1. Can a foreigner buy land in Thailand in his own name for residential purposes?
Answer:
Pursuant to the Land Code B.E. 2497 (1954), foreign individuals and foreign owned companies are not allowed to own land; unless an exception to the general rule applies. Most exceptions concern the purchase of land for industrial use through a promotion such as a BOI.
A foreigner will only be allowed to own land freehold for residential purpose in the following case. A Foreigner who has invested over 40 million Baht in Thailand can own up to 1 rai of land for residential purpose if he fulfilled the requirements as follow: To bring at least a forty-million Baht investment into Thailand (not including the amount invested into the purchase of the land) being specified that said 40 million THB must be used for an investment that benefits Thai economy, promotes social welfare, or is a business promoted by the BOI and the money must be invested in Thailand for a minimum of 3 years.
If those conditions are fulfilled then foreign investors can purchase in freehold up to 1 rai of land (1,600 Sqm) in designated areas such as in Bangkok, Pattaya, municipal areas of all provinces, and areas designated as residential under the City Planning Act.
2. Can a foreigner own a 100% freehold Condominium in Thailand?
Answer:
One of the easiest ways for a foreign citizen to own a real estate asset in Thailand is to take advantage of the fact that Thai laws allow foreigners to own condominium freehold. A condominium is defined as “A building that can have its separate portions sold to individuals or groups for personal property ownership”
The area of a condominium building is divided in two distinct areas, the private area that is to say flat units that are represented by condominium units titles deeds which can be privately own and the common area that is to say the facilities, utilities, and the land on which the condominium is built. The Common Area shall become the property of the Juristic Condominium person.
Each owner of a condominium unit shall receive a percentage of ownership in the juristic person according to the size of his/her condominium unit. Because the juristic person also owns the land on which the condominium building is erected the ratio of foreign ownership is limited to 49% of the total private area in a condominium building at any one time. Therefore, prior to selecting a condominium, a foreign buyer shall first check with the Juristic Person what the current foreign ownership ratio is in said condominium. Generally in Bangkok, this rule does not pose any problems. In beach resorts, there are often more foreign buyers than there are units available for foreign buyers.
To be eligible to purchase a condominium, a foreign buyer must be able to enter Thailand legally and present proof to the Land Department that the funds used for the purchase of the condominium have been remitted from overseas in foreign currency. Without such proof, the Land Department will not permit the transfer of ownership to the foreign buyer.
The foreign currency must be brought and be exchanged in Thailand. Purchase of Thai Baht on the International market would not qualify in this regard. The money must either come from a bank account in the name of the foreign buyer; or be transferred to a bank account on the name of the foreign buyer. The name of the Buyer must appear at one end of the transaction or the other. The minimum of foreign currency to be brought by a foreigner to be eligible to condominium freehold ownership must be at least equivalent to the purchasing price of the condominium. For proof purpose, it is better to make transfer of a minimum of US$ 10,000 per transfer.
A foreign investor purchasing a condominium through the use of a 100% foreign own company should be aware of one drawback. While under the Condominium Law, a foreign company can legally own one or several condominium units but under the Foreign Business Act renting said condominium units is considered a service business under the Foreign Business Act. Therefore, prior to start renting out the condominium units, the foreign company should apply for a Foreign Business License. Now, the catch is that the Business Department seems not to be willing to grant foreign business licenses for the leasing of property because this activity does not bring a technological transfer. The paradox is that a foreign company could legally purchase several condominium units in freehold but then could face the risk of breaching the Act when renting out the said properties.
3. What are the leasing regulations like in Thailand?
Answer:
Foreigners can lease property in their own name in Thailand, and there are no exceptions. The maxiumn period you can obtain a lease for is 30 years but you can also make it renewable, for two additional periods of 30 years.
4. What are the advantages of leasing property in Thailand?
Answer:
As stated above and we beleive the main advantages are that:
- a Foreigner can lease property in their own name
- Lease term is 30 years renewable two additional times for the same period.
- There are no restrictions
- Leases can be protected by registering them with the land department in Thailand
5. What is the difference between a tourist Visa and a Non-Immigrant Visa?
Answer:
A Tourist Visa will be issued to applicants wishing to enter Thailand for tourism purposes. You are not allowed to work or conduct business with a tourist visa. On the other hand, a Non Immigrant Visa is for foreigners who want to stay or work in Thailand.
Visitors from selected countries do not need a visa to enter Thailand. On arrival they are permited to stay in Thailand for a period no longer than 28 days. They can obtain a tourist visa from the Thai Embassy in their own country which is valid for 60 days and can be extended by 30 days at the nearest Immigration Office in Thailand.
A Non-Immigrant Visa (usually comes with Multiple-Entry) is valid for 12 months. With this visa type you will need to exit and enter Thailand at least every 90 days to get a new entry stamp allowing you to stay a further 90 days.
**More information on Thai visas available at www.thaivisa.com
6. Medical Tourism, why Thailand?
Answer: The Thai medical profession is probably one of the most advanced in the region. Successive governments have invested in ensuring the education and training Thai doctors receive is parallel to that offered elsewhere in the region. Many doctors undertake specialist training abroad, particularly the United States and Europe and are at least equally as well qualified as physicians in the west - often more so.
A qualified, experienced medical profession is though useless without proper facilities and equipment. Fortunately, Thailand’s hospitals and clinics are world class. Huge investments have been made in equipment and management standards are so high that hospitals achieve ISO 9001 accreditation. Many major hospitals belong to management groups that ensure the very highest standard of medical service is available through their branch hospitals at various locations around the country. All this expertise and proficiency means that Thailand’s hospitals are a secure option for those seeking medical treatment.
Thailand’s medical solutions do not though rest at major surgery or treatments. A variety of cosmetic surgery options are available, as is cosmetic dentistry (laser teeth whitening, etc.) and laser sight correction (LASIK, etc.). Thailand is also a very popular choice for people requiring sex reassignment surgery.
Read article from La Tribune (nov 8th 2007) only available in French.
Bangkok, capitale de l'hospitalisation low-cost
** Both provinces, Surat Thanni, and Nakhom Si Thammerat, have private, public, and International hospitals, which provide excelent and very affordable care.*
