This said, Thailand has many investment opportunities and that is why many foreigners are heading to Thailand to commit to the property market and are willing to find ways and means to allow them to get around the restrictions.
The property buying process in Thailand for foreigners can change from person to person and from one property transaction to another.
In Thailand, foreigners are not allowed to own land on which any piece of property sits. Furthermore, foreigners are not allowed to buy condominiums in a building where there is already 49 percent foreigner ownership.
However, you can get around this by either establishing a local Thai limited company and buying property through the company, or you can lease real estate for a period of 30 years which can be renewed as the lease expires.
Most foreigners coming to Thailand looking for property end up establishing a Thai limited liability company. However, the requirements for a limited liability means that the foreign shareholder cannot hold more than 49 percent share in company and the company must have a minimum of 7 shareholders.
In the end, a foreigner wishing to buy property in Thailand ends up as the single foreign shareholder along with six Thai shareholders, with the foreigner being named as the the executive director in the Articles of Association. Then the 6 Thai shareholders sign an undated share transfer contracts which effectively transfer the control of the company to the foreigner.
The second option of leasing land is rarely used by foreigner to purchase Thailand property. You can lease the land for 30 years and be automatically offered an extension of 30 years which can continue for a period of 990 years at the maximum. The foreigner has the right to will the land to his future heirs.
If you are interested in Thailand property buying you should spend sufficient time in Thailand to understand the property market and from where the market demand could come from. That is why you hire the services of a good lawyer and realtor to help you realize your dreams of owning a Thailand property.