Foreign Property Ownership Phuket
Can Foreigners Own Property In Phuket?
Yes, foreigners are allowed to own property in Phuket, Thailand.
However, there are certain restrictions and regulations that must be followed.
Foreigners are not allowed to own land, but they can own condominiums, apartments and houses.
Additionally, they are required to obtain a foreign quota certificate from the government, which grants them permission to purchase a property.
It’s always recommended to consult with a local lawyer to make sure you understand the process and any legal requirements.
How To Purchase Condominiums?
To purchase a condominium unit in Phuket, a foreigner will need to follow these general steps:
- Find a suitable condominium unit: Look for a condominium unit that meets your needs and budget. It’s recommended to work with a real estate agent who is familiar with the Phuket market and can assist you in finding the right property.
- Obtain a foreign quota certificate: Before you can purchase a condominium unit, you must obtain a foreign quota certificate from the government. This certificate grants you permission to purchase property in Thailand. You can apply for this certificate at the Land Department in Phuket.
- Sign a sales and purchase agreement: Once you have found a condominium unit that you wish to purchase and have obtained a foreign quota certificate, you will need to sign a sales and purchase agreement with the seller. This agreement will outline the terms and conditions of the sale, including the purchase price, closing date, and any contingencies.
- Make a down payment: After signing the sales and purchase agreement, you will typically be required to make a down payment of around 10% of the purchase price.
- Transfer of ownership: Once all the payments are made and all the legal formalities are completed, the ownership of the condominium unit will be transferred to your name.
It’s important to note that these steps and requirements may vary depending on the property and the local laws, it’s always recommended to consult with a local lawyer and make sure you understand the process and any legal requirements.
How to Purchase Leasehold in Phuket
To purchase a property under a leasehold in Phuket, a foreigner will need to follow these general steps:
- Find a suitable property: Look for a property that meets your needs and budget. It’s recommended to work with a real estate agent who is familiar with the Phuket market and can assist you in finding the right property.
- Obtain a foreign quota certificate: Before you can purchase a leasehold property, you must obtain a foreign quota certificate from the government. This certificate grants you permission to purchase property in Thailand. You can apply for this certificate at the Land Department in Phuket.
- Sign a leasehold agreement: Once you have found a property you wish to purchase and obtained a foreign quota certificate, you will need to sign a leasehold agreement with the lessor (the owner of the land). This agreement will outline the terms and conditions of the lease, including the lease period, rent, and any contingencies.
- Make a down payment: After signing the leasehold agreement, you will typically be required to make a down payment of around 10% of the purchase price.
- Register the leasehold: Once all the payments are made and all the legal formalities are completed, the leasehold will be registered in your name.
It’s important to note that leasehold properties in Thailand have a leasehold period of 30 years, which is renewable for another 30 years. Also, these steps and requirements may vary depending on the property and the local laws, it’s always recommended to consult with a local lawyer and make sure you understand the process and any legal requirements.
Can Foreigners Own Leasehold Companies?
Yes, it is legal for foreigners to own shares in a leasehold company in Phuket as long as the company is registered and operates in compliance with Thai laws and regulations.
A leasehold company is a legal entity that holds the leasehold rights to a piece of land and building, and it can be owned by foreigners as long as they comply with the foreign business act of Thailand. This act regulates foreign ownership of companies in Thailand and establishes the conditions and procedures for foreign businesses to operate in the country.
However, it’s important to note that the foreign ownership of a leasehold company is limited to 49% of the total shares, the remaining 51% must be held by Thai nationals. Also, the company must be registered and must have a valid business license.
It is always recommended to consult with a local lawyer who specializes in company registration and foreign business act in Thailand to make sure you understand the process and any legal requirements.
