For many who dream of living in faraway places, the dream becomes a reality by living in Koh Samui.
Although Thailand is technically strict when it comes to foreign land ownership but in the island, there are many foreign-owned corporations.
Anyone can own a home on Samui.
Thailand's law requires that Thai citizens must own majority of stocks in a foreign company but they allow different types of shares.
Owners of shares have voting privileges for every share so preferred shares give holders multiple votes.
Through this system, foreign partners own majority preferred shares and therefore are able to control the operations while abiding by the Thai law.
Globetrotters planning to purchase a Thai home must look at local laws regarding buying properties.
There are rules applicable in the purchase of a condominium.
A foreigner can become the legal owner of a condo as long as the living space of the condo purchase does not exceed 49% of the entire block.
The funds in purchasing the property have been remitted from abroad and transaction recorded at Thai Bank on a Foreign Exchange Transaction Form.
After finalizing the transaction, the buyer of the unit will be given title deed called Chanote as sign of ownership.
Thai laws do not allow foreign ownership of lands but they allow foreign ownership of buildings.
Foreigners can get a long-term lease on lands, which are either owned by a Thai citizen or partly a company owned by a foreigner.
He then owns the building or the house constructed on this land.
Wayfarers who are dreaming of residing in faraway places can own a Samui home.
Prior to 1998 when a Thai married a foreigner, he/she lost the right to purchase land in Thailand after their marriage.
However, any land owned before the marriage is retained.
In 1999, this law was changed.
Thai nationals married to foreigners are allowed to buy lands provided the new owner can prove that payment for the land is not subject to any foreign claim.
The new law allows Thais who are married to foreigners to buy and own lands.
They can buy and own a property in this gorgeous island.
Any foreigner who wishes to invest in a Samui property and earns a good profit, he/she can pay a third party as this is allowed by Thai laws provided he/she owns the lease on the land the property is built.
Revenues on rent are subject to a 12.
5% tax on the annual income.
With the wide variety of Samui property, interested parties are given the good investment opportunities plus a thriving rental market.
Now is the proper time to invest in a Koh Samui Property.
Indeed, it is a great time to live in Samui!