Did you know that...
Until 1939 the country was called Siam
Until 1939 the country was called Siam
Today we know it as Thailand which means "the land of the free", Thailand never been occupied by a colonial power.
PURCHASE PROCEDURE
In order for us in Oriental Invest to help you, it is important that you first help us. Therefore, we recommend you to consider the following questions so we know exactly what you are looking for.:
- How much will be the maximum amount you want to invest in your new home?
- Would you only use your home as a vacation residence?
- Would you use your home as a short term investment with the desire for rapid value increase?
- Is your purchase intended as a as a long term investment?
- Do you want to rent your property and take advantage of our attractive lease?
- Or would you like to combine vacation and investment in one?
- Would you buy untaxed funds in our ORIENTAL APARTMENT INVEST A / S as a pure investment?
For Oriental Invest the keyword is trust. This is crucial when we advise you as a customer, but also when it comes to working with our partners in Thailand.
Below we have outlined the rules and terms of payment applicable. Further on, we have collected some useful information that is worth knowing and relating to the purchase of property / land in Thailand.
Reservation
You can through Oriental Invest book your selected land or flat in most of our projects. The reservation is by payment of THB 100.000 on our client's account. Contracts drawn up free of charge in all the "Oriental Projects" and shall be forwarded to your / your signature.
Do you wish that the contracts are made by an independent lawyer, you should expect a cost of approx. THB 30,000 (4800) which is paid directly to the lawyer.
Payment Terms
Buying an apartment or house: When purchasing "pre construction" (not yet built projects) house or apartment, payable THB 100.000 for reservation. Thereafter the remainder of the amount is usually paid over 4 installments. (Reduced rates if house / apartment is partially or ready to move into.
The purchase of existing buildings is usually payable at THB 100.000 for reservation. The following (4) installments to be paid as the construction progresses.
There is always a minimum of 1 year 100% construction warranty. All deposits followed by pictures from the building. This is done so that you as a customer can make sure that construction is progressing as planned. Photos uploaded regularly on our website. (See GALLERY on the left)
Rules for the acquisition of property in Thailand
Ownership of apartment in Thailand: This is just the "easiest" solution for foreigners wishing to buy property in Thailand. It is possible to buy an apartment for a foreigner's name, as long as the total number of m2 in a building does not exceed 49% of the property. Thereafter you normally buy via leasehold!
Buying an apartment for foreigners is protected by apartment Law adopted in 1992. Each apartment owner is issued a certificate proving ownership. The certificate also shows exactly what percentage of common areas in the building, each apartment owner has.
Ownership of house / land in Thailand: Unlike buying an apartment, a foreigner can not own land in Thailand.
Instead, it is established a regulatory framework that means that foreigners wishing to buy a house / land in Thailand, has 2 different options for doing so:
1. Leasing of land: Individual leasing periods of house / land, according to the present law "not" exceeding 30 years. It is however possible to extend this period by a further 2 x 30 year leasing periods for a total of 90 years. Leasing periods always contains a clause allowing the buyer the right to amend the leasing contract to full ownership. Using this model to acquire the property (house) is always in the buyers name(s).
The downside of lease-hold is that the buyer does not have absolute ownership at first, although very easy to get. The advantage is that there is not so much paper associated with that method. This method is also the easiest and cheapest both administrative and fiscal. 95% of our customers are using this method, which is clearly the most widely used in Thailand.
It is important to make sure that it not a private person named as the seller of the land (lessor) as this can cause problems in connection with ownership, renewals, etc. If purchased land is from a private person and the seller dies, this may give unwanted challenges, if the Thai heirs do not wish to renew the agreement. We'd love to elaborate on this in a personal interview even if you have opted not to buy property in Oriental Invest. We always recommend to buy from developers who have the project registered under a Thai company.
2. Creation of company / corporation:
We do not recommend private home buyers to set up company that may own the land because this method is not legal unless the company has activities other than owning land.
Financing
A lot of banks in recent years have addressed the financing for buyers abroad. This is usually secured by residential property in Denmark.
Contact us for more information about financing.
Insurance
A fire insurance will cost between DKK 300 - 1200 per year and approx. DKK 100 to 400 for a home insurance policy.
Utility fees
Utility fees in Thailand are very cheap.
1 kw. costing DKK 0.90 and water costs approx. DKK 10.00 to 80.00 a month.
Common expenditure vary of course from area to area, but one should expect a monthly expenditure from DKK 125.00 to 500.00.
Lawyer
In Thailand, everyone can call themselves lawyers, so it is very important that you fully trust the lawyer to assist you in a purchase. Let only trade / company be done / made by a lawyer that is a member of the Bar Council of Thailand.
Oriental Invest is eestablished in Thailand. We may, as your Danish advisor help you from start to finish! This applies both when it comes to legal assistance, insurance, maintenance / supervision, rental of your property, preparing possible work and / or residence permits, etc.
