If you have a grown family and your kids are married and busy raising their own families, you are probably in a position to invest in a holiday home, having finally finished paying the mortgage. Thailand is a very popular destination for foreigners, both for holidays and for escaping the harsh European winter.
Setting up a limited company
You may already be aware that foreign nationals are prohibited from owning land in Thailand; however, there are options, one being to create a limited company, with you as a 49% shareholder and a Thai (s) holding the remaining 51%. The company can acquire land and other assets, although it must be a trading company; it is illegal to use a company solely to buy real estate in Thailand, so please bear that in mind. Of course, if you happen to be planning to start a business in Thailand, you can use that to acquire property.
Leasing the land
A popular way to secure your dream home is to lease the property for 90 years, with 30-year renewals; there are developers with 5-star properties on beach locations. Start with an online search for luxury beach villas in the south of Thailand and you are sure to find a property that meets your needs. Always make sure a lawyer scans any lease agreement you are planning to sign, to ensure that you are fully protected.
Beachfront pool villas
Most people are looking for a luxury home in the form of a pool villa that faces a golden beach. Coastal properties are currently being built along the coastline from Pranburi to Sichon, a stunning stretch of the Gulf of Thailand. If you have a car, you are never far from a town or city and the area will develop over time, with shops, restaurants and hotels inevitably following. You should hire a surveyor to inspect the property to ensure structural integrity.
Property management
Once you find the right property, talk to a local builder and they can inspect on a regular basis; the only downside to live on the beach is the storm weather that sometimes arrives. In the event you wish to carry out home improvements, a local builder can make it happen.
Government fees
Changing the title deeds at the land registry office involves tax, the developer and buyer usually pay 50-50, you should hire an independent Thai lawyer to ensure that all is above board and that your interests are protected. The developer can help you by explaining how to transfer the funds from your home country and can assist in opening a Thai bank account.
If you already have a plan to set up a company in Thailand, you can use the business entity to acquire the real estate; you will need a Thai partner who holds at least 51% of the company shares.
