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Specialising in Thailand Real Estate, Northern Thai is the longest established
Real Estate company in Pattaya.
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CONDOMINIUM
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Purchasing a condominium is the easiest way to own property in Thailand as you can purchase in your own name without having the hassle of nominees. Foreigners are permitted under Thai law to own up to 49% of the units in any condominium block. You will also have to prove that the money for the purchase arrived from abroad as a foreign currency or as traveller's cheques. This is done at the receiving bank by use of a Tor Tor 3 form issued upon converting the foreign currency to Thai Baht. You cannot buy a condo without a Tor Tor 3 form, so when transferring money for the purpose of purchasing a condominium in Thailand ensure that the transferring bank does not convert to Baht prior to the transfer. When you have chosen your preferred Condo, obtained your Tor Tor 3 form you can then go ahead with your purchase.
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LAND AND HOUSES
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NOMINEE This is the easiest method of house purchase. All you really need to complete this form of house purchase is, money and a Thai national who is willing to own a property that you the buyer have paid for. (From our 14 years of experience there are no shortage of volunteers)
NOMINEE WITH 30+30+30 YEAR LEASE WITH OPTION TO BUY This is probably the safest way to buy a house and land in Thailand. You still require a Thai Nominee but the deal is made safe for the buyer by having a lease registered on the land. There is a tax payable on the lease income however this is minimal. The lease is a legally binding document registered at the lands office. The initial term of the lease as well as the extension periods are declared as paid in advance and incorporated into the agreement is an option allowing the Lessee (buyer) to purchase the land outright should the law change and permit foreigners to own land in Thailand. This is the closest you can get to freehold property ownership in Thailand.
NOMINEE WITH MORTGAGE This is a very safe method of house and land purchase. Once again you will need a Thai Nominee in order to effect a property purchase in this manner. Instead of a lease agreement, this purchase method relies upon a mortgage to secure the buyers investment. The way this works is, the buyer has a Thai Nominee to buy the property then the property is registered as mortgaged at the lands office. Once again there is a tax applicable to this, it is however minimal. The property cannot be sold until the mortgage lender signs the title documents declaring the mortgage cleared. This once again gives 100% control over the property although not ownership. The buyer may remove the nominee should any problems arise and transfer in a new nominee at any time.
COMPANY This is probably the most popular method of property ownership. To own property through a company you need 7 (seven) partners (shareholders) including yourself. Each of the six Thai shareholders have a portion of the 61% that must be owned prior to the house purchase (this is reduced to 51% after the house is purchased). There is only one director (the buyer) who is also sole signatory for the company. The buyer will also have to obtain documentation through the lawyer who forms the company giving the buyer 100% control of the company. Being a company, there will be a tax obligation, as there would be in any country, however the costs here are minimal and your lawyer will have an accounting department able to assist you with the above.
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