Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search.
General question about buying in Phuket
Are foreigners allowed to own land?
According to Thai law, foreigners are prohibited from purchasing freehold land and not more than 49% of the shares in a Thai limited company that owns freehold land under the company’s name. However, foreigners may own a building distinct from its land, such as a unit in a condominium.
How can foreigners own land in Thailand?
The safest and easiest methods for circumventing the law prohibiting foreigners to own land include using a leasehold agreement or setting up a Thai limited liability company.
What are the advantages of setting up a Thai company to buy land?
Unlike land leasing, the ownership of such land is permanent as long as the company exists. Using this method is also convenient if you were already planning to set up a business in Thailand. This method is also suitable if you wish to purchase land as part of an investment as it is possible to mortgage or subdivide the land for resale, which is not normally possible with a leasehold.
What are the disadvantages of setting up a Thai company to buy land?
You cannot own more than 49% of the shares in the company. This means that you need Thai shareholders. The minimum number of shareholders is 3, so you can have 1 foreigner and 2 Thai shareholders.
You also need to make sure that the regulatory compliance of the company is maintained. Inactive companies that are not generating income may be de-listed, so you need to make sure that balance sheets are filed annually and that the company’s address is maintained.
Do you have to register the land lease at the Land Department?
Leases up to 3 years don’t need to be registered. Leases that are 3 years or longer must be registered at the Land Department.
What are the costs associated with the leasehold registration?
Leasehold title is lease registration fees and stamp duty (currently 1.1% of the land rental or lease premium) is payable to the Land department upon registration of the lease.
Can a home depreciate in value?
Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. In Phuket real property can depreciate if you don’t do proper maintenance. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly. If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.
Can I get a loan when buying a property in Phuket ?
Is possible to apply for a loan when you buy a freehold apartment in a Condominium. More information can be provided on appointment.
Question about renting a Holiday Home in Phuket
I am travelling to Phuket - Why renting a Villa or Apartment instead of Hotel?
A spacious apartment or villa furnished with care, taste and personality with the convenience of a fully equipped kitchen will make you feel immediately at home; it will offer more privacy and allows you to save on travel costs.
What kind of service can I expect when I rent a property in Phuket?
If you move with your family, your friends or your workgroup, sharing an apartment or a vacation home can be a perfect solution.
Renting an apartment or a vacation home through Lovely Phuket it doesn’t mean giving up on the services and amenities of a hotel.
All properties that we offer include cleaning, linen change, 24 hour assistance on the internet and all the comforts and amenities that might enhance your stay.
Are the photos I see on your website realistic?
If you will book a property through Lovely Phuket you can sleep easy. All properties are inspected by our staff before being posted on our internet portal. We also make sure that all the information published by the owner or manager of the property is up to date and accurate.
What is the property standard in Phuket ?
Lovely Phuket pays the utmost attention to the quality and accuracy of every single property, besides the conformity to their description. Our staff has selected the best villas and apartments, managed directly by the owners and by us. All properties listed meet the requirements of good quality standards; in addition they are regularly inspected by our staff to ensure that after a booking, you will not have unexpected surprises at check-in.
Can I reserve the property without using a credit card ?
Yes, you can use a PayPal account and pay without a credit card. Some landlords require payment by bank transfer; check with our team which payment conditions apply to each property prior to make a booking.
I saw a property I like, how to make a reservation ?
For immediate bookings a deposit of 50 % will be required at time of reservation. On the listing each structure indicates the preferred payment methods for the balance. Check the reservation conditions with our team set before making the payment.
I travel with kids, is the property suitable for them ?
Each owner shall specify in his accommodation profile if the accommodation is suitable and keen to host children and if any equipment is available. Read this information carefully from each owner to avoid misunderstandings or to selecting a room not suitable for families with children. Check with the our team that your request has been understood and if there is any availability.
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