Buying property in Thailand

RE: RE: land sale

Postby a consultant on Sun Oct 01, 2006 6:43 pm

To all interested,

Foreigner can not own land in Thailand.
Go to the office of Land Department of Ministry of Interior, which handles where you stay. Simply ask any officer about this. They will give you very kind guidance about how to buy condo and which cases foreigner can own land.

Foreigner can not buy a single house built in golf club or resort housing complex.
49/51% joint compnay who tries to sell such estate is simply hoax. When foreigner walk into land department to register ownership, he will be rejected (ownership is called 'Chanot'). Usually the hooker try to make 'concession' to the buyer and it is possible (concession of land is called 'Gamasit').

Condominium Act, foreigner can own upto 40% of whole condominium building. The land where building stand is the joint ownership under name of, for instance, 4 foreigners and 6 thai nationals. The rate of 40 60 is controlled by the land department whenever a registration is reported.
The sales tax of condominium is 1 % of sale and purchase price.

Foreigner or foreign corporate can own land in the authrorized industrial estate under permission of BOI (in fact by IEAT, and Land Depart) but this is Gamasit and when they leave, the land must be returned to the seller, here the company of the industrial estate.
Unless free or dumping price, the seller is not willing to pay back. This is another law suported hoax.

New government is expected to relax land ownership for foreigners who really need residence, not land speculation.
Until this laws is intact, do not buy any house attached into a land plot.
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RE: RE: land sale

Postby a consultant on Sun Oct 01, 2006 6:50 pm

Difference between condominium and individual house.

Condominium is regarded as a real estate according to the condominium act.

House built in the 'housing complex' can not be registered as an indipendent ownership.
That is only land title registration and the land act do not realize the house building as the real estate (the laws describe 'a land having structure'. the Structure is very the house).
Therefore, the structure is nothing in legal implication. The structure is called in Thai language "sing kung pluuk sang''.

All foreign interests must go to meet officials of Land Department, regional office, who will nicely explain. Dont listen to any realtors, brokers.
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RE: RE: land sale

Postby a consultant on Sun Oct 01, 2006 6:53 pm

The regional office of Land Department of Ministry of Interior in Thai pronunciation is,

Sam Nak An Tung Tin,
Grom Ti Din,
Grasu-ang Mahat Thai.
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RE: RE: land sale

Postby a consultant on Mon Oct 02, 2006 12:03 pm

One more thing the foreigner could be easily cheated is 'city land development plan'.

Most of beach side land or even inner circle of city, town has their own long term land development plan, which all are contained in a law called "Land Development Plan Act 2542". Since this year, there is no change on the act. The city plan under this Act is available in the city administration hall or regional land depart office. It is full scale map which shows "commercial area, green area, reserved area" and more importantly all lands belonging to the government with concession with private occupants (Gamasit holder). Gamasit land can be conceded to third party but certainly not for foreigners.
Most of beach area is certainly in this 'Land Plan' and mostly belonging to government with private concession right.

Presently any housing complex is not covered by con-dominient real estate although many local developers requests.

Even knowing Gamasit purchase of a house, the buyer must know that when they sell it, there is a fundamental condition such as the house must be re-sold to the developer company. This is hoax. No law can protect the buyer.

One best way for foreigner is just to pick cheap affordable rent house and live peacefully until a firm laws are announced.
New law will be promulgated sooner or later.

Second way is a joint ownership with Thai wife. You just register 40 60 partnership to local commercial registration depart of city hall. in the partnership memorandum, the house can not be sold without your consent, by your Thai wife. If you have child, register the house to the child directly and leave heritage pledge, like until 18 years no sale or without your consent, no mortgage or sale and so on. a Local lawyer can document such.

Most of housing developing area is 'Gamasit Land'. Watch out this !.
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RE: RE: land sale

Postby G9650 on Mon Nov 13, 2006 6:02 am

My question regarding buying property in Thailand, as a foreigner, involves susequent selling of the property. From what I have read, it appears that there may be a difficulty in transferring the proceeds of the sale out of Thailand to a foreign bank. If I sold property worth 25M baht, would I have any problems wiring the proceeds outside of Thailand?
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RE: RE: land sale

Postby Rooster on Mon Dec 04, 2006 8:43 am

LIKE ANY SALES OF PROPERTIES, YOU HAVE TO COMPETE THE TRANSACTION AND PAY CERTAIN PERCENTAGE OF TAXES. AFTER ALL THE LEGAL DOCUMENTS AND TAXES LEVIED, THERE SHOULD NOT BE PROBLEMS OF TRANSFERRING YOUR OWN MONEY TO YOUR FOREIGN BANK. E-MONEY PROCEEDS ARE BRING TRANSFER IN AND OUT OF THAILAND DAILY AT S.E.T. AND OTHER COMMERCIAL BANKS.
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RE: Buying property in Thailand

