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Chanote titles are accurately surveyed, plotted in relation to a national survey grid, and also marked by unique numbered marker posts set in the ground.

It is the long term goal of the Land Department, that all land in Thailand will be covered under the Chanote title system.

A foreigners lease rights are formally recognized by the Thai Law.

The two documents above are the easiest titles to transfer ownership.

Avoid any other ownership documents.

Thai Property Taxes

The main types of tax levied on Thailand property are:

Thailand is based upon reliable ownership alternatives for foreigners in accordance with the Thai laws and recommended by the Thai Government.

Owning a Condominium in Thailand

Foreigners are allowed to purchase Condominiums in Thailand.

Buying http://pattayaBayRealestate.com to the Articles of Association, the use of two tiered stocks ( ie. One original set is kept in the District Land Office where the registration of land transfer takes place.The other original set is given to the owner of the land. The foreigner may also be given the option to purchase the land should the law in respect of foreign ownership of land change in the future.

In order to be enforceable, any lease for a period of longer than three years must be registered, which involves payment of a registration fee and stamp duty based on a percentage of the rental fee for the whole lease term.

Limited Liability Company

This form of purchasing property has been popular with foreign investors as The Articles of Association can be varied to allow greater protection for foreign minority shareholders where majority Thai ownership is required under Alien Business Law.

Thai law requires that 51%of the shares be held by Thai juristic persons, however, any company with more than 40% foreign interest that purchases land will be investigated by the Central Land Office in Bangkok ( under Section 74 of the Land Code )

to ensure that the company has not been organized in an attempt to circumvent the prohibition against foreign ownership of land.

This takeover procedure must, of course, be administered by a law firm.

All documents are in the Thai language, but English translations can be provided and notarized

Land Title Deeds

The Title Deed (Chanote) is the purest form of land ownership. One does not actually buy the property; one buys the directors shares and is installed as the Companys sole executive director, thereby taking over full control of the company and its asset, the property.

In order to make the purchase of a condominium, foreigners are required to transfer funds from overseas with funds denominated in foreign currency.

Once the funds are are transferred, they are required to be marked as a condominium purchase and needs to be verified through obtaining an FET Foreign Exchange Transfer or what is known as a Tor Tor Sam document from the receiving bank in Thailand.

The FET document is required when transferring the Title Deed at The Lands Department.

The purchaser is then issued with a certificate of ownership.

Owning a House & Land In Thailand

Ownership of land is governed by the Land Code BE 2497 (1954)The Civil & Commercial Code, Land Reform for Agriculture Act BE 2518 ( 1975 ) & the regulations set forth by the Ministry of The Interior.

Although Thai Law prohibits foreigners from owning land in Thailand, there are various ways in which you can structure and establish a controlling interest in a Thai Company that owns the land, or owns a lease for the land in your own name, all complying with existing Thai Law.

Long term leases of land are the most common way to purchase a house and land in Thailand for foreigners today.

http://pattayabayrealestate.com/legal-information

The land lease is executed and registered once, after which very little legal maintenance is required.

You can have a 30 year lease which is registered at the Land Office; with a prepaid option to renew for a further two periods of 30 years each