What documents are needed to buy a house in Pattaya?

Although it is simple for foreigners to buy property in Thailand, there are still some restrictions. Fortunately, apartment rooms are not among the restrictions. In fact, foreigners can buy as many apartment rooms as they want. The only restriction That is, 51% of the property rights of the entire apartment building must be in the hands of Thai citizens, and foreigners can own up to 49% of the property rights. In other words, you can buy each apartment, but you cannot own the entire building!

< p>If the quota for foreigners in the property you are interested in has been sold out, you can buy another unit without any problem. There is no problem in selling or transferring, because you fully own the property rights. And you can sell the object There are no restrictions, whether you are a foreigner or a Thai national.

Remember! You must prove that your purchase money comes from overseas, and you must have a foreign currency cash receipt or a bank certificate. (This is a new requirement , to prevent illegal money laundering). The payee must be your name.

When you want to buy a house or a piece of land, foreigners cannot become the owner of the land. Therefore, you must choose one of the following three methods:

1. You can find a Thai citizen and use his name (for example, marry a Thai citizen). In this way, you As long as you don't break up with your Thai partner, you can always use the house or land. But in this way, you are never the owner of the house or land, your Thai partner is.

2. You can rent land or a house, and the lease term can usually be up to 30 years, and it can be renewed. Although a 30-year lease term does not give you property rights, you can at least control the property rights until 30 years. And you can also extend it for another 30 years. One to two 30 years. However, the renewal of the lease depends on the owner's wishes. It is difficult for you to automatically renew the lease for a new thirty years legally.

The best way is to follow step 1 first. Buy it in the name of your Thai friend or spouse. Then, make a contract and your Thai friend will rent the house or land to you. The lease term is 30 years plus the time you want to renew. The contract must show all The rent has been paid in full. Make sure that the lease contract is registered with the Land Department. This method is currently the best way to protect the owner! However, there is still something to worry about. When you want to sell the property, you You must go through your Thai friend (who is the legal owner). In this way, there is no foolproof way to ensure that all the money from the sale of the property comes to you. There is another thing that is even more worrying. : If your friend dies, the property will be in the hands of his heirs. There is no way to guarantee whether they will be willing to renew the lease for you. Only believers in the Lord Buddha and the Lord Buddha.

3. You can register a company. According to Thai law, it must have Thai shareholders (unless BOI is a large manufacturing company), and then put the house in the name of the company. The company authorizes you to have the right of residence. Even if you As a small shareholder, as a director, you can also find ways to arrange more voting rights. However, you still cannot own property rights (owned by the company), and your shareholding can only be maintained below 49% to ensure that the company remains a Thai company. A limited company. If the company owns the property, your shareholding must be less than 39%.

A lawyer or a legal real estate sales expert from the real estate developer can form such a company. In general, fake Thai shareholders are appointed by the lawyer who formed the company. Since you are not a Thai national, it is usually impossible to appoint a fake shareholder yourself, but it is best to know the origin of the fake shareholder and ensure that he is not in the same group as the real estate developer. .Although this practice is illegal, it has become a commonly used method by foreigners.

Even if some apartment developers want to sell apartments in the name of corporate ownership, try to calculate the 49% foreign ownership. Shareholding regulations. But when it comes to reselling, it is still as difficult as selling a Thai-French unit. Therefore, it is not recommended to buy an apartment unit under the name of a company. Unless its price is significantly discounted compared to the quota for foreigners! < /p>