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Retiring in Phuket is a dream for many people. The island offers a laid-back lifestyle, beautiful beaches, and a warm climate. If you are planning to retire in Phuket and want to buy property, it is important to know about the restrictions on property ownership.
Foreigners can buy properties in Phuket, but there are some restrictions. According to Thai law, foreigners cannot own land in Thailand. However, they can own buildings on the land. This means that you can buy a condo, apartment or house in Phuket, but you cannot own the land it is built on.
If you are planning to retire in Phuket and want to buy a property, you have two options. You can either lease the land for 30 years with an option to renew for another 30 years, or you can set up a Thai company and buy the property through the company. Setting up a Thai company can be complex and expensive, so most retirees opt for the lease option.
It is important to note that the lease agreement should be registered with the Land Department to ensure that it is legally binding. Additionally, if you choose to sell the property before the lease period expires, you will need to transfer the lease agreement to the new owner.
Another option for retirees is to rent a property. Renting a property in Phuket is relatively easy and affordable. You can find a wide range of properties for rent, from small apartments to luxurious villas. However, it is important to choose a reputable real estate agent and to carefully read the rental agreement before signing it.
In conclusion, there are some restrictions on property ownership for retirees in Phuket. Foreigners cannot own land in Thailand but can own buildings on the land. Retirees can either lease the land or set up a Thai company to buy the property. Renting is also a popular option for retirees. If you need any assistance in finding local service providers for your relocation or travel needs in Phuket, do not hesitate to contact Yehro Phuket.
