New Property
Park Lane Jomtien Resort
Visit our 1millionbaht.com to view this successful development. Start price: 1 Million Baht for 36 sq.m. fully furnished apartments with 1600 sq.m. Lagoon Swimming Pool.
The Apartment Buildings occupy a strategic position with walking distance to Jomtien Beach, only 600 meters to Sukhumvit Road and within 5 minutes you can reach some of the regions finest restaurants, shopping centers...
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How-to Buy
Freehold ownership of a condo for foreigners is allowed by Thai law. A condominium block may be of 49% of non-Thai ownership, if the proper condominium license has been acquired by the developer, this can rise to 100%.
The overseas buyer has two possibilities of owning property in Thailand, these are the freehold or leasehold options. If a condominium is still ...
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Thai Real Estate Status
The Thai property market and specific the Pattaya Jomtien market seems to be subject without a tangible outcome when reading publications be it on- or offline. There is much speculation, opinion, tension and contradiction.
Just a few facts: The property market is not slow. The saturation point is not reached and no, Malaysia will not convince anybody with their 10 year homeowner visas to buy a house in Kuala Lumpur instead of lively Pattaya, because the people of Kuala Lumpur keep coming to Pattaya, whenever...
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Buying Property and Land in Thailand
To be aware that there are restrictive rules in place when purchasing property in Thailand is a must to be able to comply with the regulations and to protect also your own interests. Land can be hold in your own name only for residential purpose and the size of the property may not exceed 1 RAI. To be able to actually profit from this rule you would have to fulfill the following criteria:
Not less than 40 million Baht for investments purpose must be transferred into your bank account in Thailand and you cannot resell the property for the first five years;
The Minister of Ministry of Interior has to grant permission;
The capital you bring into the Kingdom has to be invested in one of the following businesses or activities;
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To purchase bonds of Thai Government, bonds of Thai National Bank, bonds of State Enterprise or bonds which the Ministry of Finance secures the capital or interest,
- An investment in a property mutual fund or a mutual fund for resolving financial institution problems established under the law on Securities and Stock Exchange,
- An investment in share capital of a juristic person who is granted permission of investment under the law on promotion of investment,
- An investment in an activity as declared by the Board of Investment to be an activity eligible to be granted promotion of investment under the law on promotion of investment;
High Quality investment opportunities for foreigners
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Further you need to acknowledge and follow up the following:-
The land to be acquired shall be located in Bangkok Metropolis, Pattaya City, or Tessaban (Municipality), or in the area specified as residential zone according to the law on Town and Country Planning and shall not be located in a military safety zone according to the law on Military Safety Zone;
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a foreigner, who is granted permission, shall utilize the land only for residence for his/herself and the family in a way that is not contrary to the local custom or good living of the local community;
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if a foreigner, who is granted permission to acquire such land, does not comply with the rules and conditions specified, he/she shall disposes of such land in the portion of his/her possession within the period of time specified by the Director General of the Department of Lands which shall be not less than one hundred eighty days and not more than one year. If the time limit elapses, the Director General shall have the power to dispose of such land;
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if a foreigner, who is granted permission to acquire such land, does not utilize the land for residence within two years as from the day the registration for land acquisition is made, the Director General shall have the power to dispose of such land.
Besides the mentioned rules and conditions, a foreigner may acquire land by inheritance as statutory heir, in this instance, the land devolved when combined with the land already acquired shall not exceed that specified by law, for examples, land for residential purpose not exceeding 1 Rai per household, land for commercial purpose not exceeding 1 Rai, land for industrial purpose not exceeding 10 Rais, and land for agricultural purpose not exceeding 10 Rai per household.
Individual holiday home buyers will be held back by the above listed regulations and will therefore purchase apartments or condominiums, instead of a house with land.
For foreign investors however that want to handle investments on a larger scale, the solution was the Thai special purpose company or SPV.
The SVP was established to comply with the Thai property ownership laws. The SVP has to fulfill the following criteria, otherwise you would end in the same old loop of restrictions:
- the registered capital held by foreigners is not more than 49 per cent,
- less than half of the shareholder numbers consists of foreigners
Dividing the company’s share capital into two different classes, which are ordinary and preference shares ensures that the controlling interest stays with the foreign investor. There is no law yet that handles the "controlling" factor. The distributed classes of shares are then assigned to the Thai and foreign investors in a way that the superior rights shares, which empower voting, liquidation distribution and dividend, are held by the minority foreign share holders, but keeping the number of foreigners within the limit.
The SPV then is able to » buy property and land in Thailand.
When selling the Thai SPV owned property, transfer taxes and fees which are deducted at source, are due. Transferring the foreign shares in the SPV to the new buyer instead, is beneficial if the buyer is also a foreigner. There is however the danger that the new buyer may end up buying shares that could bear the threat of fines and back taxes because the company has a taxation records mismanagement. For this reason this option is rarely chosen.
Managing a SPV efficiently, also for an uncomplicated resale purpose, it is vital that all tax related administration is up to date and thoroughly processed, as required by the Thai tax laws. Advisable is, to hire a professional accountant that sees to it that all is correctly audited and accounted for financial and taxation records. This enables you to prove that the SPV has no outstanding debts if you want to resell your shares and that the management of the SVP was handled professionally. The new owner will not only be purchasing property in Thailand, but will have an effective vehicle on his hands, to protect his ownership rights, even he/she is not a Thai national.
However this law was amended April 2007 by the military Government and you can find details about it on the Thai Real Estate Status page.
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Thai Real Estate News
Property markets are very sensitive everywhere and react to even the smallest changes on the economic, social, or political level of a city, or region or even a whole country will be affected. Questions rises: Why is Pattaya so different...
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SMS Iguana Group
To make swift and efficient feedback possible and to guarantee the highest level of service possible to our clients, we have chosen to implement this online SMS service.
Any questions you might have in regard to investing or the purchase of your domicile in Pattaya area, Thailand, will be answered within 24 hours.
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Testimonials
Read the Testimonials Iguana Group has received from Ross-Tara Co. Ltd., Obelisk International and Uni-Serv Co. Ltd., all well established and known in the Real Estate and Investment Market.
Obelisk International
We choose to collaborate with Iguana Group on the Pattaya Heights project for Obelisk International's first project in the Thailand market. The extensive experience ...
Uni-Serv Company LTD.
We at Uni-Serv Company Ltd. have been partnering Iguana Group within ...
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