There are numerous delightful homes to both rent and buy in Chiang Mai, with a wide range of sizes and styles available in the city and across the province.
There are several rules related to foreign property ownership in Thailand, and it pays to be aware of the law when you start thinking about buying in Chiang Mai.
Generally, it is fairly difficult for a foreigner to own land and / or property in Thailand.
When it comes to land, people who are not Thai nationals cannot typically own land outright in their own name.
If foreigners are willing, and able, to make a sizeable investment in certain ventures they may be allowed to own land upon which they can build a home. Given the large sum of money involved, 40 million Thai Baht, this is not a feasible option for most people who want to set up a new home in Thailand.
It is possible, however, for foreigners to purchase land under the name of a business or company that is registered in Thailand. Some people may therefore opt to set up a small Thai company with the main purpose of buying land. Thai co-investors are required for the company, but control is retained by the foreign owner.
Another option is for people to ask a Thai person to be the legal owner of the land. This is most commonly used by people who are married to a Thai national, but it can be very risky – full ownership of the land rests with the Thai person, regardless of who actually paid for the land, who lives in any property, and so on. If you decide to go down this route, it is possible for a foreigner to own any actual structures that are built on the land. In order to do this, a person must apply for permission to construct a house that will be registered in their name. It is also possible to have safeguards put in place that ensure you can remain in the property and live there for as long as you live.
Long leases are another option as opposed to ownership. You could build your own home, as above, on land that you are leasing.
When it comes to condos, it is possible for a foreigner to purchase a condominium and own the home outright in their own name. It is important though that one checks whether the building has been registered under the Condominium Act of Thailand. If it has not, in the case of many apartment buildings, it is not possible to buy a unit. In simple terms, the differences arise because of legalities surrounding the ability to own part of a building. It is vital that prospective purchasers fully check the details before entering into any agreements, as it could be an agreement to lease a unit rather than to buy it outright. There are many rules and procedures to be followed when buying a condominium.
It is strongly advised that you seek professional assistance when thinking of buying in Chiang Mai. !
