Phuket Real Estate

Phuket is Thailand’s largest island.  It is best known for its white powdery beaches and excellent diving sites but it also boasts of tropical forests and limestone cliffs.

Aside from these natural attractions, the strong blend of Chinese and Portuguese influences has resulted in a style of architecture that is uniquely Phuket which delight visitors from both near and far.

Phuket Real Estate

In addition to its whimsical charm and natural offerings, Phuket also has world class facilities and amenities.  This highly urbanized town has its own international airport, five-star hotels, business and shopping centers, international schools and excellent health facilities.  Tourism is Phuket’s main industry and in recent years, it has also become the retirement destination choice for many American and Europeans.  With the influx of westerners into the area, foreign ownership of real estate in Phuket has likewise increased.

In Phuket, as with the rest of Thailand, foreign ownership of real estate is limited to condominiums and structures built on Thai-owned land.  However, there are several methods by which they can still acquire real property and the most common among these is through the establishment of a Thai limited company.

A foreign investor can set-up a Thai limited company with Thai partners as majority shareholders.  Such companies require a minimum of 7 different shareholders but just one director who can be a foreigner.  In order to be eligible for Phuket real estate corporate ownership, 51% of the shares must belong to Thais and only up to 49% to foreigners.

As Thai law does not specify that one share must equal one vote, Thai limited companies issue classified shares.  There are A-Shares or “ordinary shares” which entitle holders to one vote, and B-Shares which require holders to have multiple shares to get one vote.  A foreigner then subscribes to all the A-shares becoming a minority share holder but with voting rights empowering him to gain control of the company which is what he needs to be able to acquire real estate in the name of the company.

Phuket real estate corporate ownership may be facilitated with the help of a legal professional who can assist a foreign client from the setting-up of a Thai limited corporation and the performance of due diligence on a property to the subsequent closing of the real estate transaction.

Siam Legal International is a reputable law firm that offers excellent legal assistance to foreigners interested in Phuket real estate corporate ownership.  Our local and foreign lawyers specialize in providing our clients with valuable real estate advice as well as full assistance in all areas of their property transactions.

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