Purchasing Phuket real estate may appeal to any foreigner looking for an investment, whether for investment or for business purposes. In fact, the option to purchase Thai property has increased in popularity amongst European and American alike in recent months as a result of higher yields compared to elsewhere in the world. Phuket is a desirable country as a result of its hospitality and laid back lifestyle, but if you do want to purchase Phuket real estate then you will require proper legal assistance and guidance.

Legal Restrictions

There are many legal restrictions associated with Thai real estate. They largely depend on the type of property you want to purchase:

Land ??? Legally, no foreigner is allowed to purchase land. They are restricted to owning the physical structures only. The law however does make provisions if you wish to purchase land for development. You could either purchase the leasehold for 30 years with an option of renewal or purchase the land in the name of your existing company. It would have to be a Thai Limited Company though and the funding would have to come directly from the company???s provable income and not you.

House ??? Purchasing a house is slightly easier than purchasing land even though the same rule applies for this form of Thai property as for land. You are not able to hold the land???s freehold at all as it has to be leasehold. If you have a Thai spouse then he or she can own the freehold but in his/her name only as long as he/she can prove that the money used to purchase it was not yours.

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