How to Prepare for Buying Property in Phuket
Whether you plan to retire in Phuket, Thailand or you just want to own a piece of vacation or rental property there, there are a few helpful tips that you should know as you prepare for buying property in Phuket no matter what your situation.
For anyone considering buying property in Phuket, it is important to realize that foreigners are not allowed to own land. As stated under Thai law, this includes both freehold land and more than 49 percent of the shares in a Thai company that owns freehold land. While it may be tempting to want to buy a beautiful piece of land or home in the area, there are certain limitations to what you can purchase.
One item that you can purchase is a unit in a registered Condominium. In addition, foreign nationals may also buy a building that is distinct from its land or a registered leasehold of up to 30 years for any type of titled land or building, as long as they do not try to own the land free and clear.
In accordance with the Foreign Exchange Transaction Form (FETF), a foreign purchaser must bring in 100 percent of the funds from overseas in foreign currency, as well as obtain the FETF from a Thai bank. This evidence will then be given to the land department, will also make it easier to avoid complications and remittance tax should you choose to sell the condominium at a later date.
Ministerial regulations that were adopted in 1999 now give Thai women that are married to foreigners the right to purchase land. However, the Thai spouse must prove that the money used in the purchase of freehold land is legally solely theirs, which can be achieved by the foreign spouse signing a declaration stating that the funds used for the purchase of property belonged to the Thai spouse prior to the marriage and are beyond his claim. Although this can become complicated, it is a vast improvement from the past, which stripped Thai women of their rights to purchase land if they were married to a foreigner.
No matter how you plan on buying property in Phuket, Thailand, the best tip
that you can receive, and follow, it to consult an attorney. A lawyer familiar
with the laws will ensure that you are within your legal limits and rights
and that everything you need to happen is done in the proper fashion before
making your purchase.
This is one of a series of travel articles kindly provided for us by the people at Hotels Combined. They offer an online hotel price comparison service that we use ourselves and are happy to recommend. The author, Valerie Mellema, is a freelance travel writer who has published articles about destinations all over the world.