Foreign nationals are unable to own land on a freehold basis in Thailand. They may have rights of ownership over the building itself, assuring ‘possession by virtue’ because the property occupies the land.
The land is ‘purchased’ on a 30-year leasehold basis, but with a well-drafted contract, buyers can expect extensions. Villa developers appreciate that it is in their best interest to assist the purchaser in extending the initial leasehold term.
You can also write a land purchase option into the addendum of the lease; this entitles buyers to purchase the land at a later date. It is always possible that land and property ownership laws could change; hence International Business Consultants can provide a good lawyer.
