BELOW ARE THE MOST COMMONLY ASKED QUESTIONS FROM BUYERS WANTING TO PURCHASE PROPERTIES IN THAILAND:
Q: What is the difference between Foreign Ownership and Thai Company Ownership?
A: If you purchase a property in foreign ownership, you will own the property in your name and the title deeds (Chanute) to the property will be in your name. If you purchase in Thai company ownership, which foreigners can legally do, then the property will be owned by the Thai company that you will set up. Setting up a Thai company for property purchase is very easy and inexpensive and only takes a few days to do, once the company is set up, then the property is placed into the company, this process is carried out by a lawyer. Although a foreigner can only legally hold 49% of the shares of a company in Thailand and the remaining 51% of the shares will be made up of Thais, whether by nominees found by the lawyer or personal Thai friends of the owner, the foreigner will be the only director and signatory of the company. The Thai nominees will be silent shareholders of the company and will not be entitled to any financial stake in the property/company whatsoever. When you decide to sell the Thai company owned property, you as the director will be the only person who can sell and as the director will receive 100% of the sale proceeds.
Condos can be purchased by a foreigner in either Foreign Ownership or Thai Company Ownership.
Houses and Land purchased by a foreigner can only be owned in Thai Company Ownership as a foreigner cannot legally own land in Thailand in their own name.
Q: Can I own a property 100% Freehold?
A: Yes, when you purchase a property through our company you purchase 100% freehold, we do not sell leasehold properties.
Q: Do I get a Residence Visa if I purchase a property?
A: No, this is a common assumption made by many. Buying a property in Thailand does not give the purchaser/owner automatic residency visa. There are different types of visas to allow you to stay in Thailand like retirement visas, work permit visas, student/study visas, etc.
Q: If I want to rent my new property, what rental yield will I get?
A: A typical rental yield on a condo here is 8-10% a year on a long term rental, slightly higher for holiday rentals.
Q: Can you offer me a full service beyond the sale?
A: Yes, we offer a before, during and after sales service, our company motto is “Service beyond The Sale,” once your property is completed, we offer a Property Inspection and Key Sign for Handover Service, a Furnishing and Soft Furnishing Service, as well as a Handover to Rental Company Service whereby once your unit is totally ready and equipped for rental, we conduct key and owner detail handover to either a long term rental agency or holiday rental agency who will then take care of the management and rental of your property on your behalf. Our owners are always our number 1 priority whether it be 1 month after purchasing, 1 year after purchasing or 10 years after purchasing ………… we will always be here to help you.
Q: Do I need to come to Thailand to sign the Purchase Contract?
A: If you are purchasing an off plan or new property everything can be done via email including the signing of purchase contracts, if you are purchasing a re-sale (previously owned property), then you will either need to be in Thailand for the transfer of ownership at the Land Office or complete a Power Of Attorney that authorizes your Thai Lawyer to complete the transfer of ownership on your behalf.
Q: Is there any finance or payment plans offered?
A: Yes, depending on which property you buy, if you buy off plan most developers offer at least 3 years finance/payment plan with 0% interest, on some completed new builds developers will offer 2 or 3 years finance with 0% interest, on re-sale properties normally 100% of the purchase price will have to be paid on transfer of the title deed, however there are some instances where the seller of a re-sale property may offer a 6 or 12 month payment plan.
Q: What do I do when my property is key ready and I want to make it ready for rental without actually personally having to travel to Thailand?
A: For those owners who do not wish/or cannot come to Thailand to inspect, sign for key handover and furnish/soft furnish their property, we offer this full service, our inspection and furnishing team will conduct inspections of your completed property to ensure there are no defects, sign for key handover and furnish/soft furnish your property to equip it to make it rental ready. Once it has been made rental ready then we will complete the handover on your behalf to a Rental Agency specializing in long term or holiday rentals.
Q: How can I find a reliable company to rent and look after my property?
A: There are many rental companies in Pattaya, we work with several of the best and longest established rental companies to ensure that our owners are getting a reliable, honest and successful service to ensure that their investment is providing the best rental return as possible.
Q: How can I open a Thai Bank Account?
A: In order to open a Thai Bank Account you must be here present at the bank in person, the bank will require you to have your passport and copy of either your property purchase contract or your property title deed. We assist all of our owners in opening a bank account, a member of our team will personally take you to the bank to explain the type of account you want and assist you with completing the necessary bank documents. The bank will open your account immediately and also issue you with a pass book and ATM withdrawal card.
Q: I want to purchase a property for rental income return, are there any guaranteed rental schemes?
A: Yes, we have several developments under construction whereby a guaranteed rental scheme is offered to buyers, typically the annual guaranteed rental return on these type of schemes is 8-10%. The guaranteed rental schemes are very well suited to the buyer who wants a complete hands off investment providing secure annual rental returns.
Q: If at some point in the future I want to sell my property, how can I do this?
A: Should you decide to sell your property at some point in the future, it is easily done by asking us to list your property for sale, you can list your property with as many real estate agents as you want, you will need to provide us with the price you want to sell for, your contact details and the name and telephone number of the person who is holding the keys for your property in order to facilitate easy viewings for potential buyers. Once we have a buyer and transfer date for your property, you will either need to come to Thailand in person or complete a Power of Atorney giving your Thai Lawyer authorization to transfer the title deed for your property at the Land office. The proceeds of the sale will be paid into your Thai Bank Account.