Chiang Mai is one of the more popular areas in Thailand and a great place to invest in real estate. Unlike Bangkok which has become a melting pot of different types of cultures, Chiang Mai has managed to retain its own distinct heritage even through years of modernization. If you are planning to invest in Chiang Mai real estate, there are certain things that you need to know about buying property in this area and in other Thai provinces as well.
As Thai laws go, foreigners are not permitted to have ownership of land in the country, but there are several ways that you can go about doing so nonetheless. That is, if you meet certain requirements as stated in various provisions of Thai real estate and property laws. Buildings for example, are exempt from these provisions, and you can buy a Chiang Mai condo as long as the land it is nestled in is not included in your purchase.
It’s easy enough to look for a Chiang Mai condo for sale as there are a lot of listings for this type of property online. To protect your interests as a foreigner however, it is recommended that you contact an experienced Chiang Mai real estate agent to help you in your investment. Also, it would probably be wise to contact a lawyer as well, as this will assure you that all transactions you engage in while in the country are legal and binding.
Apart from a Chiang Mai Condominiums, you can invest in landed properties provided that you establish a company in Thailand. There are allowances made for foreign investors who wish to do business in Thailand and purchase real estate in the long run. You also have the option to lease land for up to thirty years, after which you can simply renew the lease for another thirty years if you wish to.
Aside from just investing in a Chiang Mai house or condo for sale, interested foreigners who wish to buy land in Chiang Mai can also marry a Thai citizen to facilitate the buying process. However, take note that you will be required to declare your spouse as the sole owner of the property and that the money you used to purchase it was in fact from your spouse. In cases like this, it is strongly suggested that you seek advice from a lawyer before making a decision to make sure that you are legally represented.