After a wonderful vacation from amazing Thailand, you are so elated by its astounding beaches, beautiful people, and culinary delights that you decided to buy a piece of it and call it your own little place in tropical paradise. You excitedly turned on your computer, keyed in Buying Land in Thailand and pressed enter. Thousands upon thousands of entries beckon you for that miraculous “click”. But, before you get carried away, do you have sufficient information about property acquisition in Thailand? Are you well protected from the common property problems prevalent in this country?
For the past two decades or so, Thailand has seen an influx of foreigners spending their hard-earned monies to acquire property in this land of beauty. Foreigners see many benefits to investing in real estate in Thailand. See the Property Outlook for the year 2020. Unfortunately, those acting in ignorance of Thai laws helplessly witnessed their monies go down the drain of non-recoup.
Are Foreigners allowed to own land in Thailand?
Generally, foreigners are not allowed to directly purchase land in Thailand. Simply put, Thai laws prohibit foreigners from owning land in their own name, although theoretically there is an exception but it is yet to be seen in practice.
This notwithstanding, there are alternatives available to foreigners for successful land acquisition. The most common option is to set up your own Thai Limited Company to own the land on your behalf. Another option is to enter into a long term leasehold with the Landowner. It is a commonly unknown fact that although a foreigner cannot own land in Thailand, he can own the house or structure built thereon. One only has to apply for a construction permit to build the house in his own name.
The next step is to get well acquainted with the process of buying real estate in Thailand. It is also important to understand the different types of Thai title deeds in order to determine the extent of the owner’s rights over the land you are interested in. Also, it is advisable to know the cost of transfer and Thailand property taxes in advance. Use the property transfer calculator to determine the over-all purchase cost.
Most importantly, use the legal services for property acquisition of registered and reputable lawyers in Thailand to protect your interests and ensure that your own tropical paradise will soon become a reality. You can check them here.
FAQs
Thailand may not allow ownership of land as a foreigner, but it is possible to own structures on the land, such as houses or villas. In practice, this is often achieved through leasehold arrangements where the land is leased for a maximum period of 30 years, with the possibility of renewal for another 30 years.
Is it worth buying property in Thailand? ›
The economy has been steadily growing for the past few decades, and this has created a favorable environment for investment. This means that those who invest in property in Thailand are likely to see a good return on their investment over the long term.
Is Thailand cheap to buy property? ›
Cost Of A House In Thailand
For quality real estate, starting prices range from $100,000 to $140,000. This can get you a decent 45 sq. meter furnished apartment in the city. If you are looking to buy a villa in Thailand and you are looking for something grander, then starting price for that luxury is around $200,000.
How long can you stay in Thailand if you own property? ›
Thailand's investor visa is a de-facto permanent residence. You can indefinitely extend it for another one-year as long as you maintain the original ten million baht worth of real estate, bonds, or deposits. However, you still have to ensure your visa is maintained.
Can I live in Thailand permanently? ›
In order to apply to become a Thai permanent resident, applicants must have had a Thai non-immigrant visa for at least three years prior to the submission of the application and must have three consecutive yearly extensions in order to qualify.
Can an American build a house in Thailand? ›
It is a commonly unknown fact that although a foreigner cannot own land in Thailand, he can own the house or structure built thereon. One only has to apply for a construction permit to build the house in his own name. The next step is to get well acquainted with the process of buying real estate in Thailand.
Is it cheaper to live in Thailand or us? ›
The cost of living per month depends on rent which is the single biggest expense one will probably have while living in Thailand. That said, housing costs in Thailand are 35% to 75% cheaper than in the U.S., so you can still live comfortably for less.
Do you pay property taxes in Thailand? ›
In Thailand, the obligation to pay property tax is based on the type of tax entity you are, not your nationality. This means that both Thai nationals and foreigners are subject to the property and real estate tax laws of Thailand.
How much is a average house in Thailand? ›
The average price of a house in Thailand is somewhere between 3.5 million baht and 5 million baht. However, that's only the short answer. The reality is that Thai house prices vary significanly based on location, size, build-quality, and other factors.
Is $1,000 dollars enough to live in Thailand? ›
If you're wondering whether you can live comfortably in Thailand on $1,000 a month, the answer is: it depends on your lifestyle and spending habits. While $1,000 a month might not sound like a lot, it can go a long way in Thailand, especially if you're willing to adjust your lifestyle.
The amount of money needed to live comfortably in Thailand varies depending on an individual's lifestyle and personal preferences. However, a rough estimate for a comfortable lifestyle in Thailand is around 30,000-50,000 Thai Baht (approximately $1000-$1600 USD) per month.
Can you own property in Thailand as a US citizen? ›
Can Americans buy property in Thailand? While U.S. citizens are prohibited from buying land in Thailand, they can, however, apply for long term land leases of up to 30 years and build structures upon the land. They can also buy condominiums from property developers.
How long can Americans live in Thailand? ›
Other Long-Term Resident Visa Conditions
The 10-year LTR visa Thailand is divided into two terms of five years each. The initial permission to stay in the country will be granted for a period of five years, which may then be extended for an additional five years, for a total length of stay not exceeding ten years.
How long can US citizens stay in Thailand? ›
Tourist Visas
The tourist visa must generally be used within 90 days from the date of issue and allows an initial stay of 60 days. After arrival in Thailand, a tourist visa may be extended at the discretion of an immigration officer once for an additional 30 days with the total period of stay no longer than 90 days.
How much does the average house cost in Thailand? ›
The average price of a house in Thailand is somewhere between 3.5 million baht and 5 million baht. However, that's only the short answer. The reality is that Thai house prices vary significanly based on location, size, build-quality, and other factors.
Can you get Thai residency by buying property? ›
Thailand offers different residency options for property buyers, such as the Long-Term Resident (LTR) Visa and the Thailand Elite Visa. Foreigners can buy condominium units, set up a Thai company, or enter into a leasehold agreement for landed properties.
Can a foreigner get residency in Thailand? ›
A foreigner may apply for permanent residence in Thailand after holding a Thai non-immigrant visa for a minimum of three years, consecutively. Each application for Thai Permanent Residency must be submitted annually between the beginning of October and the end of December.
How much does it cost to live comfortably in Thailand? ›
How much it costs to live in Thailand per month will differ based on individual needs, wants, and budgets. As the food and utility costs are affordable in Thailand, you can expect to shell out anywhere between $650 to $3,000 per month — which is around 2.6 times less than what you'd spend living each month in the U.S.
