Investing in Real Estate in Thailand – What you Need to Know
If you are seriously interested in relocating to Thailand and are looking for investment opportunities, look no further than real estate. Phuket is known as the jewel of the Andaman Sea and this tropical island is a premier vacation destination, making it an ideal place to acquire luxury property.
The legality of foreigners owning real estate in Thailand
You may or may not be aware that foreigners are not permitted to own land in Thailand, yet if you are looking to make significant investments, you should set up a company. There are specific requirements, such as a Thai must hold a minimum of 51% of the company shares; if you have a Thai spouse, you can put 51% of the shares in their name, while you hold the remaining 49%. If you are looking for a luxury villa for sale in Phuket, check out this leading developer who has numerous luxury projects on the go. Prior to registering any business in Thailand, you should consult with a commercial lawyer to ensure you have the best professional advice.
Setting up a Thai company
Whether you are selling real estate or renting out pool villas to holiday-makers, setting up a company is the smart way to move forward. We recommend consulting with an English-speaking Thai real estate lawyer, a professional who is conversant with the process and ensure that your position is secure. Of course, you need to manage your books and pay tax within the allotted timeframe; you can outsource this to local staff. Click here for the many benefits of using various means of marketing for your business.
Property management
Every property that you acquire should be managed by a local property management company; such an organisation can provide many services, such as:
- Sourcing tenants
- Building repairs
- Security
- Legal advice
- End of tenancy clean
- Emergency building work
If you are planning to acquire numerous villas, a property management company can handle all the stress that comes with managing houses; dealing with tenants, carrying out building repairs, and regular inspections, are just some of the roles they can play.
Buying real estate
Once the company is active, you can make contact with several top real estate developers based in Phuket and view their stunning beachfront pool villas that might be what you are looking for. If you forge a working alliance with established property developers, you always have the first choice when new properties come on the market.
Bookkeeping & accounting
It is essential that you record all transactions and expenses, much like any other business; the accountant would prepare your tax returns and manage your accounts. It is very important to comply with the many rules, regulations, and laws when doing business in a foreign country.
Sales & marketing
If you own a few rental properties in Phuket, you need to get your listing out to all the right digital platforms to reach potential clients. Groups of digital nomads pool their resources and take out long-term rentals for the entire year. Retired people are also interested in long-term rentals, so focus your marketing and you should be able to find tenants. Airbnb is an obvious place to put your listings.
Visit the Thai Board Of Investment website for more details about setting up a foreign business in Thailand
