If you are one of the many who are enchanted with the Land of Smiles and you wish to invest in real estate in the City of Angels, you have come to the right place, as we offer important info for any foreigner looking to buy real estate in Bangkok, Thailand.
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Owning Land in Thailand
A century old law prohibits foreigners from owning land in the Royal Kingdom; there are a few exceptions, if you are prepared to invest 40 million Thai baht into the country, you can purchase one Rai of land, which must be used for residential purposes only.
The other way to go is set up a limited company, where you hold 40% of the shares, while a Thai(s) hold the other 51%. The company must be active and pay yearly taxes and keep books.
Long Term Lease
Those wishing to build their dream home in paradise can lease a plot of land for 30 years with an option for a further 30-year period. You can own the house, but not the land it sits on. Leasing gives you the security you need and always get an English-speaking Thai lawyer to scan the lease agreement before you commit.
Condo Ownership
Bangkok is a huge metropolis and the closer you are to the city centre, the higher the price; many foreigners live in Bangkok suburbs and with Sky Train, you are never far from the action! Wherever you choose, you are never far from public transport and hailing a taxi is always an option.
The process of purchasing is quite straightforward, you must show evidence that the money comes from abroad and we advise you to seek out an English-speaking Thai real estate lawyer.
Short-Term Condo Rental
The shortest term would be 3 months, while most landlords are looking for a 12-month tenant; 2 months deposit and a month’s rent in advance and you can move in. The trick is to find a district that suits your lifestyle and with affordable condo for rent, you can spend a few months before buying.
To protect your deposit, video the interior and put a timestamp on it to show the date. When it comes to the end of your tenancy, the landlord inspects the unit and may point out repairs that need to be carried out, which they might deduct from your deposit.
Sourcing a Top Real Estate Agent
Google can help put you in touch with a reputable real estate agent who has extensive experience helping foreigners acquire condos across the city. They can arrange private viewings and when you find the right unit, the agent knows the process inside out.
You will be given a list of things you have to do in order to complete the purchasing process and the agent is by your side every step of the way. If you are interested in moving into the real estate sector, click here.
Take your time and you will find the right unit in a luxury Bangkok development, then you can start the next exciting chapter of your life.
Read Next: What You Need to Know About Financing a Condo Purchase
