Pattaya Law
QUESTIONS ANSWERED...

What Are Some Legal Tips From Lawyers On Buying Properties In Thailand?

Answer...

The Thai Law does not allow overseas nationals to own a property in the country. Therefore, foreigners need to analyse the legal issues that come along with owning a land. However, a foreign national can fight for his or her right for building possession different from land properties, like, condominiums.

Laws for Non-natives

An efficient lawyer in Thailand provides his or her client with effective legal solutions to buying properties. According to law of the country, a foreign national is liable to own the following properties -

• Any division in a registered Condominium.

• Registered leasehold of up to 30 long years for all sorts of entitled buildings or lands.

• A Building separated from land property

Foreign nationals cannot own a freehold land. The person also does not have the right to own more than 49 percent of the shares of a distinct company that owns a freehold land.

Procuring a Condominium

The Condominium act of Thailand allows a foreigner to own as much as 49 percent of the entire unit space of a condominium building, registered by the law. The purchaser can plea for a letter of assurance from the juristic person of Condominium who sets out the percentages of foreign ownership. Upon transfer of ownership, the foreign national can send the form to the Land Department. It is essential for a foreign buyer to bring hundred percent of the finances from overseas. The funds in foreign currency will then need a Foreign Exchange Transaction Form.

Details on Foreign exchange transaction form

The Thai bank provides this form to supply evidence of the trade to the land Department of the country. A Foreign exchange transaction form needs to evade complications because of strict currency laundering rules. It is also necessary for an exchange form to avoid remittance tax during repatriating funds. It is a matter of worry only when the foreigner sells the condominium at a later time. A foreigner can own the form at a price of 20 thousand US dollars. It is necessary for the person to specify his or her purpose behind the payment in the order form along with specifying the unit number and the name of the condominium.

Is It Difficult To Get Citizenship In Thailand?

Answer...

It's definitely not easy and takes many years to accomplish. First of all you have to become a permanent resident. You can apply for residency after living in Thailand for 4 consecutive years. You need to have received a 1-year VISA extension for 3 consecutive times.

Then you apply for residency. Before it's granted it can take years to get approved. After it's approved you can then apply for citizenship, which will take several years again to be approved. For residency application you will be tested on your Thai language skills, for citizenship, there are more tests to do such as singing the national anthem in front of a lot of people.