The Essential Thai Property Regulation states that land must be owned by a Thai resident or super durable occupants (with an exception for BOI organizations). As a result, 51% of all salable units in a row house are for Thai nationals (Thai part) and 49% are for outsiders (unknown part). The moment one buys a pattaya property for sale, sold as part of the Unknown Default, one is entering into an extended freehold agreement, with full ownership in the name.
Tragically, outsiders cannot claim land in this frame of mind (obviously, one has figured out how to achieve the extremely durable occupant status). As such, the land acquisition must be 51% listed with the Thai public or purchased through a Thai organization, where at least 51% of offers must be undertaken by Thai investors. However, this does not mean that one cannot buy a house and easily live on said land. There are alternative strategies to get around this, which we’ll cover in a second, but first, we should look at how land is valued in Thailand:
What is the average store value and is it refundable?
When buying a property in Pattaya, Thailand, the normal price paid will be 10% of the unit cost, which can be moot depending on who one works with. As a rule, the contract will detail the store’s circumstances and situation and the balance portion will be paid within the contract term, with the stores going for the general installment amount. If one chooses to buy another property after signing the contract, one will, however, lose the store.
Moving money from abroad
When moving money from abroad to Thailand, the most ideal way to do this is to transfer it in money first (e.g. GBP, USD) and then convert it to Thai Baht (THB). Likewise, one will need a Will of Unknown Trade or Structure of Trade Unknown Exchange. It is ready authority file under BOT guidelines to report unknown money trading in Thailand.
Can a stranger at any time obtain credit?
There is confusion that outsiders cannot get credit or mortgages in Thailand, but this is not true. It is certainly feasible for outsiders to get property support in Thailand, however, the circumstances are quite prohibitive, and more often than not outsiders become underwriters of the Thai buyer (spouse or lifelong friend).
