Can a foreigner own property in Phuket?
Do I need a lawyer to purchase property in Phuket?
What are the costs associated with buying property in Phuket?
How is land measured in Thailand?
What are the different land titles in Thailand?
Are mortgages available to purchase property in Thailand?
Can I rent out my property in Phuket?
Do I need a visa to enter Thailand?
Can I retire to Phuket?
Under current law a foreigner can own the freehold to a building and a unit in a regiustered condominium. A foreigner cannot own land on a freehold basis. Instead the land is sold leasehold for a period of 30 years.
Most developers will lease the land for 30 years, extendable in two parts upto a total of 90 years at nominal charge. Most include an option to buy the land should Thai law change and freehold ownership become an option in the future.
We strongly recommend that you use a lawyer to carry out due diligence on any property or land purchase in Thailand. There are a number of reputable international law firms in Phuket and we would be pleased to put you in contact with their offices.
Typically fees will be around 2 to 3% of the purchase price.
transfer tax 2%
stamp duty 0.5%
Land in Thailand is measured in talang wah, ngarn and rai.
1 rai 4 Ngan 1600m2
1 Ngan 100 Wah 400m2
1 Wah 4m2
2.529 Rai 1 acre
6.25 rai 1 hectare
There are 6 different types of title deed in Thailand and it is essential to obtain correct information on the deeds to any property you intend to purchase.
The Chanote and the Nor Sor Sam Kor are the only titles deeds over which registerable right of ownership or lease can exist, and are as such the only ones that prudent purchasers should consider.
Chanote (Title Deeds)
Freehold title with the owner able to leave the land unattended
Nor Sor Sam Gor (Confirmed Certificate of Use)
This certifies that the person named on the certificate has the confirmed right to use the land
Nor Sor Sam (Certificate of Use)
Similar to the above Confirmed Certificate of Use except that not all of the formalities to certify the right to use have been performed
Sor Kor Nung (Certificate of Possession)
This recognises that a person is in possession of land but the Certificate does not imply that there are any rights associated which the possession
Por. Bor. Tor 6
This is documentation that all land must have in order for a tax number to be issued and tax to be paid upon the benefits of the land
Sor Kor 1
This is the form required to notify the government of a possessory claim to a piece of land
Mortgages for foreign nationals are not widely available. However, Bangkok bank is keen to assist foreigners who wish to purchase property in Phuket. They offer a small range of mortgages payable over 10 years through their Hong Kong, Singapore and Phuket branches. The bank requires a down payment of at least 50% and will lend a maximum of 600,000 US$.
Alternatively it may be possible to obtain a mortgage secured on property in your home country. Many leading European banks now offer this faciltiy.
Some developers on Phuket Island offer long term payment plans for house purchase, extending payment over 5 or even 10 years with a 50% down payment.
Many property owners choose to rent their villas or condominiums and rental return is comparitively high. Phuket Ocean Villas offer a full management service and will be pleased to assist you with all aspects of renting your property.
Foreign nationals from many countries can enter Thailand on a 30 day tourist visa which can be obtained on arrival in Thailand. An extension can be applied for at the immigration offices in Phuket city and Patong. Longer tourist visas can be obtained by applying to the Thai Embassy in your home country before you leave.
If you wish to work in Thailand you will need to obtain a non-immigrant 'B' visa. This must be applied for at a Thailand consulate or embassy outside of Thailand and you will need to have a letter from your employer detailing your offer of work in Thailand.
After a non-immigrant 'B' visa has been obtained the holder may apply for a work permit to work in Thailand.
Retirement visas are available to people who wish to retire to Phuket. The Immigration Department offers retirement visas for people over 50 years old. The retirement visa prohibits employment but allows you to live in Thailand.