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BUYING
PROPERTY / LAND - THAI LIMITED COMPANY
The most
popular structure of land purchase for foreign investors is
through a Limited Liability Company. In Thailand, a Limited
Company is considered a Thai Juristic Entity and can own land
and property.
A foreign
investor may hold 39% of the company shares at the time of
the initial land transfer increasing to 49% when the company
owns the land. The foreign investor may then elect to legally
become the only director of the company, this ensures that
any and all dealings of the company and its assets are within
the foreign investors control.
BUYING
PROPERTY / LAND - LEASEHOLD AGREEMENTS
Leasehold
Agreements are another option for the foreign investor. Leases
are usually for a period of 30 years with two further prepaid
options for renewal giving a total of 90 years. Clauses
allowing freehold ownership are written into the agreement
thereby allowing a freehold ownership should Thai law alter
to allow foreign ownership of property.
Also included
in the agreement are clauses covering the right to sell, sublet
or transfer the lease agreement making a leasehold purchase
a viable option.
BUYING
A CONDOMINIUM
Purchase
of a condominium must be 49% or less foreign ownership in
any one complex. At
the present time the funds for a foreign investment purchase
must be paid from a bank outside Thailand. The
procedure is simple. Using a Foreign Transaction Form, funds
are transferred into a Thai bank account opened in the name
that the condominium is to be registered in, allowing the
bank to record all transfers of funds.
At the
time of transfer the prospective owner receives a certificate
of ownership called a "Chanote"
detailing all rights the owner will have to common areas within
the condominium complex. Transfer
is not completed until all outstanding debts are paid by the
previous owner. This ensures the foreign investor does not
become liable to any monies owed prior to ownership transfer
as has been the case on mainland Europe.
THAILAND
BOARD OF INVESTMENT
For corporate
investments, particularly within the hotel and resort industry,
the Thailand Board Of Investment (B.O.I) offers unique incentives
for outright control of your business in Thailand. First-One
Property has it's own legal consultants who are specialist
in B.O.I applications. Minimum requirements are hotel to have
at least 100 rooms.
For further details please contact
us.
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