Can a foreigner own property in Thailand?
According to the current Thai law foreigners are not able to own land within the kingdom of Thailand. But there is a very simple structure that can be set up to enable property to be owned/held by a foreign entity. The ownership of the land is simply transferred to be held in a Thai company structure. Thai law states that such company must have a majority shareholding of Thai nationals. What this means in practice is that lawyers provide two Thai shareholders at time of incorporation and the foreign owner is then the third shareholder. The two Thai shareholders have simple non voting shares and so have no controlling interest in the company – this is the same concept as Nominee Shareholders used in Offshore Company structures in BVI, Bahamas etc. Those shareholders also sign documents of resignation/transfer at the time of incorporation so they can be removed at any time should the need arise.
Thailand treats property and land as two separate items. Foreigners are able to own the property/buildings in their own personal names, but it can also be transferred and held by the same Thai company that owns the land. The main advantage to having both land and property in the same company means that at time of sale, the land transfer tax can be avoided as the company is sold via transfer of shares which a quick and efficient process.
We can introduce any interested parties to a number of reliable and experienced lawyers who will assure that purchasing a Thai property will be a simple, transparent and streamlined process.