There are many questions that a person can ask about owning a property in a foreign country like Pattaya, Thailand. Some would ask if it’s possible for a foreigner to directly buy a property or not in Thailand. Nobody can give you a straight answer because many factors can affect this. Aside from that, there are loopholes too. Purchasing a property in Pattaya can be very complicated and complex, to say the least.
Buying a property in your home country can also be a difficult process, but in Thailand, there will be a little bit more work involved since it’s not your home country. You have to take into consideration that there are guidelines to follow since you’re a foreigner. It will take a lot of patience before you can own a property in Pattaya. So here is a short Buying Guide for Property in Pattaya. Here, you will learn everything you need to know about buying a property in Pattaya, Thailand.
Owning a Property in Pattaya as a Foreigner
In today’s world, everything is possible. But there are certain processes you will need to undergo before you can achieve what you want. Just like permanently living in Pattaya. This is possible as a foreigner, but you will need to get a permanent residency status. The process is hard and long, but it’s the only way for you to permanently stay in Thailand and own a property here. Even if you buy a condo, which is long-term and gives you full ownership of that property, it will be a part of the Foreign Quota.
If you want to achieve owning a plot of land in Thailand, you need to achieve your permanent residency status or it would need to be 51% registered with a Thai National or it has to be bought through a Thai Company, where at least 51% of the shares are held only by Thai shareholders. Nevertheless, it’s still possible for you to live comfortably in Thailand through a lease.
Ownership through a Thai Company
Owning a property through a Thai Company will force you to invest first. The Thai Company has to be owned by a majority of Thai Nationality. But using a Thai Company to purchase a property in Thailand is deemed illegal. Even though it is considered a loophole, the process behind it is not morally correct because it’s merely an excuse to get past the Thai law that’s restricting foreigners from buying a property in Thailand. You have to be a shareholder first for you to be excused from this law.
If you are a minor shareholder of a Thai Company that the majority of owners are Thai nationals, you can own real property in Thailand. If you are a director of the said Thai Company and have an amicable relationship with other shareholders, then you essentially own the property through the Thai Company. You can even sell the company if all of the Thai shareholders agree or give consent.
Overall, owning or purchasing a property in Pattaya as a foreigner is difficult, unless you have the connections or if you’re at least a shareholder of a Thai company. You also need to achieve permanent residency, which can take a long time.
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