Tuesday, August 3, 2010
Sunday, July 11, 2010
legal
Buy Land
A. How can a foreigner acquire a land in Thailand? Foreigners are generally not allowed to own land in Thailand, even though the Land Code, since it was first promulgated in 1954, has provided that foreigners may own up to one Rai (1,600 square meters) of land for private residence, but only upon being granted approval by the Minister of the Ministry of Interior. This approval has practically never been given. However, though Thai Property Laws prohibits a foreigner from owning land in Thailand, there are five alternatives on how a foreigner can acquire land, as follows:
1. Through a Thai Limited Company***
A foreigner may own a land in the name of a Thai company provided that majority of the shares are Thai owned (at least 51% of shares are Thai and 49% are foreign). A foreigner is allowed to have effective management and control of this company and therefore, has a secure freehold ownership over the land. (see***)
2. Investment (BOI)
A foreigner, who invests 40 million Baht for no less than 5 years, is entitled to buy up to one rai (1,600 square meters) of land for residential purposes. Permission from the Ministry of Interior must be obtained.
3. By marriage to a Thai
In 1999, Thai property law, concerning a Thai whose spouse is foreign, has been amended for a favor of a Thai with a foreign spouse. Such couple may now legally own a land in Thailand. Nevertheless, a land must be registered under a name of a Thai. Also, a foreign spouse must sign a declaration stating that the funds using to buy a land is of a Thai spouse, so that he/she waives his/her right to the ownership of land.
4. LeaseLeasing is another option for a foreigner to acquire land. The maximum duration of a lease under Thai property law is 30 years, with a possibility to renew again (for another 30 years) if agreed. This is the least complicated option for a foreigner to have a right of usage of land. The land lease over 3 years must be registered at the Land Department.
5. Structure OwnershipA company or the Thai spouse of a foreigner may grant a Right of Superficies in favor of the foreigner, giving him the right to personally own all constructions situated on the land. By using this possibility, a foreign individual can be registered as the owner of a house without owning the land. The Right of Superficies can be conceded for a period of 30 years and can be renewed for another 30 years (but not automatically).
NOTE: Before buying land, an essential step to the process is to conduct a “Title Search”. Since there are different levels of land title deeds, it is recommended to verify with the Land Department the type of title deed of the land in which you are interested to acquire and its legality. This step would provide more information about the land; for instance, whether it is under any obligation. Also, due to a real estate boom in Thailand, some counterfeit title deeds have been found. It is strongly recommended to conduct a “title search” to avoid any unappreciated surprise in the future.
B. Categories of Land Title Deeds
Land title deeds in Thailand are divided into 4 categories as follows:
1. Freehold Title Deed (Chanote or Nor Sor 4)
This type of title grants the holder of this document the full right over the land. The holder has absolute authority over the land. Thus, if you are planning to buy land in Thailand, this type of title deed is the best option.
2. Nor Sor 3 Gor
A land awaiting a full title deed is granted the document Nor Sor 3 Kor. The land is measured by the Land Department; therefore, it has its exact boundaries. The owner knows exactly what he owns. This type of land may be sold, transferred, or mortgaged, as a land with freehold title deed (Chanote). The owner of the land may file a petition to the Land Department demanding to change it to a full title deed (Chanote), and the Land Department may do so if there is no opposition made against the petition.
NOTE: The person whose name appears as the owner of Nor Sor 3 Kor has a right to transfer, sell, dispose of and mortgage the Land upon registration with the relevant local land department in accordance with the Land Code and other regulations, notifications and announcements relating to it. Any transaction in connection with the real property (except where the lease is not more than 3 years) must be registered with the relevant local land authority and will be shown at the back of Nor Sor 3 Gor.
3. Nor Sor 3
Same as Nor Sor 3 Gor except that the land with Nor Sor 3 has never yet been measured by the Land Department; hence the land has no exact boundaries. However, Nor Sor 3 may later be switched to a Nor Sor 3 Gor, then a freehold title deed (Chanote) in the future.
4. Possessory Right
This type of title deed is the least recommended. A land with a possessory right has never been substantiated by Department, but is only recognized by tax payments at the Local Administrative Office.
***Although Thai Law stipulates that a foreigner may not own land in Thailand, there is an alternative step of owning a land in Thailand. This involves registering a Thai Limited Company. A Thai Limited Company means that 51% or more of the company must be owned by Thai Shareholders (the remaining shares may be held by non-Thais). This “Thai” company may then legally purchase land in Thailand.
We recommend foreign investors to form a “Thai Company Limited” because the Articles of Association of this form of Company can be varied to allow greater protection for foreign minority shareholders where majority Thai ownership is required under the applicable Law. The Article of Association can be changed to authorize the foreigner to be the sole director of the company, and the only person of the company who can commit or bind the company in any contractual dealing (buying or selling land), effectively giving the minority shareholders control over the company.
By following the above procedures the foreigner would control the company and the company owns the land, for this there is no need of recorded funds from overseas.
A. How can a foreigner acquire a land in Thailand? Foreigners are generally not allowed to own land in Thailand, even though the Land Code, since it was first promulgated in 1954, has provided that foreigners may own up to one Rai (1,600 square meters) of land for private residence, but only upon being granted approval by the Minister of the Ministry of Interior. This approval has practically never been given. However, though Thai Property Laws prohibits a foreigner from owning land in Thailand, there are five alternatives on how a foreigner can acquire land, as follows:
1. Through a Thai Limited Company***
A foreigner may own a land in the name of a Thai company provided that majority of the shares are Thai owned (at least 51% of shares are Thai and 49% are foreign). A foreigner is allowed to have effective management and control of this company and therefore, has a secure freehold ownership over the land. (see***)
2. Investment (BOI)
A foreigner, who invests 40 million Baht for no less than 5 years, is entitled to buy up to one rai (1,600 square meters) of land for residential purposes. Permission from the Ministry of Interior must be obtained.
