Property Ownership in Thailand in general, and in Phuket specifically, is efficient and easy to understand. Every project will have a percentage quota for Freehold and Leasehold:
- at least 51% of the project will have to be owned in Leasehold Ownership or by Thai citizens;
- remaining (up to maximum of 49%) of the project can be in Freehold Ownership by Foreigners
This quota is calculated by the total area of the project (square meters).
As a foreign buyer, you can choose either Freehold or Leasehold ownership. Each property buyer will have 2 choices regarding their ownership when purchasing property in Phuket or in other provinces of Thailand.
This option is where you own your property outright forever and you are able to sell your property to the next buyer in Freehold Ownership.
Some buyers get confused, so to avoid further confusion:
If you own property in Freehold Ownership, you own all 100% of your property solely as a foreigner in Thailand.
The ownership fee will cost each buyer in the region of around 300,000 THB (less than US$10,000) paid one time with most projects. The registration fee when the unit is transferred from the Developer’s name to the buyer’s name is calculated at 3.3% from the purchase price.
This option is where you own your property for at least 90 years – 3 periods of 30 years each. Each buyer will go to The Land Department every 30 years to renew their ownership. There is no ownership fee to pay with the Leasehold option and if you did decide to sell your property then the new buyer would take on your property as Leasehold Ownership. The registration fee when the unit is transferred from the Developer’s name to the buyer’s name is calculated at 1.1% from the purchase price.
Buyers that are planning to have their property for a long time will often opt to go with the Freehold option. Buyers that have the intention of selling their property within the first 10 years will often go with the Leasehold option as it is cheaper. Both options are safe and very convenient for each buyer.
Special Visa Assistance
A special visa service is available for clients that purchase our luxury condominium projects in Phuket. This service aims to provide convenience and efficiency for our buyers moving to Thailand for long term without any headaches and a need to leave country periodically.
We assist our buyers with getting a long-term visa when purchasing property at one of our projects. This visa that we can supply for each buyer will be multi-entry Thai visas.
About “PhuketLux by RE/MAX CondoDee”
RE/MAX CondoDee has established and created PhuketLux with the whole main idea to provide overseas real estate investors with a security and piece of mind when they make their investment decision in Phuket. We have been visiting any and all development projects in Phuket finding those that are trustable and reliable with sizable financial potential.
Our high-end projects related to Phuket luxury properties offer you Rental Programs for a piece of mind and to get you a great return on your investment going forward.
See more details at our website www.PhuketLux.com
Call us: +66 6 1949-1426 (English) – also WhatsApp, WeChat, Hangout