Buying a Sitara villa
- What ownership structure am I receiving?
- Currently, the standard Thailand residential lease is for 30 years. Through our contract you will receive a 30 year lease with two renewal options of 30 years therefore giving you 90 years. A registered lease is easy to setup and there is no restriction on foreign participation. A lease registered with the Land Office remains in force during the term of each 30 year lease. Our contracts also contain a clause which allows you to convert your lease to freehold ownership should the laws of Thailand change in the future.
- What happens at lease renewal stage?
- After 30 years a new lease must be prepared and filed at the Land Office. As part of our lease agreement with you we have agreed to do this.
- Can I sell my lease?
- You are free to sell your lease at any time.
- Can I have a joint lease?
- A lease may be registered with multiple persons as leaseholders, allowing you to share the property with family or friends.
- What if something happens to me, can someone inherit my lease?
- There is a clause in your Sitara contract that allows for your lease to be inherited.
- Future Thai law
- There has been a noticeable change in foreign ownership laws in some other South Asian countries such as Malaysia to allow ownership by foreigners. For Malaysia this resulted in significant financial inflows and benefits. It makes economic sense for Thailand to improve the rules to allow foreigners either through longer lease terms or direct ownership of small amounts of residential land in certain areas. The Government has already stated that it is considering a longer lease term as part of its foreign investment strategy.
- How far is the beach?
- The beach will be a 5-10 minute walk from your villa.
- Will Sitara Village be a building site for the foreseeable future?
- No. Each villa phase has been planned very carefully to make sure that they are independent of each other. For example, Phase A is quite separate from Phase B so you won’t be disturbed by future construction. We estimate that Phase A will be completed in early 2010. Based on current sales we estimate that the whole project will be completed by the end of 2012.
- What fees am I eligible for?
- When you register or renew the lease there are no further payments to be made aside from a minimal local tax. The tax and the Land Office fees equate to approximately 1.5% of the value of the land. You are not taxed for the villa.