3. By marriage to a Thai
In 1999, Thai property law, concerning a Thai whose spouse is foreign, has been amended for a favor of a Thai with a foreign spouse. Such couple may now legally own a land in Thailand. Nevertheless, a land must be registered under a name of a Thai. Also, a foreign spouse must sign a declaration stating that the funds using to buy a land is of a Thai spouse, so that he/she waives his/her right to the ownership of land.
4. LeaseLeasing is another option for a foreigner to acquire land. The maximum duration of a lease under Thai property law is 30 years, with a possibility to renew again (for another 30 years) if agreed. This is the least complicated option for a foreigner to have a right of usage of land. The land lease over 3 years must be registered at the Land Department.
5. Structure OwnershipA company or the Thai spouse of a foreigner may grant a Right of Superficies in favor of the foreigner, giving him the right to personally own all constructions situated on the land. By using this possibility, a foreign individual can be registered as the owner of a house without owning the land. The Right of Superficies can be conceded for a period of 30 years and can be renewed for another 30 years (but not automatically).
NOTE: Before buying land, an essential step to the process is to conduct a “Title Search”. Since there are different levels of land title deeds, it is recommended to verify with the Land Department the type of title deed of the land in which you are interested to acquire and its legality. This step would provide more information about the land; for instance, whether it is under any obligation. Also, due to a real estate boom in Thailand, some counterfeit title deeds have been found. It is strongly recommended to conduct a “title search” to avoid any unappreciated surprise in the future.
B. Categories of Land Title Deeds
Land title deeds in Thailand are divided into 4 categories as follows:
1. Freehold Title Deed (Chanote or Nor Sor 4)
This type of title grants the holder of this document the full right over the land. The holder has absolute authority over the land. Thus, if you are planning to buy land in Thailand, this type of title deed is the best option.
2. Nor Sor 3 Gor
A land awaiting a full title deed is granted the document Nor Sor 3 Kor. The land is measured by the Land Department; therefore, it has its exact boundaries. The owner knows exactly what he owns. This type of land may be sold, transferred, or mortgaged, as a land with freehold title deed (Chanote). The owner of the land may file a petition to the Land Department demanding to change it to a full title deed (Chanote), and the Land Department may do so if there is no opposition made against the petition.
NOTE: The person whose name appears as the owner of Nor Sor 3 Kor has a right to transfer, sell, dispose of and mortgage the Land upon registration with the relevant local land department in accordance with the Land Code and other regulations, notifications and announcements relating to it. Any transaction in connection with the real property (except where the lease is not more than 3 years) must be registered with the relevant local land authority and will be shown at the back of Nor Sor 3 Gor.
3. Nor Sor 3
Same as Nor Sor 3 Gor except that the land with Nor Sor 3 has never yet been measured by the Land Department; hence the land has no exact boundaries. However, Nor Sor 3 may later be switched to a Nor Sor 3 Gor, then a freehold title deed (Chanote) in the future.
4. Possessory Right
This type of title deed is the least recommended. A land with a possessory right has never been substantiated by Department, but is only recognized by tax payments at the Local Administrative Office.
***Although Thai Law stipulates that a foreigner may not own land in Thailand, there is an alternative step of owning a land in Thailand. This involves registering a Thai Limited Company. A Thai Limited Company means that 51% or more of the company must be owned by Thai Shareholders (the remaining shares may be held by non-Thais). This “Thai” company may then legally purchase land in Thailand.
We recommend foreign investors to form a “Thai Company Limited” because the Articles of Association of this form of Company can be varied to allow greater protection for foreign minority shareholders where majority Thai ownership is required under the applicable Law. The Article of Association can be changed to authorize the foreigner to be the sole director of the company, and the only person of the company who can commit or bind the company in any contractual dealing (buying or selling land), effectively giving the minority shareholders control over the company.
By following the above procedures the foreigner would control the company and the company owns the land, for this there is no need of recorded funds from overseas.
Monday, June 28, 2010
Dinn deang noi,Krabi Thailand
25 rai rubber tree 10 year panoramic views near Tha lane bay just 10 minuts from Ao nang beach
chanote
electricity;yes
mobile;yes
water;yes
15 million THB
Contact;teedinnkrabi@gmail.com,hamakko3@gmail.com
mobile;+6682462866
chanote
electricity;yes
mobile;yes
water;yes
15 million THB
Contact;teedinnkrabi@gmail.com,hamakko3@gmail.com
mobile;+6682462866
Wednesday, June 23, 2010
old house for sale baan nai rai krabi, Thailand
1 ghann 30 tarangwa with old house at tumbon Nhong ta lay ,Maung krabi just 10 minuts from Ao Nang beach 5 minuts from Klong Moung beach
Shock price
Contact;hamakko3@gmail.com,teedinnkrabi@gmail.com
Shock price
Contact;hamakko3@gmail.com,teedinnkrabi@gmail.com
Monday, June 21, 2010
Bann nai rai Krabi,Thailand
16 rai plamm oil tree REDUCE price!
chanote
etectricity;yes
mobile;yes
water;yes
contact:teedinnkrabi@gmail.com,hamakko3@gmail.com
+66824862866
Tha lane ,Krabi Thailand
116 rai beutiful ocean views and panoramic views just 20 minuts from Ao nang beach krabi,Thailand
nor sor samm
etectricity;yes
mobile;yes
water;yes
contact; hamakko3@gmail.com,teedinnkrabi@gmail.com
+66824862866
nor sor samm
etectricity;yes
mobile;yes
water;yes
contact; hamakko3@gmail.com,teedinnkrabi@gmail.com
+66824862866
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