What Foreign Investors ought to know about Thailand Real Estate
Why look for Thailand real estate?
Thailand is a colorful and diverse country that is the home of a booming tourist industry. It is home to a lot of tourist attractions and entertainment hubs. This is why many foreign investors consider getting a home in Thailand. Many believe it is a wise investment due to the tax exemption. There are regulations, however, when it comes to property ownership.
Below are some useful tips to be aware of when purchasing Thailand real estate:
– Consult a registered Thai lawyer
A registered Thai lawyer will help you if you’re a foreigner who doesn’t know how the local real estate market works. When it concerns Thailand homes for sale, you will need legal advice from an expert. Qualified Thai lawyers will help you comprehend complex agreements by simplifying complicated terms and explaining the details of the contract. You can save yourself from making mistakes because of your lack of knowledge.
They are going to explain local real estate laws and ensure that any language barriers you encounter isn’t going to prevent you from understanding your contract. Using the services of Thai lawyers is a great move as they are useful sources of information and expertise.
Another person you should hire is a real estate agent. Whenever possible, you need to surround yourself with individuals who know what they are doing. Avoid becoming one of those businessmen that buy properties in Thailand without familiarizing themselves with the procedures. They end up falling for shady deals and regretting it. With a real estate agent at your side, you are able to avoid any legal problems while safeguarding your property.
-Understand the Thailand Amity Treaty
Foreign investors need to follow a standard procedure in accordance to the Thailand Amity treaty. They would need to look into the rules regarding corporate taxes just before becoming owners of any commercial property.
-Consider the rules and regulations when you look for Thailand homes for sale
Foreign investors need to do their research and understand local real estate policies and regulations before buying a Thailand property. Thai residents can register property ownership under residential purposes. There are specific restrictions for foreigners.
Foreigners could only own 1 Rai or 0.39 acres. For individuals that want to put up a business, their capital has to be around 40-50 million Baht. The ‘Ministry of Interior’ should approve all of your documents, particularly your construction permits.
-Check rules on Visa regulation and fees on taxes and property transfers.
Foreigners must look into the duration of their stay in the country. Are they here on a short-term or long term basis? Foreign investors will need to make sure their visas are in order. Again, a Thai lawyer will help you understand Visa regulations of Thailand. Knowing how long you plan to stay will help you enjoy your property without the hassles. Lastly, understand the taxes and transfer fees before getting the deed of ownership.
-Select reliable homebuilders with a good track record
A good broker can protect your interests. This individual will ensure that the rates and prices you are quoted fall within industry standards.
Eve Howells is a real estate agent who knows thailand homes for sale and can explain thailand real estate to foreign investors.
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