welcome to mission heights
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buying property
Buying property in Phuket.
So how would you go about such an investment? Aren't there laws to limit foreign ownership of property? Yes, there is a law to limit foreign purchase of freehold land, but beyond that you are free to purchase (as a non Thai, in your own name) any building or improvement on a piece of land, transferable (Saleable) lease rights over that land. Furthermore, subsequent to an amendment to the Condominium law five years ago 49% (and in certain buildings 100%) of the units in the condominium may be purchased directly by foreign nationals.
Purchasing a condominium is the easiest, simplest transaction, provide that an allocation remains with the 49% allowance and the funds for the purchase have been remitted from abroad and correctly recorded as such by a Thai bank. In popular buildings, you will often find that more than 49% of the units have been sold to foreign buyers, who have taken the unit through either some form of lease or nominee corporate structure. The foreign freehold is definely the preferred structure for purchase of a Condo; if you do choose another structure of ownership, have it checked carefully (since most are likely to have tax or other implications that are not immediately apparent); certainly look for a price less than the freehold equivalent.