12 Million Baht Condos And Visa's

[agwiltshire]

It is a fact that all over Thailand, condo's, Villas, either freehold or leased are sold to foreigners every day. Millions apon millions of baht are filling banks and providing many jobs. How is one not married, or under the age of 50 to use these expensive homes? Check out Phuket yacht clubwww.royalphuketmarina.com

It seems almost impossible to stay within the law and use your home.

It appears that the Thai Elite card is on hold with no information as to cost and how the visa's plan will work.

Please those of you who own real estate and or have information please advise!!!

[Guest chingy]

what did you just said?

[agwiltshire]

How can Thailand plan on selling such expensive property and deny visa's to live in it?

[unbiasbob]

How can Thailand plan on selling such expensive property and deny visa's to live in it?

I'd like an answer to that question meself. Looks like we got age discrimination going on here but this is a land of discrimination

[dr_Pat_Pong]

How can Thailand plan on selling such expensive property and deny visa's to live in it?

Be aware that foreigners can only buy condominiums in Thailand

[taxexile]

foriegners seem to be able to lease land and houses for a 30 year period,written in to the lease is a right to extend the lease for another 30 years after the termination of the first 30. i believe the leases also state that should the laws regarding selling to foriegners change then title would automatically revert to the leaseholder. all fully legal under thai law.

thats how it was all explained to me, maybe a lawyer or property middleman could explain it better.

[lopburi3]

all fully legal under thai law.

That would depend on the purpose of this lease contract in my non legal mind. If you are doing this to avoid compliance with another law of Thailand believe it could well be ruled less than legal. Until laws are specific believe you take your chances.

As for selling property; I was not aware Thailand was selling property. Individuals, often financed by foreigners, are the ones advertising these properties AFAIK. I take all advertising copy with more than a few grains of salt.

[Sunbelt Asia]

Any building either a townhouse, condo, stand alone house can be owned by a foreigner 100%. Most people understand its just condos they can own.... the land however is another matter

Under Thai law foreigners are not permitted to own land in Thailand. However, foreign individuals can legally acquire property in Thailand and enjoy full beneficial rights. This is a summary of the various alternatives.

1. 30 year renewable lease - You can own a lease hold on property for up to 30 years. Purchase 30 year lease (with option to title of property if laws should change). This lease is guaranteed in Thai law, and can be renewed, with the options written into the original lease contract and registered with the Land Office. This lease can be renewed any number of times.

2. Through registered Thai company - a registered limited company with Thai / foreign ownership can buy a freehold on property. Maximum of 39% shares held by the foreigner but you can be the managing director to bind the company and have more voting rights as a minor shareholder. Also you can have a power of attorney/proxy from the Thai shareholders giving you control.This is a means of securing ownership often favoured by foreigners, and is becoming increasingly popular, particularly for those who wish to establish commercial ventures here.

3. 50 year non - renewable lease - This is a 50 year lease, guaranteed in Thai law, which can be renewed once. This lease is for the purpose of carrying on only the business of commerce or industry.

4. Loan/lease agreement. You lend the money to a Thai under a legal loan contract which will specify that the money must be used to purchase a property. The loan will be 'on call', giving the lender the power to recall the loan at any time. Your Thai partner will buy the property using the money from the loan and then legally 'own' the land. At the same time, your lawyer will set up a Lease agreement giving the lender a 30, 60, or 90 year leashold agreement on the property. Also require the lender and the borrower to write out a seperate Last Will and Testament which will deed the property to the surviving member. If the survivor is you, the foreigner, you may legally own the property for up to 12 months after your partner's demise. Then you must sell it to a Thai to recover your original investment plus any profit you make on the sale.

5. You can own one rai of land if you invest 40 million Baht.

As for visas, they have a investment visa. You only need to invest 3 million. Many other legal ways as well.

www.property.th.com

[agwiltshire]

Thanks everyone for your great input. What's a investment visa. Your say for 76K dollars there is a visa. How long is it good for. Phang Mak!!

[astral]

Don't believe the advertising hype.

Read the small print and consult a lawyer before buying anything.

Sunbelt has summed up the legal position for foreigners

very concisely.