About Real Estate Law in Krabi, Thailand
Real estate law in Krabi, Thailand is subject to both constitutional and local regulations. In general, foreigners are not permitted to own land directly, but they can hold interests in a Thai corporation that owns land, or lease land long-term. These restrictions are governed by the Land Code Act BE 2497 (1954), the Civil & Commercial Code, Condominium Act, and the Foreign Business Act BE 2542 (1999). Properties such as condominiums can be directly owned by foreigners as long as 51% of the condominium units are Thai owned.
Why You May Need a Lawyer
There are many situations where one might need the help of a legal representative in Krabi for real estate matters. Arranging property acquisitions, reviewing contracts (sale or lease), performing due diligence, checking for any liens or encumbrances, investigating if projects are legally approved, setting up a corporation, resolving property disputes and understanding tax obligations are all situations where you could significantly benefit from legal advice.
Local Laws Overview
In Krabi, as per Thai law, foreigners aren't permitted to own land unless they invest in a majority Thai-owned corporation, or through a 30-year leasehold. In terms of condominiums, they can be fully owned by foreigners provided a majority of the building's capacity is Thai-owned. There are also investor-friendly laws, like the BOI promotion, that provide certain exemptions for foreign businesses. All property transactions must be registered at the Land Office, and it's recommended to have legal advice to avoid potential pitfalls and misunderstandings.
Frequently Asked Questions
1. Can foreigners buy real estate in Krabi, Thailand?
Foreigners cannot own land in Thailand directly, they can only lease. However, foreigners can own up to 49% of total spaces in a licensed condominium outright.
2. What is the safest way for a foreigner to buy property in Krabi?
The safest way to buy property in Krabi as a foreigner is to lease it or to purchase through a Thai-registered limited company.
3. How long can a lease last in Krabi?
The maximum lease term allowed by Thai law is 30 years.
4. Do I need a lawyer when purchasing property in Krabi?
Yes, it is highly recommended to obtain legal advice to help navigate local laws and regulations, conduct due diligence and ensure you're making a safe and legal transaction.
5. Can a foreigner inherit land in Thailand?
A foreigner cannot inherit land directly in Thailand. However, if the land belonged to a Thai spouse, inheritance laws could apply, and advice should be sought from a legal expert.
Additional Resources
The Thai Real Estate Association (TREA) and The Thailand Business Council for Sustainable Development (TBCSD) could provide additional guidance and resources for navigating the real estate landscape in Krabi. Local real estate agencies may also provide assistance in understanding the market.
Next Steps
If you are in need of legal advice pertaining to real estate in Krabi, your first step should be to consult with a trusted, experienced lawyer familiar with the local laws and landscape. They could guide you through the requirements and navigate any potential legal challenges that could arise through your property deal.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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