Possession of Land by Foreigners in Thailand is Restricted
Possession of land by foreigners is strictly restricted in the Kingdom of Thailand. That being said, it is not impracticable for a foreigner to attain interest in real estate in Thailand. Foreigners are permitted to buy apartments although should abide by strict rules and fall within some specific conditions. In recent times, Thailand has passed legislation that would let foreigners to buy condominiums. Also through the deliberate use of corporate law, forming corporations to hold title to land is another alternative used by foreigners to hold land titles.
LAND
Under the Land Code of Thailand, a foreigner may possess a land only by desirable quality of a provision of an agreement permitting the person to obtain immovable property. Prior to 1970, Thailand had completed 16 such agreements with countries together with, the U.S.A., England, Germany, France, and Japan. Though, since 1971, foreigners or popular foreign-owned companies have not been capable of possessing land or buildings with land in Thailand.
Though, the Thai Land Code has been afterward modified to let foreigners to buy land for residential purposes since January 19, 2002. The land bought for residential purposes under the modification cannot exceed one rai (just about 1600 sq. meters). The following set of laws and conditions must also be met:
1. Transferring funds more than Baht 40 million to Thailand for investment and maintaining such investment for more than 5 years;
2. You have to get authorization from the Minister of the Ministry of the Interior;
3. The land to be purchased must be positioned in Bangkok Metropolis, Pattaya City, or Tessaban (Municipality), or in the area mentioned as residential zone as per the law of Town and Country Planning and must not be in a military safety zone as per the law of Military Safety Zones;
4. If a foreigner, who is granted authorization to purchase such land, does not make use of the land for residential purposes within 2 years from the date the registration for land attainment is made, the Director General shall have the power to dispose of such land.
LAND
Under the Land Code of Thailand, a foreigner may possess a land only by desirable quality of a provision of an agreement permitting the person to obtain immovable property. Prior to 1970, Thailand had completed 16 such agreements with countries together with, the U.S.A., England, Germany, France, and Japan. Though, since 1971, foreigners or popular foreign-owned companies have not been capable of possessing land or buildings with land in Thailand.
Though, the Thai Land Code has been afterward modified to let foreigners to buy land for residential purposes since January 19, 2002. The land bought for residential purposes under the modification cannot exceed one rai (just about 1600 sq. meters). The following set of laws and conditions must also be met:
1. Transferring funds more than Baht 40 million to Thailand for investment and maintaining such investment for more than 5 years;
2. You have to get authorization from the Minister of the Ministry of the Interior;
3. The land to be purchased must be positioned in Bangkok Metropolis, Pattaya City, or Tessaban (Municipality), or in the area mentioned as residential zone as per the law of Town and Country Planning and must not be in a military safety zone as per the law of Military Safety Zones;
4. If a foreigner, who is granted authorization to purchase such land, does not make use of the land for residential purposes within 2 years from the date the registration for land attainment is made, the Director General shall have the power to dispose of such land.
Labels: condominiums, Foreigner, Land, Residential
0 Comments
Posted by Moveandstay
|
