An expatriate have several options if looking to move to Pattaya. There is no doubt a lot of condominiums and houses for sale Pattaya. But on the legal side, there several things to be considered.
Most people find condominiums more convenient than an actual house. There is convenience in condominiums since the developer of the building is responsible for maintaining the common areas, the owner only has to worry about his own space. Both condominium and house acquisition will be discussed for a broader understanding. For those undecided between choosing condominiums and houses for sale Pattaya, this article may help in arriving at a more informed decision.
Owning a condominium
This is by far the easiest way for an expat to own a property in Pattaya. The foreign buyer will be issued a title deed stating that the condominium unit is under the foreigner’s name. The legal restriction is that the building’s maximum space sold to foreigners should not exceed 49%, which means 51% of the entire complex should be Thai owned. The funds used to purchase the unit has to be sourced abroad as well, and the transaction must be administered by a Thai bank on a T3 or Tor Tor Sam, indicating a foreign exchange transaction.
Owning a land
It is possible but under specific restrictions. The Board of Investment (BOI) grants the permission of foreigners owning a land in Pattaya or Thailand as a whole. But the land has to be solely for residential purposes and must not exceed one rai. The particular foreigner must also invest in Thailand no less than 40 million baht. Regarding the nature of the business, such foreigner is allowed to engage in order to be able to procure 40 million baht investment is being determined by Ministerial Regulations. With this being said, it is possible for a foreigner to own a land and a house in Pattaya, under strict restrictions.
Leasing out a property
Foreigners are allowed to rent out a property under their ownership, whether it is a house or a condominium. They can lease it out to a third party but earnings are subject to 12.5% tax from the annual income of the said property.