Buying a property
Lawyers Genesis ready to help with any questions related to real estate and more. The following is general information about the transfer and possession of property in Thailand.
Once you have found a suitable ground for you, make sure the land (land) has the right type, and the coordinates of the papers (a copy of the title deed) correspond to the coordinates of the site (sites) that you saw. At the boundaries of the site should be the coordinate columns of the tag with the same coordinates as in the Act.
Property laws in Thailand aimed at protecting national interests, with the result that foreign nationals may be difficult to legally protect their property. But this is the basic question of real estate. If you do not have a company in Thailand, registered in accordance with legal procedures, then you are taking a risk that could ultimately lead to huge financial losses.
Foreigners can own property right apartment (condo) in the condominium, unless it (flat) part of those 49% of the apartments, which can sell to foreigners with registration of property rights. Whenever a condominium apartment for sale (condo) aliens want some confirmation that this condo is not yet exhausted 49% of the share of apartments that can sell in foreign ownership. The remaining 51% of the apartments in a condominium foreigner may only draw on a long lease. Before authorizing the purchase of the apartment building the inspector will check the above fact.
Foreigner can not own land in Thailand. Although there were also rare exceptions. A foreigner can own a house on the property, but the land on which it stands, can not be in its direct property.
The most common methods of ensuring the security of your rights to land in Thailand are:
Registration of ownership of a Thai company in which you have to sign (a director of the company and the largest shareholder, owns 49% of shares)
Making Rights a 30-year (or less) lease with Thai company or Thai citizen who have the right of ownership to buy the land, with an automatic option to be extended for a period of two times 30 years (if you give that opportunity in the preparation of the lease).
Should the purchaser can not be present during the registration of the land committees may be appointed trustee. In this case, take the form of official authorization from the Land Committee in Thai. Other forms of proxy Land Committee will not accept.
Join Thai company to buy property
Our lawyers will help you to register and manage the company that owns the land and / or home. You can own no more than 49% of the company. Be more than 51% of companies can own only Thai nationals – you need to have a minimum of 3 shareholders. We help you find such shareholders and issue them documents so that you are sure that they will not be able to run the company without your permission. If necessary, all documents can be translated into Russian, to minimize possible misunderstandings.
It should be noted that firms with foreign participation must be some activity and to carry on business, to pay salaries and taxes. Also, having your own business will allow you to get a work visa as a director of the company. You should know, however, that the company, whose sole purpose is to own property, with nominee directors may be deemed fictitious. There is the risk of being prosecuted and this is the least that can happen.
The easiest option to buy the land – drawing a long lease agreement with the company that owns the property on the ground. You will not have to deal with taxes, profit, etc., if you rent your property.
Plan ahead. Consider what would happen in the event of an accident or loss of life. Make a will, plan, who will inherit your stocks, your lease and your home.
Getting a mortgage
Some banks offer mortgages to foreigners on certain conditions and up to a certain level of interest rates, but if you have just arrived in Thailand, expect the loan is almost hopeless. If the land and the house is owned by a company registered in Thailand, and the company is profitable for a number of years, it is likely that the mortgage can be approved.
According to the laws of Thailand, a foreigner can own land under the lease for a period of 30 years. But you can add two points in the lease that on your own you have the right to a second 30-year lease term, as well as on the fact on your own you have the right to the next, the third 30-year term of the lease, if the previous term ends . All these conditions must be clearly spelled out in this first lease. All contracts must be registered with the Land Committee at the time of transaction. Only now you can really be sure that the piece of land that you buy for the next 90 years – yours.
When registering the lease to be paid by the Land Committee registration fee of 1% of the total rental cost. In addition, a fee will be charged 0.1% of the total rental cost. These fees are the proof of the legality of the contract.
Taxes and fees for the transfer of the property
Do not pay more in taxes and fees than necessary. Lawyers Genesis will help you to calculate the taxes and fees that must be paid upon registration of contracts for the purchase or lease of land. All taxes and fees levied by the Land Committee of the real transfer of registered ownership.