Property Ownership In Hua Hin
Hua Hin has increased its popularity and become a front runner as the second best home destination in Thailand. Along with the boom in the real estate market is the increase in buy & rent property in Hua Hin.
If you are looking to buy a property in Hua Hin you can approach one of the countless of real estate agents in the area. There are plenty of buy & rent property in Hua Hin to choose from. It is therefore essential that you should know what to choose and what to avoid. There have been a lot of developments in Hua Hin so now would be the right time to decide whether you would want to buy that property.
Thai law on foreign property ownership
If you are a foreigner and are seeking to own a land in Thailand, you might be dismayed with the news that it is impossible for you to own one. There is a frequent change in laws regarding foreign ownership of properties in Thailand. Recently, people found a loophole in the legislation allowing shell companies to buy land. This was closed. These shell companies are now undergoing investigation as well as their shareholders. Foreign buyers in Thailand are advised to lease a property for at least 30 years by real estate agents. This option though is not exclusively advantageous as you still do not technically own the strip of land.
Laws regarding the purchase of condominium on the other hand are a bit more relaxed. However, you need to carefully read the small prints in order to find out your entitlements and what the purchase procedures are. If you are buying the condominium under a Thai name which maybe your Thai spouse, you still have to sign a document stating that the money used for purchasing is not entirely yours. You also have to acknowledge that you have no legal claim to the property.
Buying properties in a foreign land might be a daunting task if you are seeking to permanently reside in the country. You may need to seek the counsel and advice of experts in the industry to help you out.