Purchasing property in Thailand as a foreigner can seem complicated, but Storm Real Estate Phuket offers expert guidance to help clients navigate the legal landscape and make informed decisions. With its extensive experience in the local market, Storm Real Estate simplifies the process for international buyers, ensuring that they comply with all regulations and feel confident about their investment.
Foreign Ownership in Thailand: What You Need to Know
One of the key factors that foreign buyers need to understand is Thailand’s foreign ownership laws. According to Thai law, foreign nationals are restricted from owning land in Thailand. However, there are several options available for foreigners who wish to purchase property in Phuket.
For condominium ownership, foreigners can own up to 49% of the total area of a building. This means that 51% of the units must be owned by Thai nationals. Many foreign buyers opt for condominiums in prime locations, as these properties are easy to manage and have strong rental potential, especially in tourist-heavy areas like Patong, Kata, and Karon.
Foreigners can also purchase land through leasehold agreements, where a foreigner can lease land for up to 30 years, with the option to renew the lease for two additional 30-year periods. This type of arrangement allows buyers to build and own property on the land but doesn’t grant outright ownership of the land itself. Storm Real Estate assists clients with leasehold agreements, ensuring that all legal requirements are met and that the terms of the lease are clear and favorable.
Storm Real Estate’s Role in the Process
Storm Real Estate is well-versed in these foreign ownership regulations and works closely with legal professionals to help buyers navigate the paperwork and ensure compliance with all necessary laws. From assisting with the property title transfer process to advising on taxes and other legal obligations, the Storm team ensures that foreign buyers have a smooth and stress-free experience.
They also provide insights into additional costs involved in property transactions, including taxes, notary fees, and registration charges. With the guidance of Storm Real Estate, foreign buyers can rest assured that they are fully informed before making any property decisions.
For foreigners interested in buying property in Phuket, Storm Real Estate offers not only access to some of the island’s best listings but also the expertise to navigate the complexities of the local legal system, making property investment in Thailand an exciting and rewarding prospect.
