Phuket Real Estate

It is not surprising the many Westerners have decided to make Thailand their home. What draws them in is not the urbanized lifestyle of Bangkok but the laid back lifestyle offered by places like Phuket.

This island province has in fact become the most popular destination in Southeast Asia not only for tourists but for expats as well who want to enjoy life on a beautiful tropical island.

Phuket Condominium

What makes Phuket attractive to foreigners is that it also has all the facilities and amenities they are used to back home.  Phuket has its own international airport, world-class health facilities, international schools, excellent roads, superb marinas, and numerous real estate development projects. Many foreigners now own a piece of Thailand by purchasing Phuket condominiums.  Thailand laws do not permit foreigners to own land however, they are allowed to build and own structures on leased land. Understandably, this kind of set-up is not too attractive to many foreigners.

With the implementation of The Condominium Act of B.E. 2522 (1979) foreigners are now able to gain freehold ownership of Thai real estate.

This law allows foreigners to own up to 49% in terms of area of a condominium project. The condominium title gives them exclusive ownership of the property for an indefinite period in contrast to a leasehold which only grants them the right to occupy property for fixed term.

The act grants condominium ownership to both foreign individuals and corporations. This privilege is given to those who are permitted residency in Thailand based on the Immigration Act and the Investment Promotion Act.  In addition, foreign nationals who simply want to invest in a Thai condominium may do so as well.  Corporations that bring foreign money into Thailand, those which are registered with the Thai government, and those promoted by the Thai Board of Investment are also allowed to purchase condominiums in Thailand.

The Thai government has made the process easier by putting in place a system by which foreigners can remit money from abroad specifically for condominium payments.  Only remittances in foreign currencies are accepted and once received, it is then converted into Thai Baht by a local Thai bank.

A foreign buyer has two options when making his condominium payments; one is by  transferring money into the account of the buyer at a local Thai bank then executing a domestic transfer to the developer; the other is by sending the money directly to the developer’s account.

The Department of Lands in Thailand requires proof which shows that the money from overseas has been sent; otherwise it will not allow the transfer of ownership to be registered.

A Phuket condominium has become a very popular investment option for foreigners not only because of Thai statutes that have streamlined the payment process, but more importantly because of their high value for money.

If you are foreigner interested in purchasing a condominium in Phuket or in any other location in Thailand, it is best to seek the advice of a reliable and competent lawyer.

Siam Legal International is a highly reputable law firm which specializes in providing legal services to expatriates in Thailand.  Our real estate lawyers will make sure that you are protected from questionable deals and unscrupulous sellers.  They will also give you advice on the kind of Phuket condominium investment that is best for you.  With our local and foreign attorneys, you can make sure that your real property transaction is in good hands.

Why not talk to one of our lawyers today?