Real Estate (Thailand)

Unfortunately for farangs wanting to own land in Thailand, the Land Code Act clearly states that only Thais are allowed. Foreigners cannot own land unless there is an exception made and that's like waiting for lighting to strike. Foreign land ownership requires an investment of more than 40 million Baht and Board of Investment (BOI) approval. If land ownership is granted, it is only to that person, not transferable or inheritable and limited to the duration of the business. The one thing a foreigner can own is an apartment or condo, but not more than 49% of the units. When it comes to renting or leasing foreigners have the same rights as Thais. Under Thai law foreigners are allowed to lease property for up to 30 years. Ownership of a house is separate from the land it stands on. Land and house can have different owners, and it’s strongly advised to follow legal procedures for obtaining ownership of a house.

Foreigners who are married to Thais will transfer of ownership to the wife with a signed letter of confirmation. Therefore, the wife has sole ownership of the property and is not subject to an equitably division between husband and wife upon termination of marriage. After his or her death the property reverts to the owner. It’s understandable to be nervous about buying property in Thailand where the laws are quite different. It’s also a fact that in Thailand the housing market isn’t as regulated as in some other countries. Do some research and try to understand Thai laws. My advice is that before you begin this daunting process, hire an attorney who is knowledgeable about Thailand real estate laws.

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