Many foreigners who regularly visit Thailand or permanently live in the Kingdom choose to purchase their own home. It’s well known, however, that owning a home in Thailand is not very easy unless you are a Thai national.
Foreign nationals are not able to own land on a freehold basis in the Kingdom; however, they may have rights of ownership on the building itself, assuring ‘possession by virtue’ because the property occupies the land. You can purchase land on a 30-year leasehold basis, but with a well-drafted contract, buyers can expect extensions.
Villa developers appreciate that it is in their best interests to assist the purchaser in extending the initial leasehold term. You can also write a land purchase option into the addendum of the lease; this entitles buyers to purchase the land at a later date. It is always possible that land and property ownership laws could change, hence the recommendation to commission an excellent lawyer to carry out due diligence of the property and highlight any associated risks.
It is a complicated procedure, so please discuss your intentions with a member of the International Business Consultants team who will guide you through the various legalities. Buying a house or villa in Thailand is not as easy as purchasing a condominium.
