Whenever you buy real estate in Thailand as someone from Thailand and as a foreigner there are a lot of differences between the buying tactics. Which means when you are buying real estate as someone from Thailand you would have to submit different documents and follow a easy procedure, while on the other hand being a foreigner you would have to follow a completely different procedure for buying real estate.
In case if you are a foreigner and trying to buy real estate in Thailand, then this post is specially designed for you. As here we are going to have a look at a number of things you should be knowing before finalizing the real estate deal as a foreigner.
Things you need to know about while buying real estate in Thailand as a foreigner:
Here is the list of things you should keep in mind whenever you are going to buy real estate in Thailand as a foreigner:
- Owning a land in Thailand:
The first and most important thing you need to keep in your mind is that you would not be able to own real estate in Thailand being a foreigner. You can buy the land in partnership, which should be previously owned by someone who was born or living in Thailand for a number of years.
You would be able to buy land in partnership such as 50-50, as your owner agrees to. Also that land should be used for business purposes mostly, you can build a hotel and the profit percentage will be shared with the owner too.
- Deal with companies:
There are a lot of apartment producing companies in Thailand who can provide you flat and apartments. But under this case you need to keep in mind one thing and that is the price you will pay as a foreigner for a flat or apartment would be really high.
In case if you are here for making a high-end deal then only you should be investing in this idea.
- Advance installment:
Let us assume you find the perfect flat or apartment for yourself but that’s not the end of the deal. As you would have to submit advance installments with the help of which you can finalize the deal.
Moreover if you are having a good amount of advance installment then only you would be able to carry forward your deal. Otherwise it would be shifted to someone else because of higher demand.
- No taxes:
It is said that those foreigners who are owning Condo in Thailand or other such properties they take advantage of zero taxes feature. Along with that there are many more such advantages, but this is the best one.
- Inheritance:
In case if you are planning to give your Thailand based property to your kids after you, then let us tell you that it is a very complicated task and your kids would have to provide a thorough test that if they are able to qualify for owning a land in Thailand or not.
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