Property in Chiang Mai
Chiang Mai offers an extraordinary charm that has drawn the more discriminating folk, both local and foreign, to its breathtaking environs. Letting your company own the property can be an option you can use. It is often the case that not long after arriving in this resort town, a visitor decides to stay for good and soon starts looking around for a piece of property he can purchase.
Thailand has been very warm in welcoming foreigners from the west and in fact even has government policies in place to make it easier for these visitors to reside in the country. What is ironic though, is that in spite of having its doors wide open to foreigners, Thailand does not allow them to own land. What they can have ownership of however, are structures but not the land on which these stand. Check with an attorney about property laws in Thailand and how you can best own or rent property in chiang Mai.
Still, there are several ways for foreigners to acquire property in Chiang Mai. One of the most common ways in which this is done is by having a company purchase the land and not an individual entity. The first step in this process is to set up a Thai limited company
which requires a minimum of 7 different shareholders and one director who can be the foreign shareholder. For a Thai limited company to be eligible for property corporate ownership, 51% of its shares must belong to Thais and only 49% to foreigners.
A foreigner can easily have control of a company by purchasing “ordinary shares” which entitle holders to one voting right per share. In contrast, the Thais get the “preferred shares” of which several are needed in order to obtain one voting right. By the strength of his voting rights over the rest of the shareholders, the foreigner has the authority to bind the company to any transaction including property corporate ownership. One advantage of this approach is that should the foreigner decide to sell the property, all he needs to do is transfer his shareholdings to the buyer. Before buying any property in Chiang Mai ensure that a property attorney in Chiang Mai has checked the property for usufructs
against the property.
Property corporate ownership in Chiang Mai may not be the easiest way to buy land but with the help of a competent and knowledgeable lawyer, it can be done. Siam Legal International is a highly respected law firm that provides excellent legal services to foreigners in Thailand. Our local and foreigners have many years of experience helping foreigners acquire property through the establishment of a Thai limited company
and the other methods available.
Talk to us today!
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