Many people considering buying property in Thailand do not realize that a foreigner can own a house outright in his own name.

As has always been the case, foreigners are not allowed to own land in Thailand. However, if you really want to have your own dream house here in paradise, then private construction is the way to go.

You can buy land in a Thai limited company, ensuring that the shareholding is set up correctly, or you can buy your Thai partner a nice piece of building land. Then you obtain a 30 year lease from the company or Thai partner/owner of the land, making a separate contract between you that once the 30 years is up, you will have the option to take out a new lease for another 30 years. Next, you obtain a building permit in your own name and proceed to build the property of your dreams, which once completed can then have the ‘house book’ also bearing your name.

It is important that it is documented that if the lease is cancelled, for example if the house is sold, that the new owner can take out a new lease from the land owner. Of course the Thai company could simply change its director, or your Thai partner could sell/transfer the land to the buyer’s Thai partner.