04 Mar 2023
Foreigners are allowed to own villas and houses in Phuket, Thailand. However, there are some restrictions and regulations that they must follow.
Under Thai law, foreigners cannot own land in their name. However, they are allowed to own buildings on the land, such as houses and villas. This is done through a leasehold agreement, where the foreigner leases the land from a Thai person or company for a maximum of 30 years. The lease can be renewed for two additional 30-year terms, giving a total of 90 years.
Another option for foreigners is to set up a Thai company and have the company purchase the land and property. The foreigner can then own up to 49% of the shares in the company, allowing them to have a controlling interest in the property.
It is important to note that there are certain restrictions on foreign ownership of land and property in Thailand. For example, foreign ownership of land is limited to 49% of the total land area in a condominium project. In addition, there are restrictions on the location of properties that can be owned by foreigners, especially in certain areas that are considered to be of national security importance.
Therefore, it is important for foreigners to seek the advice of a reputable lawyer or real estate agent who is familiar with the regulations and procedures related to foreign ownership of property in Thailand, especially in Phuket.