This is a common question. Can a foreigner legally purchase and own 100% of a landed house in Thailand?
The answer is, it is possible.
All you need to ask is HOW.
Too many naysayers out there saying that this is impossible. Truth is, they don’t know how. But lucky for you, we do.
Before we dive in, let’s just review some facts and legal terms:
FACT #1 – Foreigners cannot own a landed house
Under Thailand’s law, foreigners CANNOT own a landed house. The only property a foreigner can fully own is a condo, providing that 51% of the entire condo is owned by Thai nationals.
FACT #2 – Foreigners can start a business in Thailand and purchase a landed house under the business’ name
This is a common method for foreigners to purchase a landed house in Thailand. However, Thailand’s law also restrict foreigner ownership of a Thai business to 49%.
This means that 51% of your business assets belong to your business partners.
FACT #3 – Foreigner can lease land in Thailand and build a house on the land
Some foreigners come to an agreement with land owner to lease their land for a period of time, usually 30 years, and build their house on the land. Using this method, only the title of the house belongs to the foreigner, but not the land.
Foreigners need to be aware that once the 30 years is over, the land owner has absolute control on the house. If they choose not to renew the lease, you are basically giving the house away.
Now you are probably thinking we are just bluffing in the beginning.
Looking at all these facts, there are no evidence that a foreigner can own 100% of a landed house in Thailand, under their own name.
While this is true, if we change our direction a little, and make the foreigner a Thai citizen, he/she will then be able to legally own a landed house in Thailand.
For those who has direct Thai family members, they can obtain their Thai citizenship through family migration, or marriage migration.
As for those who do not, obtaining Thai citizenship through business stream is another way:
Step #1: Open a Thai business
First off, acquire your landed house using your Thai business. Obviously, you will need another Thai national to act as a director or a shareholder of your business, holding 51% of share.
We highly recommend to contact an experienced lawyer to assist with setting up the correct business structure and get some agreement in place to protect yourself.
Step #2: Turn your Thai business into a corporation
For a business to be categorised as a corporation, the business will need to:
- Have a registered capital of 40,000,000 baht (Don’t worry, you don’t need to have this much money in the bank)
- Contribute to the country by fulfilling social responsibilities as the owner of the corporation, such as –
- Employing numbers of Thai nationals
- Paying business tax
- Paying personal income tax
The whole process takes approximately 3 to 5 years. During this time, the foreigner will be residing in Thailand under a business visa.
Step #3: Register to become a Thai citizen
Once eligible, you will be invited for a Thai citizenship interview. If you pass, you will be granted a Thai ID card and you are officially a Thai citizen.
Don’t panic if you failed. You can line up for the interview again.
Step #4: Transfer all assets from your business back to your personal name
All your hard work finally pays off. Once you have obtained your Thai citizenship, you basically has all the benefits as a Thai national. Not only do you have legal rights to:
(i) stay in Thailand permanently,
(ii) own landed house 100% under your name, but also;
(iii) life-time free/close to free medical.
The entire process seems like a lot of works, and it is. However, the benefits definitely outranked the trouble. The best thing is, you don’t have to do this on your own. Finding someone with the right expertise and experience can make this stress-free. You can focus on your life, and let the experts focus on the troubles.
Remember, owning your own home in paradise is certainly possible.
If you are serious about your future, willing to spend the time to understand what it takes, and allow us to help fulfil your dream, contact us TODAY.