Thailand Long Term Lease
If a foreigner wants to stay in Thailand for a significant period of time but owning a condominium outright is not among his options but renting or leasing is then he has to consider the following realities that are attached with renting or leasing a property in the Kingdom.
Long Term Leases in Thailand
A foreign national may opt to acquire a property for a long term lease which is highly possible because non-Thais are allowed to have long term leases in the Kingdom. However, he must bear in mind that the 30+30+30 or the 90-year lease that some lessors may offer him are improbable because the longest term available for leases is only 30 years although the lessee and the lessor may negotiate or may agree for the renewal of lease after the expiration of the initial term, lease extensions are not automatic.
What can happen is that they will renegotiate just before or upon expiration of the initial lease. If they will be able to agree for another lease term, the new lease period should also be registered just like the initial term.
Purchasing a condo or apartment leasehold
Under the Condominium Act of 1979 as amended 2008, a foreign national may purchase a condo unit on freehold if the total foreign ownership of the development in which the unit to be bought belongs to has not reached 49% yet. If the cap has been reached, the foreign national can still opt to acquire a condominium unit but only through a lease and not outright ownership.
The Right of Superficies
If the foreigner really wants to live in a detached property, he may still do so. What would happen if he would acquire the land for a long term lease and obtain a "right of superficies" from the lot owner. This way, he may not own the lot but through the right of superficies, he will be given the right to build a house on the property. This house will be owned by him (the foreigner) but the ownership of the land remains with its lessor.
|Thailand Property Related Information|
|Buying a Condo||Thai Title Deeds|
|Property Taxes in Thailand||Long Term Lease|
|Condominium Ownership||Thailand Property Services|
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