If you are married and have purchased a house or land in Thailand the likelihood is that the ownership of the property is in your wife's name.
Thai law under the Land Code Act B.E. 2497 (1954) prohibits foreigners to own land.
It therefore makes sense that as land ownership is an essential part of real-estate,to own the land and house is not allowed.
There was a treaty for foreign ownership for Americans this was terminated in 1970.
Foreigners can own a licensed condo but there are strict rules regarding this.
Some people choose to set up a company for the sole purpose of ownership of land in Thailand this is not recommended as there are many things to factor in,including foreigners can only own 49 per cent of the company anyway, it is also illegal for a foreigner to set up a company for the sole purpose of buying land in Thailand.
If you act outside of the law you have no protection of the law.
If you have purchased the land in your wife's name there are some important things you need to know.
Are you aware the property is not part of the matrimonial property?
Do you know the consequences of this?
Are you aware of and do you understand Thai inheritance law?
Unless your wife has made a Will leaving the property to you, or unless you have a usufruct agreement,or a registered lease,
if your wife should die before you (God forbid), you could face the dilemma of having to leave your home or having to buy out her family members to remain living in your home.
Lawyers for Expats Thailand provide English speaking lawyers with many years of experience in these matters.
We provide legal solutions to foreigners living in Thailand.
Contact us for a free consultation in English info@lawyersforexpatsthailand.com
Tel +66956583038
Comments