
Foreign ownership in Bangkok allows foreigners to own condominium units directly. This ownership type contrasts with leasehold rights, where foreigners can only lease land or property for a term, typically not exceeding 30 years.
In contrast, foreign freehold ownership grants the buyer full ownership of the property indefinitely.
Foreign ownership features include the right to sell the property to any buyer, which is not always possible with leasehold properties where the lease must be transferred. Foreigners can inherit freehold properties, whereas leasehold rights might not automatically transfer to heirs.
Foreign owners can also register the property in their name at the Land Department, unlike in some leasehold situations where the property remains in the landowner’s name.
Common features of foreign ownership include the limitation that foreign nationals can only own up to 49% of the total area of a condominium project. Foreigners must remit funds to purchase the property in foreign currency, which the receiving bank must then convert to Thai baht.
Property taxes and fees apply to foreign owners, similar to Thai nationals, including transfer fees, stamp duty, and annual property taxes.
Unusual features of foreign ownership involve the possibility of participating in certain property investment funds that allow indirect ownership or benefit from property value appreciation. Some developers offer leaseback programs, promising rental income to buyers for several years.
Foreign ownership in specific economic zones comes with incentives, such as extended leases or easier visa processes.
Unique features exclusive to foreign ownership in Bangkok include ownership in designated luxury projects that cater specifically to foreign investors, often with premium services and facilities. Some condominiums offer ownership structures that comply with international legal standards to attract foreign buyers.
There are bespoke concierge and management services for foreign owners, ensuring a seamless experience in property management and investment.
Comparing foreign ownership with similar concepts like leasehold, the distinction lies in permanence and rights. Foreign freehold ownership offers a deeper level of security and autonomy over the property, reflecting in its popularity among international investors looking for a straightforward and lasting investment in Bangkok’s real estate market.
For further detailed definitions and explanations on terms used in this context, consider consulting the glossary about Bangkok real estate.