Ownership at Tropical Beach Resort
In Thailand, foreign buyers can purchase property in the country through a number of ways, depending on the type of property being purchased. At Tropical Beach Resort and in co-operation with Thailand’s leading legal firms and advisors, ownership structures have been designed that offer long term security and are fully compliant with Thai real estate regulations. Whether you are purchasing a condominium, villa or townhouse at Tropical Beach Resort, you can be confident that ownership at our resort comes with complete peace of mind.
Condominium Ownership – Freehold or Leasehold?
In Thailand, freehold ownership of condominiums is available to foreign citizens up to a maximum 49% of the total floor area within a condominium development, known as a Condominium Juristic Person (CJP) .
The remaining 51% may be purchased by foreign buyers through leasehold ownership, whereby a lease for the property is granted to the foreign buyer for a period of up to 30 years, with two lease extensions possible, each for 30 year periods, providing 90 years effective ownership. At Tropical Beach Resort, a Thai company is also established to own the freehold to the leased condominium property, with the foreign leasehold owners holding the role of controlling shareholders in the company. This provides both secure ownership of the freehold to the property and long-term control over the lease extensions to the foreign buyers.
A Thai company may own the freehold to one condominium or several condominiums within the same CJP, with several foreign owners acting together as the controlling shareholders of the company and granting lease extensions to each of their leasehold properties. If an owner prefers to have their own Thai company to own the freehold to their individual property and control of the lease extensions, this can also be arranged.
All leases to condominium properties owned in this way are officially registered with the local Land Department and appear on the property title deeds. If future regulations should allow increased lease terms for foreign owners of condominium leasehold properties, Tropical Beach Resort guarantees to extend leases to the new maximum permitted terms. If increased foreign freehold ownership is introduced, we also guarantee to convert leasehold condominium ownership to freehold ownership, at no additional cost.
Villa and Townhouse Ownership
Foreign buyers may own the freehold to houses in Thailand, but since foreigners cannot own land directly, a combination of freehold and leasehold ownership is used for foreign buyers of villas and townhouses. The house itself is owned by the foreign buyer under direct freehold ownership and a lease is granted to the foreign owner for a period of up to 30 years, with two 30 year lease extensions possible, resulting in 90 years effective ownership.
At Tropical Beach Resort, a Thai company is also established to own the freehold title to the land upon which the house stands, with the foreign leasehold owners holding the role of controlling shareholders in the company. The land is then leased to the foreign owners, in the same way as with leasehold condominiums for foreign owners. Again, this provides both secure ownership of the freehold to the property and long-term control over the lease extensions in favour of the foreign buyers.
A Thai company may own the freehold to several plots of lands with a number of houses upon them, so that several foreign buyers act together as the controlling shareholders of the company granting lease extensions to each of their foreign leasehold properties. If an owner prefers to have their own Thai company to own the freehold to their individual property and control of the lease extensions, this can also be arranged.
Again, all leases to properties owned in this way are officially registered with the local Land Department and appear on the property title deeds. As with leasehold condominium ownership, land leases for villas and townhouses at Tropical Beach Resort will automatically be extended to the new maximum permitted terms or converted to full freehold ownership at no cost, should future changes in the regulations allow.
Other Forms of Ownership – A Tailor Made Solution
Other ownership forms are available for foreign buyers at Tropical Beach Resort and we are more than happy to tailor an ownership structure that suits your individual needs, including both private and company ownership.
Ownership via a Thai Company
Ownership of a condominium, townhouse or villa through a company can often be a good solution providing an easier and more cost effective transfer of the property if and when it is sold, making title changes unnecessary and saving the associated transfer of ownership costs.
Transfer of Funds for Purchase of Condominiums
In order to qualify for freehold ownership in a condominium, overseas buyers must wire the funds into Thailand from a foreign bank, and the receiving bank in Thailand must accurately record the receipt of funds in the form of a Foreign Exchange Certificate (Thor Tor 3).This provides evidence of the deposit of foreign currency into the authorized local Thai bank.
The total amount of funds transfered must meet or exceed the amount needed for purchase of the condominium, and the Foreign Exchange Certificate must state that the purpose of the remittance of foreign funds is for the purpose of purchasing the specific condominium, exactly as specified in the contract of purchase.
The Advantages of Buying a New Property at Tropical Beach Resort
There are many advantages of choosing a purpose built resort property in Thailand. Tropical Beach Resort has been designed and built to a high quality and specifications to meet the expectations and demands of European second home buyers and desires of today’s contemporary lifestyles. Well planned and proportioned residences with open-plan living and spacious outdoor areas take full advantage of the tropical climate and amazing views. Resort amenities and facilities are all planned to ensure owners the very best experience and service while visiting.
How to Buy At Tropical Beach Resort
Viewing the Resort
To truly appreciate the stunning location and quality of Tropical Beach Resort, viewings are highly recommended. The quality of amenities and services available at the resort as well as our outstanding selection of properties can be inspected and our helpful staff will answer all your questions on our properties, resort and local area. You will also have a chance to see the nearby area, the nearby beaches and islands, gold courses.
Our viewing trips can be arranged if you are already in Thailand or travelling specifically to view Tropical Beach Resort. For more details, click here »
Reserving a Property
Once you have decided on your ideal property, reserving the property is a simple process and costs 50 000 Thai Baht which is deducted from your initial payment. Reservations are held for up to 30 days. If you are planning a viewing trip to Thailand it is usually possible to agree longer a reservation period, while you plan your trip.
The purchase contract specifies all the property details and payment terms and an be signed at our offices located in Thailand or Stockholm or alternatively arranged by post. All contracts include floor plans, build specifications for your property and payment terms. The contact is usually signed within 30 days of your reservation contract.
Your payment terms are clearly outlined in your purchase contract and follow a payment plan according to construction progress of your property. Within 14 days of signing the contract the initial payment is due. As construction progresses further payments follow the construction plan with the final 10% payment being due after the final property inspection and transfer of title deeds to your name. All contracts are then registered with the local land office.
All our prices are in Thai Baht and include local VAT charges. The fee for registering purchase contracts at the local authorities is 20 000 THB.
Choice of Internal Finishing
All our properties are carefully planned to optimise space, functionality and the outstanding views with materials of a high standard. Depending on the progress of contraction at purchase, it is often possible to select from several finishing options such as colours, tiling, flooring, kitchen and bathrooms and optional extras are also available including jacuzzis for roof terraces. Our sales staff will give you all the details and discus options available.
Follow Construction of your Property
During the construction of the resort, you will receive regular email updates. You can also follow the regular news on our website, and Facebook pages, plus keep up to date with other news from Thailand.
Furnishing Your Property
For your convenience, full furniture packages are available for owners. If you prefer, we can recommend local suppliers.
Each condominium building known as Condomiunium Juristic Person and house ….known as a Housing Juristic Person establishes a residents association, which elects a board to represent the owners within the overall resort and manage their own particular properties.