Ownership of Property in Hua Hin
Hua Hin Realestate | Cost and Regulations for Ownership of Property in Hua Hin
Have you seen the profitability of the Thai resort district and considered investing in property in Hua Hin? Before you prepare to put all your savings into property in Hua Hin, you should look into the legality of such ventures. Often, these kind of investments by foreigners have strict requirements and government regulations, so before attempting to purchase property in Hua Hin, you will want to speak to a lawyer on the matter. You should also closely look at the expense of property in Hua Hin, determining if it's worth the investment, whether commercial or residential in nature.
In some countries, foreigners are not allowed to purchase property. In Hua Hin, you need to first determine if it is possible to own property without Thai citizenship. Currently, the only property in Hua Hin that an individual foreigner can own is a condominium, and this is restricted to sales from the condo owner offering only 40% or fewer of the units to foreigners. If you have a spouse who is Thai, he or she can own property in Hua Hin in his or her name only. A company can own property in Hua Hin like a house or land, but no single foreigner can own more than 39% of the company. In terms of leasing property in Hua Hin, a foreigner can sign up for a 30-year option, with another 30 years available at the end of the term.
Of course, there are discussions in progress in the Thai government to loosen the restrictions on foreign ownership of property in Hua Hin, but as of 2007, these are the limitations. The best way to invest in property in Hua Hin is to set up as a company with other individuals, dividing the company as regulated, and find a local businessman in the city who is willing to partner with you at the maximum percentage level of ownership you are allowed (in this case, 49% of the property in Hua Hin can be owned by a foreign company). Although it seems like a great prospect for earning a great deal of money, purchasing property in Hua Hin is a bit to prohibitive right now and will become easier in the future when laws are relaxed.
Last Updated: 05 Feb 2008