Perhaps the most important fact is that under Thai law, foreigners are not allowed to own land. However thousands of foreigners do effectively own their own villas and property in Thailand with no problems. This is because foreigners are able to directly own the buildings and other property on the land; ownership of buildings distinct from the land is legal and abiding, meaning that the land they are built on is normally sold under leasehold.
Registered leaseholds are normally sold in blocks of up to 30 years for all types of titled land or buildings, and is usually renewable a further two times giving a total of 90 years. Security of the leasehold land is guaranteed by owning of the buildings which occupy the land. The property is always considered apart from the land and so cannot be taken possession of by the lessor upon expiration of the lease, again giving further assurances when buying a Phuket villa.
Vista del Mar Phuket offers freehold/full ownership for the luxury villas we offer for sale, and two main options to own a land plot. This leaves the owners of one of our Phuket luxury villas with 2 separate contracts. One – with our construction company for the building and the second with our development company who own the land, enabling any purchasers to have a swift and easy buying experience.
Vista del Mar Phuket also look to the future and offer the option, that if the law were to change and allow freehold land ownership to foreigners, to rearrange a leasehold into a freehold. We like to ensure we have everything covered!