Exploring property ownership in Thailand as a foreigner might seem a bit intricate, but fear not: There are legal avenues that not only respect local regulations but also allow you to protect your investment alongside your Thai spouse or partner.
In Thailand, the rules generally restrict foreigners from directly owning land. However, there’s a silver lining – alternative methods exist for joint Thai/foreign land occupation that ensure your peace of mind.
One such effective approach involves legal structures like Usufruct and Superficies. These grant you the right to enjoy the land and any structures on it, all while keeping the Thai citizen as the legal owner. Usufruct lets you revel in the property without changing its essence, and it can be registered for up to 30 years, with the option to renew. Superficies, on the other hand, allow you to own buildings on someone else’s land for a maximum of 30 years, also renewable.
And let’s not forget the importance of a Last Will and Testament. This legal document ensures that your property rights are well-defined and protected in case of unexpected events. It lets you specify how you want your property to be handled after you’re gone, providing a safety net for your investment.
Just a heads up – your Will from your home country is not recognized in Thailand. It’s a good idea to consider the future carefully, as unexpected circumstances can leave the surviving foreign spouse or partner vulnerable to evaluations by the Thailand Revenue Office.
While we anticipate new regulations, it’s wise to stick to the tried-and-true legal structures for now. For expert advice and a helping hand in securing your investment and happiness, reach out to Isan Real Estate Co., Ltd. at www.isanrealestate.com.
And remember, consulting with a lawyer or professional is the key when dealing with these matters. Cheers to your investment journey!
Author: Ernie Draper, Managing Director, Isan Real Estate Co., Ltd.
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