring in Thailand as a Brit can be a good idea as the quality or life is better, more relaxing and cheaper in your retirement years.
Brexit changed many things for British citizens and this has caused a butterfly effect for Britishers buying a house abroad.
Brexit made buying a house anywhere in the EU a lot more expensive as well as tedious. However, for British citizens that are interested in moving to Thailand, here is some good news for you, despite the Brexit situation, as a British national, you are still welcome to move to Thailand.
Continue reading to find out how to buy a house abroad especially if you plan to retire in Thailand.
Points To Keep In Mind While Buying A House Abroad After Brexit
If you are planning to move to a country in the EU after Brexit and want to buy a house, then keep in mind that there will be increased red tape as you cannot spend more than 3 months at a stretch in the EU within 6 months.
Moreover, you can buy a property in the EU as a Britisher in any place other than Austria, and you will have to follow the local land laws to buy property at your chosen location, such property might at best end up being a vacation home.
Finally, property prices have increased alarmingly for people of all nationalities in many destinations in the EU which may also affect the cost of living while buying a house abroad in the EU.
Due to these factors, and limitations, many British citizens are slowly and steadily migrating to countries such as Hongkong, Malaysia, and Thailand.
While Hongkong and Malaysia may seem like good choices to set up home, in reality, Thailand offers British citizens a more comfortable life with a lower cost of living.
The new incentives that have been rolled out in 2022 have also made moving to Thailand seem like a very lucrative choice.
These incentives apply to global citizens, highly skilled professionals, affluent retirees, and their families as well.
The incentives are not limited to long-term visas and working in Thailand, they also extend to visa privileges and buying your luxury condo in Thailand.
Read more about these Thai Visa incentives.
Can Foreigners Buy Property in Thailand?
The simple answer is yes, foreigners can buy property in Thailand provided it has a Chanote freehold title deed. More often than not freehold titles are given to condominium units that have a maximum of 49% foreign owner share and a bare minimum of 51% Thai citizen owner share. Non-Thai nationals such as British people on long-term visas can own condos in Thailand as well, without worrying about Brexit as the price of the condo from a reputable developer does not depend on your nationality.
A little-known fact is that you can own Thailand condos without even stepping into the country. You can read more about Property Deeds in Thailand here.
Can I Buy A House in Thailand as a Foreigner After Brexit?
Simply put, your nationality doesn’t affect both your purchase power and the cost of the house, yet your negotiation skills can have an impact if you like to get a bang for your buck.
If you do not have time to negotiate or like to engage in negotiations as it can take days, then consider having a realtor such as us at Silk Estate do the bidding for you.
To make a purchase of property in Thailand as a Britisher there are a few prerequisites, for instance, the property must be purchased with foreign money, not income you have earned while in Thailand. Additionally, the money should be transferred into the realtor or developer’s account from a foreign bank account.
The entire purchase process should originate from foreign money which includes the full value of the condo including the transfer fees if any, and government taxes and fees. Setting aside a timely scheduled escrow account for recurring maintenance fees may be a wise move.
Keep in mind that when the money is transferred to the developer or realtor through a cross-border and international transaction, the bank that receives the money is liable to issue a “Foreign Exchange Transaction certificate” which is a must for a British Citizen to purchase the property. This Foreign Exchange Transaction Certificate has to be given to the Land Department, along with the Sale and Purchase Agreement to register the condo under the new owner’s name.
It should also be noted that while foreigners can open their own Thai Bank accounts, the purchase of condos in Thailand cannot take place between one Thai Bank to another. If you want to open a Thai Bank account in one of the leading banks in the country to save on transaction fees and for miscellaneous use then we put this blog post together on how to open a bank account in Thailand as a foreigner.
Buying property in Thailand Remotely
A question we have been asked a few times since Brexit is ‘How can I buy a house abroad from the UK?’
To own Thailand condos while in your home country, the prerequisites are that your representative (for example realtor or lawyer) should hold your Power of Attorney and in addition, the representative has to get a Power of Attorney form from the land department directly and has to be legally bound through a notary.
The notarization has to happen in your current country of residence and it should be presented at the very maximum of 30 days or less than the date you signed this form.
Under the COVID-19 protocols, the transfer of ownership from a seller to a British buyer can happen remotely, through either a video conference call with a representative from the Thailand Land Department or with a notarized power of attorney document that has been handed over by you to your representative.
Buying a property abroad through a company makes the process a lot easier and faster as the company that you chose to work with has the experience and contacts to get the purchase completed smoothly.
It should be noted that if you are planning to transfer the property’s title deed to your name through this method, then you would need a lawyer and a realtor to get the task expedited and completed without a hitch.
Furthermore, if you are buying the property for investment purposes, then you would need managed property services to ensure that the property is maintained like new while you are overseas.
Retire in Thailand with Peace of Mind
Retiring in Thailand is a smart move for global citizens who want to enjoy not just the sun, sand, and peace Thailand offers but also want to spend their golden years in style. The quality of life is great in Thailand and the cost of living in Thailand is lower than in the UK, the USA, other countries in the EU, and Hongkong as well.
If eco-friendly, smart, and modern homes are your calling, then the Villa Qabalah in Phuket is the ultimate property for you. If you are looking to buy a super luxury house in Thailand, on a private Phuket beach, or on a coveted island like Koh Samui then Silk Estate can help you get your dream beach house. You are just one email away from discovering how we can help you find the perfect property in Thailand.
The team at Silk Estate believe strongly in helping our clients make an educated decision and are always here to answer any questions you have about moving to Thailand. Contact us today for customized solutions and visit our Phuket property listings to get a glimpse of what we have in store for you!
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