Buying Property

[Keith Dickons]

I am at present looking at a few properties in Hua Hin and was wondering what the best way is to buy and own the property. I have been told that opening a business will be the easiest way. What implications does this have as it involves having Thai partners.

[ZOVOX]

I am at present looking at a few properties in Hua Hin and was wondering what the best way is to buy and own the property. I have been told that opening a business will be the easiest way. What implications does this have as it involves having Thai partners.

<{POST_SNAPBACK}>

If you buy a condo, you can do it in your name because it requires no purchase of land. Foreigners cannot own land in Thailand, with one exception, if you purchase 1 rai of land at a cost of 40 million baht, which probably does not apply to most property purchases. There are a number of ways to get around this, but my lawyer says that these are the most common methods used

1) purchase the land in a Thai national's name (usually wife) and have her lease the land to you, or have a mortgage registered at the land dept.

2) setup a thai company

[Keith Dickons]

I am at present looking at a few properties in Hua Hin and was wondering what the best way is to buy and own the property. I have been told that opening a business will be the easiest way. What implications does this have as it involves having Thai partners.

<{POST_SNAPBACK}>

If you buy a condo, you can do it in your name because it requires no purchase of land. Foreigners cannot own land in Thailand, with one exception, if you purchase 1 rai of land at a cost of 40 million baht, which probably does not apply to most property purchases. There are a number of ways to get around this, but my lawyer says that these are the most common methods used

1) purchase the land in a Thai national's name (usually wife) and have her lease the land to you, or have a mortgage registered at the land dept.

2) setup a thai company

<{POST_SNAPBACK}>

Thanks for the reply.

What is involved with setting up a Thai company, and what legal rights do the partners have in the company. What would happen if i decided to sell the house at a later date.

[ZOVOX]

I am at present looking at a few properties in Hua Hin and was wondering what the best way is to buy and own the property. I have been told that opening a business will be the easiest way. What implications does this have as it involves having Thai partners.

<{POST_SNAPBACK}>

If you buy a condo, you can do it in your name because it requires no purchase of land. Foreigners cannot own land in Thailand, with one exception, if you purchase 1 rai of land at a cost of 40 million baht, which probably does not apply to most property purchases. There are a number of ways to get around this, but my lawyer says that these are the most common methods used

1) purchase the land in a Thai national's name (usually wife) and have her lease the land to you, or have a mortgage registered at the land dept.

2) setup a thai company

<{POST_SNAPBACK}>

Thanks for the reply.

What is involved with setting up a Thai company, and what legal rights do the partners have in the company. What would happen if i decided to sell the house at a later date.

<{POST_SNAPBACK}>

My lawyer says that the company would have to have the majority shares owned by thai nationals i.e 51% plus, but you can remain in control of the company, even if you have minority shares, by being the director of the company. I guess, you would then be able to sell the property when you please, but it's best to check with a lawyer yourself, especially about the rights of the partners - good luck !!

[astral]

Try some searches in this section.