Postby khon lao on Sat Dec 09, 2006 3:54 pm

I am a lao . I want to buy land in thailand so I can be close to laos. I cannot buy land or live in laos because the Lao government will take everything I have. Tell me how to go upon this . Thankyou
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RE: RE: Buying property in Thailand

Postby Rooster on Wed Dec 13, 2006 12:45 am

Foreigners can not own land in Thailand. You can lease land by contracting for 10 , 20, to 30 years. Or you can form a business partnership with Thai nationals. The property would be in the name of the business. However, foreigners can purchase and own condominium.
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RE: RE: What Century are you in?

Postby pointman on Fri Jun 01, 2007 5:04 pm

Rooster: You make a very valid, educated
point, when you ask, "who actually owns land in the United States? " In most U.S. states you never own the property you hold a deed to, i.e., I sold two houses, a hunting lodge and moved to Asia. If you reside in an expensive home in the USA, the tax man will hound you to death. It's not just the federal tax man who wants you to pay to live in your own home. It's the county and school tax man as well. If you die and the taxes aren't' paid on the property, the county takes the property and sells it to the highest bidder. So in fact, you never actually own a home/property in the USA. Captialism and over-regulated policy, implemented by bureaucratic governments, destroyed the American dream. Even if you own a home in the USA, government regulations require you to get permission from the local Government prior to improving the property. In most cases, bureacrautic reegulations in the USA, prohibit an individual from improving a property unless you pay through the nose to crooked govt officials. Captalism allows rich individuals to buy up property, raise prices, sell the property at a big profit and prohibit the poor from owning a home. Thailand, in my opinion, needs to keep prohibiting Captialism from destroying the country. Thailand needs to restrict property purchases for foreigners to Condos, without land, such as is presently being done in Thailand. I'm an American residing in Asia. There's no way I would buy a property in the USA. In fact, if you are a contractor and you wanted to build me a home in the USA, free of charge, I would refuse your offer. I'm tax smart and believe me, high taxes and bureacratic greed/regulations has destroyed an American homeowners dream. County Govt seats/offices in the USA, are staffed with Fat, lazy, greedy, bureacrats, who run the county and state tax systems to fill their pockets with money while sucking up taxes off of those like myself, who worked hard to buy a property. In my opinion, Thai people are lucky to have such a fine country. Don't allow your country to become a haven for the fat rich bureaucrats and a slum for the poor. God bless Thailand.

Pointman
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No-one should 'own' land

Postby Peter Reilly on Sat Jul 14, 2007 2:01 pm

No-one made the land or natural resources. Land is the heritage of the people as a whole. Land values are not created by the owner, but by the demand for it, which is determined by its natural attributes or its location in relation to amenities and services provided by others.
If foreigners are allowed to buy land, it will drive land prices and land rents upwards. This will reduce the standard of living for the indigenous population, causing abject poverty for many on low or no income.
I have visited Thailand many times. The fact the poor can gather wild plants to eat on land not owned by anyone and fish for food means that nobody starves. But, as private landownership increases, this is option is rapidly diminishing.
Of course people should have stewardship of the land; otherwise, they will not farm or develop it. But they should compensate the community for withholding it from use by others. People are entitled to value added by their productive efforts, but not from the value of the land itself, which is unearned.
This can be achieved by a) the local or central government leasing out the land, as happened in Hong Kong. There the British Government leased land from China for 150 years and raised revenue by selling shorter term leases, or b) taxing the land values on an annual basis. The latter will ensure that the increase in value of land goes to the community as a whole and not the individual land owner. In this way, public investment in infrastructure, amenities, health and education services etc, can be financed without raising other taxes.
The tax liability will also ensure that land prices remain low, thereby avoiding the government having to raise interest rates (as in the UK at present) to cool down the property boom. Interest rates have the same affect on property prices as a land value tax (lower them and property prices rise, raise them and property price fall – other things being equal) but high interest rates have detrimental effects on businesses and impoverishes those who are in debt.
Thailand has a wonderful chance of avoiding the problems of a high land price economy – gross inequality, high business start up costs, inflationary pressures, and harmful corrective policies. People in the UK have become wage slaves for most of their lives to finance huge mortgages or high rents for a roof over their heads.
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