June 11, 201313 yr Can a farang buy an apartment and put it up for rental? I'm looking for a way to stay in Chiang Mai and thought this would be an business idea if possible. Would I need a work permit for doing that? What else should I think about? Also if I understand right a farang can buy a house but not land. Is that right? Cheers!
June 11, 201313 yr No reason why you cant buy a condo and rent it out, as regards the WP would depend how involved you get..ie if in your doing your own maintence on a rented condo, then certainly you wold require a WP, but if let a property company deal with everything then no. buy a house, not the land..technically speaking yes
June 12, 201313 yr Don't forget to file your PND 90 at the end of the year and declare your rental income.
June 13, 201313 yr I know of condo boards where Thai condo owners threatened to report foreign condo owners to immigration in cases where the foreigner owned multiple units and basically made a living of renting out condos. I don't know if anything came of it -- haven't heard of anyone getting deported or arrested for working with a WP for doing this, but it has made for some nasty fights for control of condo boards.
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