Can a foreigner own property in Phuket?
Under current law a foreigner can own the freehold to a building and a unit in a regiustered condominium. A foreigner cannot own land on a freehold basis. Instead the land is sold leasehold for a period of 30 years. Most developers will lease the land for 30 years, extendable in two parts upto a total of 90 years at nominal charge. Most include an option to buy the land should Thai law change and freehold ownership become an option in the future.
Yes, and many already enjoy the benefits of owning property in Phuket. Thai law permits foreign nationals can own buildings (as distinct from land), a unit in a registered condominium, and a registered leasehold of up to 30 years on land. They may not own land on a freehold basis. Typically many developments on Phuket will offer a 30 year lease accompanied by two options to renew the lease, giving a total of 90 year leasehold ownership. Often there is an option to allow the owner to purchase the land directly should Thai law change to permit direct foreign ownership of land. Alternatively if a foreign owner is going to do business in Thailand then they can purchase land through their Thai Limited Company. As with purchasing property in any part of the world, we strongly recommend you seak proper legal advice before signing contracts. There are a number of law firms on Phuket who offer speak English (and other major languages), please feel free to contact us for some recommendations.
