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Afrikaans8
2008-11-02 19:16:30
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32
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There are several options for westerners hoping to own or control property in Thailand. We usually recommend options 1 & 2 to all our customers.
- Buying a condominium with freehold units remaining. Westerners can own condos as long as less than 49% of the development has been sold to foreigners so far, in a specific condominium free hold development.
The funds for buying the condo will need to be brought in from abroad in foreign currency and the transfer instructions needs to state: “Purpose – buying a condo”. After transferring you need to get a certificate of the fund transfer called Tor Tor 3 from the bank that receives the money. You will get an official land office title of your condo, in your own name, at the land office when the transfer is completed.
- Leasing for 30+30+30 years for a total of 90.
There are many varieties to the leasehold solution. Sometimes, when you buy a lease hold inside a development, you will get shares in the company holding the land that is giving the lease. Meaning that you and your neighbours will be the ones in charge when it is time to renew the lease. Some developments' contracts state that you can at any time convert your lease hold to a free hold if you have the possibility to find a nominee or in case the laws of Thailand change making it a possibility. We recommend you to only buy leaseholds from serious developers and have a lawyer check all the contracts. We can help referring you to reputable established lawyers and can attend any meetings in case you buy through us.
- Controlling through a company - Not recommended - This method is currently under investigation and can not be recommended. It may still be possible to use this solution if you own the company together with genuine Thai investors that really have the financial means to invest in the company holding the property and will stand scrutiny. Furthermore you will need to trust this person or people who would need to hold at least 51% of the shares in the company that is holding your property. All previous solutions with preference shares and different voting rights are under Thai government revision. For a little extra safety you could possible add a leasing contract and register a lease to your self from "your own" company.
- Buying in a trusted Thai persons name and then perhaps having this person issue a lease for you after the purchase for a little extra protection.
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