Are Foreigners Allowed to Buy Property? How Do I Protect My Investment?
Only Thai citizens are allowed to buy land however foreigners are able to own condos and structures including a house. If you are interested in buying a house or land, there are three common ways to do so. The first is to do a 30 year lease with an option to renew. This can be done at the Land Office and it includes having your name written on the title deed. A lawyer is recommended to make sure the lease agreement is recorded correctly. The second way to protect yourself is to do a usufruct. This option gives you the right to use the property for your lifetime and it is quick and inexpensive. The third way is to purchase the property in the name of a company. This is much more complicated, especially if there is a foreign director. You will also need to have to have an accountant file yearly returns. If you are considering buying a house or land, we highly recommend looking at the pros and cons of these three options and consulting with one of our experts.
Renting a house in Chiang Rai is the easiest way to test the waters and see if Chiang Rai is for you. Rental houses can be found for as little as 5,000 baht per month. Typically the owner wants a long term contract - 6 months minimum but usually a year.