So, you fell in love with the Royal Kingdom of Thailand and now you’ve decided to spend the rest of your life in this magical land. You aren’t the first to be captivated by the colourful culture and you certainly won’t be the last, so don’t feel strange about the fact that you love everything about this unique Southeast Asian nation.
Land Ownership
Rather than trying to fight the attraction, take a look at how you can transition your life into Thailand and sooner or later, you will discover the law forbids foreigners from owning land. This piece of legislation was introduced in the 1920s to prevent Japanese businessmen buying up Bangkok; Thailand is very proud of their monarchy and we can understand why they would wish to protect their land. There are ways to secure your retirement home, which we highlight in this short article.
Set up a Private Limited Company
If you create a PLC, a Thai or Thais must hold a minimum of 51% of the shares, while a foreigner or foreigners, can hold the remaining 49%. The business entity can acquire land and real estate and as a shareholder, you have some control over the asset. Do not set up a company with the sole aim of acquiring land, as this could lead to the asset being seized; your business needs to be active and pay taxes.
Foreigners Can Own Condo Units
This is great news and most retirees do not want a large house; check out the luxury condos for sale in Pattaya Thailand and start looking for your dream home. The number of foreign owners must not exceed 50% of total occupancy and we advise you to hire an English-speaking Thai lawyer when purchasing a condo. There are numerous areas of Thailand where foreigners like to live; Pattaya on the Eastern Seaboard, Hua Hin south of Bangkok and the southern islands of Koh Samui and Phuket.
Leasing Land
If you really do want to build your dream villa, you can take out what is known as a ‘30×30’ lease, which gives you 30 years with the option of a further 30 years. Let’s say that you lease a plot of land and build a pool villa, you legally own the house, but not the land it sits on; the 30×30 lease is a way to secure your home and you can leave the lease to loved ones in your will. Of course, ask a local lawyer to peruse the lease before signing and the cost is similar to a freehold purchase. If you are looking to buy a condo and rent it out, click here.
Most people prefer to buy a condo, which is a great investment and a luxury development has all the amenities you need to really enjoy your golden years. The Tourism Authority of Thailand offers a lot of information on the various regions to help you narrow down your search for the perfect destination.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.