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To buy the land in Thailand you need to know


Foreign Ownership Rights

    One of the most frequently asked questions a developer or estate agent receives is: Can a Foreign National own land outright? The answer is No. Under the current laws of Thailand. Foreigner ownership of land is highly restricted in the Kingdom of Thailand. There are some exceptions to this law, which deal with condominiums and Board of Investment promotions to allow corporate housing in designated areas.
    Ownership of land is reserved for Thai natural and juristic persons (Legal entities or companies). Officially, companies that have more than 49% of their shares held by aliens or in which aliens comprise more than 49% of the shareholders are prohibited from owning land. Foreigner is. However, allowed to own a building distinct from the land, which coupled together with renewable registered 30 year leasehold, is regarded by many as being as good as owning the freehold.

Freehold vs Leasehold

    Now, there are many questions asked as to which method is better and there are relevant arguments made for both cases. Since foreigners cannot own land outright, registered leaseholds with appropriate extensions are equivalent to freehold. Registered Leaseholds are safe, uncomplicated and easy to setup.
    For those of you who are not comfortable with Leasehold, the Freehold method of ownership means that the Thai company that you control owns the property.

Freehold Control

    The Land Code of Thailand along with the Foreign Business Act (FBA) does not prohibit foreign control (voting and management) of a Thai majority owned company that owns land in Thailand.
    Given the above, it is of paramount importance that a proper legal structure is adopted to retain effective control over a Thai majority owned company whilst at the same time avoiding anti-agency and anti-nominee provisions. A number of means can be used to ensure that the foreign minority shareholders have effective management and financial control of the company. These include but are not limited to creating different classes of shares along with different voting and director appointment rights.
    As an additional safeguard you may set up a company to control the freehold land which you as an individual then lease from the company you control. Further. You may also have the company register a mortgage over the land in your favor.
    If you choose to purchase your property freehold you should consult with professionals who will adopt the proper legal structure to protect your interests and who are able to explain the same to you in detail, in your own language or at least in a language that you understand well. You should also be aware that there are legal responsibilities and tax implications with respect to the owning and running of a Thai company.
    In the past, Thai “Nominees” (lawyers, accountants and support staff) have been used as holders of the majority of shares and having them proxy their voting rights to the foreign minority shareholders, for an annual fee.  Recent changes in the Thai law have raised penalties for “Nominees” who circumvent the law in this way. The penalties include three years in jail and up to 2 million Baht tin fines, in addition to having the company’s assets seized, So the continued practice of using “Nominees” is greatly discouraged.

How to pay

    If you are purchasing property in Thailand and you want to pay in Thai Baht ensure that your funds are transferred into Thailand in foreign currency and converted to Thai Baht here.
    The reason for this is that the receiving bank will issue a Foreign Exchange Transaction Form confirming the transaction.
    The relevance of the Foreign Exchange Transaction Form is that it is one of the documents you will need in the future if you wish to repatriate funds without incurring tax penalties.
    Also, please be aware that Banks will only issue Foreign Exchange Transaction Form for individual inward transfers exceeding 20,000 US$.
    Repatriation of investment funds and repayment of overseas borrowing in foreign currency can be remitted freely upon submission of supporting evidence.
    One of these documents would be the Foreign Exchange Transaction Form mentioned above, or in respect of a foreign currency loan, the loan contract.
    Remittance of funds without proper documentation could be regarded as income and become liable for tax.

Property Taxation

    There are 2 different types of Tax levied on property in Thailand and they are called.
    - Land Tax.
    - Structures Usage Tax.
     Land Tax is a very small tax levied on land ownership equivalent to just a few Baht per Rai per year.
This amount is so small that the land office rarely bothers to collect it and if they do may wait a few years before the amount is worth the effort of collecting.
    In any commercial sense this tax can be largely discounted.
    Structures Usage tax is applicable at the rate of 12.5% on the actual (or assessed) gross rental value of the property.
    Lessees are not subject to this tax but may be required by the Developer to pay an “annual ground rent” instead.

Land Titles Deeds
    True land title deeds are officially called “Chanote” and issued by the Land Office.
    Land held under Chanote is accurately surveyed and GPS plotted in relation to a national survey grid and marked by unique “numbered” marker posts set in the ground.
Another document for to own the land in Thailand commonly known as Nor Sor 3 Kor this document is ready upgrade to Chanote but for local people in Thailand commonly use Nor Sor 3 kor to own the land because chanote is more tax however both Nor Sor 3 Kor and Chanote can makeFinancial transactions.
    

Land Measurement

Land in Thailand is measured in Rai , Ngan and Tarang Wah.

1 Wah

=

4 m2

1 Ngan

=

100 Wah or 400 m2

4 Ngan

=

1 Rai or 1600 m2

In comparison to Western Standards.

2.50 Rai

=

1 Acre

6.25 Rai

=

1 Hectare





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