Koh Samui is Thailand’s second largest island. It attracts great attention from tourists from across the globe with many of them vacationing there in large numbers every year.
So what is the reason behind this? Koh Samui can only be described as a tropical paradise. Some of the islands visitors have fallen under a spell and ended up deciding to acquire one of the beautiful villas Koh Samui.
The island boasts of green and gorgeous flora. It has eleven months of near perfect weather, with its short rainy season lasting about one month or so. This provides plenty of time for exploring, pampering and sunbathing.
Since the island is extremely popular, it offers many opportunities to select from apartments and villas and you can start to think that to think about acquiring property in Koh Samui. However, most of the land on the island is protected by the government in order to preserve the island’s beauty. This means that construction is not permitted. As such, this makes the demand for Koh Samui villas higher.
Property ownership in Thailand is rather tricky. This is why you need to have a better understanding of the process of owning a residence on the island. Although ownership of land by foreigners is prohibited in Thailand, there is a way to go about owning a property in the country. You can do this indirectly.
This involves some ownership concepts referred to as leasehold and freehold. You will be required to form a company in which you will partner with Thai citizens. Of course, you will be the head of this company and the company will own the property. This is the only way that a foreigner can get actual land although with time, this is getting harder and more costly.
Well, if you find that a bit difficult, then the other option you may consider is leasehold. This is the most common way foreigners own homes in Thailand. When it comes to leasehold, you get control of your property with a 30-year long-term lease, which may be extended for an additional 30 years. This means you can own a home for 60 years.
Property in Thailand is complicated and mostly unregulated. It is important that you consider several things, including legal pitfalls, location and legal advice. If you are considering buying one of Koh Samui villas, you will require using a property lawyer to help you navigate through the process. Before you can form a company, you will need to carry out a land/property survey. This is necessary in getting an overview of the property’s current status, among other things