Can Foreigners Buy or Own Property in Phuket?
Yes, foreigners can buy and own property in Phuket, but there are specific restrictions and ownership structures to consider:
Ownership Options for Foreigners
- Condominiums:
- Foreigners can own condominium units outright under a “foreign freehold” title, provided that no more than 49% of the condominium’s total saleable area is owned by foreigners.
- If the 49% quota is exceeded, foreigners can still acquire condos on a leasehold basis.
- Leasehold Properties:
- Foreigners can lease land or property (e.g., villas, houses) for up to 30 years, with the possibility of renewing for two additional 30-year terms.
- Leasehold agreements must be registered with the Land Department to ensure legal enforceability.
- Building Ownership:
- While foreigners cannot own land directly, they can own buildings constructed on leased land.
- Thai Spouse Ownership:
- Foreigners married to Thai nationals can purchase property in their spouse’s name, provided the funds are declared as the spouse’s separate property.
- Through a Thai Company:
- Foreigners may establish a Thai company to purchase land, but at least 51% of the company must be owned by Thai nationals. This method involves strict regulations and costs.
Key Restrictions
- Foreign nationals are prohibited from owning land outright in Thailand under the Land Code Act of 1954.
- Funds used for property purchases must typically be transferred into Thailand as foreign currency through a Thai bank.
Costs and Market Insights
- A new three-bedroom villa with a private pool in Phuket starts at approximately $300,000 USD, while a studio condo begins around $90,000 USD.
See our properties for sale in Phuket here
