Are you an Australian and plan on settling in Thailand? Buying a home at Pattaya will be relatively easy if you can go through the house for sales Pattaya classifieds. The Thailand real estate market is full of surprises and purchasing a home in this amazing country is just a right decision. Though there are restrictions on foreigners buying properties directly, you can purchase homes in Pattaya by some alternatives methods.
What are the restrictions on foreigners owning property in Thailand?
There are several restrictions to own properties in Thailand for foreigners. From the year 1997, the country has introduced several laws restricting foreigners buying properties in Pattaya. Though the law remains in force, today it is much easier for foreigners to buy properties in Thailand, within the legal framework.
How can you bypass the restrictions on foreign ownership?
You can find many advertisements citing, houses for sale Pattaya, but as an Australian citizen, you shall be facing legal issues to own a property in Pattaya. However, to overcome these problems, you can find many Australians entering into partnership deals with Thailand locals and buying properties, as a joint venture.
For protecting the deal, the partnership deal will be registering as a Thai Limited Liability Company. The Thai national of the firm or business who has purchased the real estate or property along with you will be the major shareholder according to the Thai Limited Liability Company Act. Apart from that, the Thai national will have the complete power of attorney.
After the execution of the deal, a power of attorney can hand over to the foreigners allowing the foreigner to have full control of the property. It can protect the interest of the foreigner in the deal. The ownership of the property will remain as a joint venture. However, you will want to know that the entire tax returns have to pay every year along with administrative fees.
Under legal scrutiny:
However, there are some minor hiccups in the usage of joint ventures, and nominee shareholders may happen just for merely owning property in Thailand. The authorities in Thailand have started issuing legal action against those who are doing such things since it illegal. A legal attorney can find solutions in case the foreign partners face problems, and many foreigners are taking legal assistance to save their deal.
There are many houses for sale Pattaya and people circumvent the rule, without legal complications with the help of locals, and legally assisted by the lawyers allowing foreigners to become owners of property in Thailand.
Check out the cheap condos for sale in Pattaya here.