How I Can Buy A House In Thailand After A Got Thai Retirement Visa?
For many years now, Thailand, also known as the land of smiles, has been crowded by foreigners who would like to spend their retirement years there. Technically, foreigners who were granted with Thai retirement visa are not allowed to own a land or to purchase a house in their own name in this beautiful place.
One of the many reasons why people granted with Thai retirement visa usually opt to extend their stay is because properties in Thailand like house are very cheap. Since, foreigners with retirement visa Thailand are prohibited from having a house in their own names there are some alternatives that will effectively work. The commonly used option is setting up a Thai limited company which can legally own a house in its name. To set up the company, you must work with at least three partners who are all Thais. Your partners must own 61% of the shares of the company and you may own the remaining 39%. You must, however, make an agreement with your partners that you will be the director who is the only one to exercise the signing rights for the corporation. The set up corporation must be a working one and must comply with payment of tax obligations.
If you have a Thai retirement visa, but do not have the capacity to set up a company and still desire to buy a house in Thailand, you may also enter into lease agreement with option to purchase. The lease contract is being entered with the registered owner of the lot and will last for 30 years before you can exercise your right to buy it. The more convenient option is for you to request a Thai national whom you trust to buy the house in his name but is to be turned over to you.