How can a foreigner purchase a land in Thailand?
Here are the Top 5 (and only) ways for a foreigner to buy a land in Thailand. At Gold and Tree Real Estate, our law department can help you out with the legal part when going through the process of getting the ownership of your land.
Owning a company in Thailand
It is possible to be an investor in a Thai-registered company but the company has to be owned by at least 51% of Thai nationals. From there it is possible to own a land through the company. It is important to note that some fields are not accessible for foreigners, like fishery, forestry, rice farming, newspaper, rearing livestock, radio, television and a few others… You can consult The Foreign Business Act to get more info about those laws.
To invest and register a company in Thailand you will need a minimum capital of 2 millions baht or 60k USD. Having a Thai spouse reduces the required amount to 1M baht. If you wish to own 100% of a company, you will have to either get a Foreign Business License, or register a company under the BOI promotion which is seeking startups companies that are operating in a domain that require a specific expertise and that can be beneficial for Thai economy. Finally for US citizens it is possible to register a company under the Treaty of Amity. Americans can get full ownership or a majority of the ownership of a company in Thailand under the laws and conditions of this Treaty.
Marriage with a Thai national
A foreigner can declare that the funds all came from the Thai spouse. It is recommended to have a very good prenuptial agreement written by a specialized lawyer before signing any final papers in case of a divorce. Remember, you don’t directly own the land so be sure to be in a very stable relationship before going with this alternative.
Leasing
Leasing a land is one of the most simple methods and most common as well. You can ‘rent’ the land for a maximum of 30 years, with renewal options for up to 30 years. It has however some limitations on what you can do and also can be the source of scams or problems if the owner decides to transfer the land to someone else’s name in his or her family for example. Be careful and consult a lawyer to check all the paperwork first.
Investment/BOI
If you have a major amount of money to invest in Thai economy, then you may be eligible to own a limited amount of land in Thailand under Thai property law.
Inheritance from Thai family members
If a foreigner inherit a land from a Thai family member. This last scenario has a lot of limitations and restrictions and is quite rare.