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Banyan Tree is a villa development located in Laguna, Phuket, Thailand. It is 0.5km from the beach with 29 villa units completed in July of 2008. It is hotel-managed and features an on-site restaurant, a fitness center, a clubhouse, 24-hour security, CCTV, a reception/lobby area, car parking, a spa, direct beach access.
Banyan Tree Phuket has earned the honour of being voted the World's Best Spa Resort by readers of Condo Nast Traveller, the Best Resort Hotel in Asia by The Asian Wall Street Journal and CNBC Asia, Asia's Top Vacation Resort by Asiamoney, as well as having received the ISO 9002 certification. Exuding seclusion, luxury and romance, this exotic hideaway boasts only the finest facilities and ambience. A Land of Smiles indeed under the sheltering canopy of the Banyan Tree.
The building (the bricks and mortar) can be owned by a non-Thai national outright in their name in what is called the house registry which secures ownership indefinitely of the structure.
In Thailand non-Thai nationals cannot own land outright in their name. Land can be controlled through either a Thai Company or a long-term registered lease. The longest registered lease term by Thai law is 30 years and most developers will offer 3 terms for a total of 90 years.
After you have found the right property you have to follow these steps:
Agreement of terms and conditions
Sales and Purchase Agreement
Settlement & Transfer
A 30 year lease period is legally protected under Thai law and ownership cannot be disrupted. It is common for developers to offer an additional two terms of 30 contractually obligating a total of 90 years.
Prior to purchasing a leasehold property it is important to secure a copy of the lease agreement or get further clarity on these three points.
#1 - Who is the lessor? (an individual or a Thai Company) Securing a lease from a Thai Company offers much more security than a private individual.
#2 - Do I have voting rights as a Lessee? (Some lease contracts do not allow lessee to have voting rights)
#3 - Is there a succession clause in the lease agreement that will allow inheritance of the lease?
Thailand has different visas like Spousal Visa, Retirement Visa, Student Visa and Elite Visa - just to name a few options. Each visa has different requirements but they are usually easy to obtain.