Why do you need a Thailand property lawyer? Generally, under Thai law, non-Thais are prohibited from owning a land in Thailand. However, a foreigner may somehow be allowed to own or get hold of land in Thailand, under the following common situations:
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Leasing
Though not totally a complete ownership, a foreigner is allowed in leasing land for a maximum of 30 years, with an option to renew lease for another 30 more years through a lease agreement. Many foreigners choose this option to secure ownership of the property.
Investment
With considerable asset in the form of investment of funds. As a foreigner may be allowed to own land under Thai property law. An approval from the Board of Investment (BOI) to purchase land for a limited period would require 40 million Thai baht of investment in Thailand which is favorable to the Thai economy. But, legal restrictions do involve for this process.
A foreigner may invest in business through a Thai-registered company that owns land in Thailand. Special rights and exemptions for land ownership are established for the duration of their business. This Thai majority owned company must be at least 51% owned by Thai shareholders, while the remaining 49% or less may be held by foreigners.
There are certain restrictions and arrangements for all these processes. It is best to consult a Property lawyer in Thailand to guide you with all your concerns.
