How to buy a Land in Thailand as a foreigner and how much does it cost?
Does the word Chanot rings a bell? If not, you are at the right place! At Gold and Tree Real Estate, we created the best Guide for Lands in Chiang Mai that we could. It’s easy to mix up details and information so that’s why we made this guide as simple as possible for you.
How to own a Land in Thailand? Is it legal for a foreigner?
A foreigner cannot directly own a land in Thailand. This is a simple straightforward answer. However there are 5 scenarios where you can get your way around this and be able to purchase a land. For example, it is possible to be an investor of a Thai company and register the Land through that company.
Furthermore, many foreigners will use a long term lease instead or get married to a Thai wife or Thai husband, although, these 2 solutions are not without their own sets of risks. Finally in some rare occasions, you can inherit from a Thai family member, or, if you have a large amount of money that you consider investing in Thai economy, perhaps you will be granted special rights to own a land.
Thailand Land Titles Deeds and their Rights
Chanot is a Land Title Deed, and is the strongest title for a land in Thailand. It gives all the rights to the owner to lease, transfer or sell the land. If you need more info about this, consult our Land Titles detailed list.
In the latter, we go in more details about the main titles that you will see in Thailand like Nor Sor Saam or Nor Sor Saam Gor. There are also weaker title rights like the Right of Usufruct, that allows a foreigner to make profit from the property that belongs to another person. It is crucial that before you sign any paperwork, that you know exactly what you are buying, thus why you must know this info before going forward.
How to build a new house in Thailand
Now that you know everything about the lands… or almost everything, maybe you are looking for some extra info about the house construction process in Chiang Mai? Building a new home in a foreign country is a thrilling, but yet complex endeavor.
The land boundaries, for example, are very important, and are determined by either the land owner or by government officials from the Department of Lands. Additionally, it is important to find good and reliable house builders, which can be a very different task than if you would do this process in your own country. It is important to be present from the beginning to the end of the construction and to know the costs, and extras cost of what will go inside and outside your house.
How to calculate the cost of a land?
Finally, Thailand has its own measurement system for the lands, the commonly named Square Wa, which essentially equals to 4 Square Meters. Also, you will often hear the word Rai, which is 400 Square Wa or 1600 Square Meters.
You will have to take into account the following tax fees as well: the Register Fee, Transfer Fee, Stamp Duty and the SBT. Prices can range from 3000 baht to 300k baht per Square Wa!
We go in more details here on the different factors that can affect the land prices in Chiang Mai.