May a Own Property in Thailand? 716685870297
De BISAWiki
Retirement in Thailand may be the desire many foreigners and mine also. I plan to relax there in about two years and have already been looking at the principles for buying property in the land of smiles.
Easy and simple answer for a (farang) would be to purchase a [http://www.jackpot-mansion.com/2013/04/20/why-do-i-need-a-tax-attorney/ Why Do I Need A Tax Attorney? apartment. There is a percentage requirement as to the total amount of farang and Thais in the house complex.
International property ownership is forbidden in Thailand. So, the best a farang can do is to own the house and lease the land. The rent is good for 30 years and beyond that's anyones think. Some web sites say you may get one more 30 years and other sites say that there's no assurance.
Another alternative is to include yourself as some type of business and rent the house back again to yourself being an individual. This is in the grey section of Thai law and the one that I wouldnt use. I've friends that have done this and to date it is Okay but I be worried about the near future.
Last but not least is some thing called a usufruct. Googling this may probably offer you extra information and an improved description than I could provide. All I know is that is the possibility that a lawyer suggested to me and I will pursue further on my next trip to Thailand. He claims it's just like a lease but has some better rewards. He'll need certainly to convince me.
Regardless, it will function as lease or the usufruct. Either one must let me have a place in Thailand before day I die or whatever happens to the house next I really dont worry about.
There is one final solution that I highly DONT propose. You can place the property in your Thai wife or girlfriends name. She'll then own the home outright. There's a technicality that she has to prove that she offered most of the resources for the actual estate but that is a straightforward lie to cover. The problem with this option is that because she is the owner, she can do whatever she wants with the property. You could have a two week holiday and return and find that your home has been offered and your honey is finished. That is not at all recommended.
Talk with your attorney and find the method to purchase/lease property for your retirement. As you have your attorneys head, check into pre-nuptial agreements and an enforceable will. Won't perform any purchase of the nature minus the assistance of an attorney.Borgelt Law 614 S. Capital of Texas Hwy Austin, TX 78746 512-600-3467
