PURCHASING A CONDOMINIUM ON A THAI COMPANY NAME
According to Thailand Condominium Act, a minimum of 51 % of living space can be sold to Thailand companies which are registered on the territory of Thailand. The Balance 49% of living space in any Condominium can be sold to ownership of foreign residents. However, in both cases the purchase is registered with the right of ownership under FREE HOLD.
Procedure of buying property on a Thai company name
It is very easy to register a Company in Thailand. The documents are registered in the way that the Foreigner have total security and protection. All companies in Thailand are recognized by World Trade Organization which gives free control on them from anywhere in the world. The World Trade Organization is an intergovernmental organization which regulates international trade. The investors are protected and their investments are very safe.
The procedure of purchasing property in the name of a Thai company is ideally worked out and there is no danger for foreigners. This method has been working for more than 30 years already, so the purchase is registered with the right of ownership of Thai company. It means that the Condominium belongs to the firm which is possessed by the foreigner.
The advantages of owning the Condominium on a Thai Company name are as follows:
1. This is the best option if Return on Investment is the only criteria to purchase the Condo. The price in THB is lower than the prices in international currency and this rule is true for about 75% of deals. The spread can vary from 2% up to 10%.
2. It is possible to buy many apartments in the name of one Thai company, as many as you wish. It is very profitable for you if you plan to buy several condos and then rent them out. The price of the condo doesn`t depend on the name or the status of the holder. Moreover, you have an opportunity to move to Thailand in order to administrate your property.
3. In this case you will be eligible for long-term visa and work permit. It is easier to get a Long-Term Visa when you have a Company registered here in Thailand.
4. If you buy property on a Thai company name you don`t have to provide the document showing that the money were brought from another country. That means that you can use any method of payment which is convenient for you. You can use your off-shores, credit cards or even cash.
5. The biggest advantage of Purchasing a Condo under the Thai Company is there is no Transfer Taxes of 6.6% on re-sales. This is one reason why foreigners chose topurchase the Condo under the Thai name over the foreign name here.
6. This particular Company which is being formed to purchase the Condo can be used for other business activities too. With the establishment of ASEAN, this company can be used to run business in all the ASEAN Countries which includes developed economies like Singapore and Malaysia. The other countries apart from Thailand are Indonesia, Cambodia, Burma, Laos, Brunei, Vietnam and Philippines. With the ASEAN acts becoming tougher, it will slowly become to open a company in the future.
7. Thailand has huge potential of Business and we as a company shall assist the Buyer with every kind.