Thailand - Buying in Thailand
It is possible to buy freehold property in Thailand. Freehold properties require that you set up a company which we can organise for you through our Thailand office. It sounds complicated but the system is quite easy and “painless” as we do most of the paperwork for you. What happens is that a company has to be set up with you as a partner owing a 39% share of the company. The remaining 61% must be in the names of Thai nationals. The UK purchaser is named as sole executive director in the Company’s Articles of Association and the Thai shareholders all sign undated share transfer contracts at the time the company is being registered. This effectively puts 100% control of the company and its assets into the hands of the foreign (UK) director. The Thai shareholders have absolutely no executive control or powers within the company, nor do they need to be consulted on any issues at any time. They can also be replaced at any time at your discretion. However, a Thai limited company always has to have a minimum of 7 shareholders, for example one foreigner and 6 Thai nationals.
With regard to buying a freehold or leasehold business in Thailand, this also is fairly straightforward and the process is not too dissimilar to what has been set out above. When setting up a business in Thailand, you are required by Thai law to employ a number of Thai nationals within the business. Again, if you require any further information, please do not hesitate to contact us or our Thai office.