Compass Real Estate > Cambodia Real Estate Information > Thai Officials are considering allowing foreign condo buyers to get permanent residency via a debt-free program

Thai Officials are considering allowing foreign condo buyers to get permanent residency via a debt-free program

2021-06-11
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Summary:Thailand may implement a program that will provide permanent residency to any foreigner who purchases a condo in Thailand debt-free and keeps it debt-free for more than five years. It comes as the Thai government begins to focus on the country's economic crisis, which has been exacerbated by measures taken to combat the Covid-19 virus, which have destroyed the Thai economy and promise to worsen further in 2021.

Cambodia Compass report, 11th June - Thailand may implement a program that will provide permanent residency to any foreigner who purchases a condo in Thailand debt-free and keeps it debt-free for more than five years. It comes as the Thai government begins to focus on the country's economic crisis, which has been exacerbated by measures taken to combat the Covid-19 virus, which have destroyed the Thai economy and promise to worsen further in 2021.

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It comes as the government tries to simplify what has been a jumbled mess of legislation governing various parts and execution of the Special Tourist Visa, which is increasingly looking like it will be the only game in town for inbound international tourists to Thailand in the near future.

Land is not available for foreigners to purchase in Thailand; only condominium units and flats are available. Foreigners must account for no more than 40% of the condominium's unit owners. A foreigner, on the other hand, can purchase an entire building, minus the land on which it is constructed.

Non-residents have been able to explore the Thai real estate market in recent years because to small changes in Thai law. A 30-year renewable lease can be obtained by a foreigner, under which the buyer registers with the Land Office the option to extend the lease contract forever for further 30-year terms.

However, there are significant disadvantages. Lease renewals are not enforceable against a buyer of the property and cannot be registered. And the lessee cannot sublet, sell, or transfer his or her interest without the permission of the lessor.

Another option is to form a private limited company with a mix of Thai and international shareholders, with foreign ownership of no more than 49 percent. Land ownership is permitted for corporations. By obtaining a legal power of attorney from Thai shareholders, giving control to foreign directors, or assigning higher voting rights to the foreigner partner/s, the foreign national can gain control of the company. This is a tried-and-true route that is most usually used by foreigners. A lawyer's assistance is critical.

Foreigners can also invest at least $1,142,857 in a project approved by the Board of Investment. They'll be able to buy up to 1,600 square meters of land after that.

Foreigners are not eligible for borrowing from local banks. All money remitted from overseas must be in a foreign currency before being converted to baht, and must be prominently labeled "For Purchase of a Condominium" and documented using an Exchange Control Form (Thor Tor 3), which can only be given for remittances over $5,000. (so be sure to manage the inflow of your finances well). To minimize delays and further trouble, double-check that the name on the Exchange Control Form matches that of the buyer.

Thailand still has an issue with titles. Before engaging in purchase transactions, it is critical to distinguish between the various categories and become familiar with them.


Source: Cambodia Compass comprehensive arrangement

Editor: Malinda         Chief Editor: Sunnie         General in Chief/Executive Producer: Nicole

 

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