Legal ownership for foreign investors is secure and simple
Chom Tawan and Tawan Views apartments will be registered under the Thailand CONDOMINIUM ACT. 49% of the total aggregate units in each project can be sold to foreign investors as freehold units. The remaining 51% of units are sold as leasehold units that are leased from the development company. The leases are for 90 years ( 30yrs+30yrs+30yrs). Leasehold buyer's are provided with a share subscription to a Thai company that holds the freehold of the units they lease. Being both leaseholder and part owner of the leasing company ensures the ability to renew leases in perpetuity. Freehold and leasehold units will be registered by the developer in buyers’ names at the Phuket land office. In practice there is no difference of title security for freehold or leased. Foreign freehold titles are still available on selected Tawan Views units.
The villa buildings are sold freehold under a standard Construction Agreement. The buildings are registered in the buyer's name at the Phuket Land Office on completion of construction of the villa and the construction permit issued in the buyer's name.
The land is leased to the buyer. The lease is for 90 years ( 30yrs+30yrs+30yrs) and registered in the name of the buyer at the Phuket Land Office on completion of the villa. The Lease Agreement is a standard contract and therefore compliant with, and protected by, the full body of Thai law relating to leases. Special provisions are included to allow the lease to be converted into freehold should Thai law change in the future and to take advantage of any extensions to the normal lease term. A share subscription agreement provides additional protection and comfort for the renewal of individual land leases through providing the buyer with a small shareholding in the land company. In this way the buyer is both a lessee and a lessor and therefore in control of future renewals.
This scheme is internationally approved, 100% legal with Thai law and provides a secure and protected ownership scheme that is easily re-sold.
