The Rights of Sap Ing Sith
Have you heard about Sap Ing Sith? It’s a groundbreaking law enacted in Thailand in 2019, which revolutionizes the rights of foreigners to use land in the country for a duration of up to 30 years. This innovative act marks a stark contrast to the former law that limited foreigners to a maximum land lease period of 30 years.
Sap Ing Sith rights display striking similarities to conventional land ownership rights. Holders of these rights can mortgage the property, construct on it, and even transfer the ownership to others. But it’s important to note that there are distinct variances between Sap Ing Sith rights and land ownership rights. Specifically, Sap Ing Sith rights have a cap of 30 years. It needs to be registered on the title deed, with the land department charging a fee of 20,000 baht.
Despite these restrictions, Sap Ing Sith rights pose numerous benefits for foreigners. For instance, compared to usufruct rights, they could present a more appealing option, and they deliver greater flexibility than a lease. Your decision should be based on factors like your age, short-term and long-term objectives, and the level of your investment.
Are you a foreigner keen on acquiring property in Thailand? You might want to consider Sap Ing Sith. Nonetheless, it’s imperative to consult a lawyer to fully grasp the potential risks and benefits of such an investment.
Pros and Cons of Sap Ing Sith in Thailand
Let’s delve into the notable advantages of Sap Ing Sith rights:
Ownership: Although your ownership is timed, you can pass on the remaining duration of your rights. This can be done without the landowner’s approval. Flexibility: Sap Ing Sith rights are more flexible than a lease. While you can register a mortgage on these rights, Thai banks might require some familiarization as this concept. It is new in Thai law and foreigners are rarely granted mortgages. Longevity: Registration lasts up to 30 years, with a potential renewal option. However, Sap Ing Sith rights also bear some risks:
The rights extend to a maximum of 30 years, though renewal is an option. The government holds the power to terminate Sap Ing Sith rights if the holder breaches the agreement terms. Pondering over these benefits and risks is crucial before deciding on any property-related commitments. What suits you best – usufruct, lease, superficies agreements, or establishing a Thai limited company? Your choice should consider your age, short and long-term goals, relationship status with a Thai citizen, investment amount, and other factors. Feel free to book an online consultation with us for further information.
- Sap Ing Sith rights on ThailawOnline.com