30-Year Lease Agreement
Foreigners in Thailand do not have the right to acquire land ownership. A 30-year lease agreement is therefore made to give them the opportunity to protect their home investment through lease.
A large number of foreigners lease land over the long term since they cannot own land in their name as a freehold. The foreign tenant does not own any interest in the land. This is generally completely acceptable with the Thai government and the foreigner can have a wide spectrum of rights to the land during the term of the lease. The Foreigner may, if the lease stipulates it, even be able to own any building structure on the land in his name.
30-year Lease Description
Who can Apply for a 30-year Lease?
A foreigner who is willing to own a property in Thailand is eligible for a 30-year lease along with an option to extend. Individuals who are willing to have an ownership in a Thai condominium unit should meet the following conditions;
- A foreigner deemed by law in any of these categories;
- 1. A juristic person who is allowed to reside in the country under the immigration law
- 2. A juristic person who is permitted to enter Thailand under the Investment Promotion Act
- 3. A foreigner who brings foreign currency in Thailand or withdraws his/her money from a non-resident Baht account to pay for the lease of the condominium unit.
- The ownership of the Thai condominium units by a juristic person must not exceed forty-nine percent of the total space.
Things to Consider
- A foreigner is not permitted to own a property or a land in Thailand apart from the following cases;
- 1. Receiving the property as an inheritance as the statutory heir
- 2. Contributing Baht 40 million in Thailand for investment
- The 30-year lease must be registered at the Land Department
- Any lease, exceeding three years should be in writing. Similarly, it must be recorded on the ownership title deed under section 538 Civil and Commercial Code.
- The lease agreement cannot go beyond 30 years.
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- 4. All Services under same roof
- 5. Good rapport with the Thai government
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