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There are 4 elements to owning your property in Phuket:
Land Lease Agreement
The Village Coconut Island Resort is offering the simplest and most popular form of ownership. The Village properties will be sold with a registered, 30-year leasehold title for the land, which is allowed by Thai Law in the name of foreigners, renewable for two additional 30-year periods.
The lease endows the owner with the usual rights of access to all common area facilities and decision making processes.
The benefits of owning a Thai property leasehold are that you:
The cost of the lease is included in the total purchase price. Lease extensions cost approximately THB 10,000.
Villa Purchase Agreement
Although foreigners are not permitted to own freehold land title in their name, they are allowed to own 100% of the buildings situated on the land. For this purpose, buyers enter into a Sales and Purchase Agreement with Coconut Island Development Company Ltd.
The agreement details construction costs and a payment schedule for the build process. Account invoices are issued upon receipt of a surveyor certificate confirming completion of each construction stage.
Share Subscription Agreement
An offshore company, Coconut Island Owners Association Ltd., (CIOA) has been incorporated. Each owner will purchase, as part of his contract, a share for each villa and land plot. By the completion of the project, the lessees, i.e. the buyers, will collectively own all the shares in CIOA, which in turn has a 39% stake in the Thai land-ownership company.
The shares owned will have preferential voting rights and consequently allow full control of the Thai land ownership company. This fail safe system is tried and tested and retains for buyers full control over estate issues by way of preferential voting rights
Estate Management Agreement
Each buyer is obliged to sign an estate management agreement with the estate management company. This ensures all common areas and estate amenities and services are maintained for the protection of all owners’ investments. It also offers buyers an opportunity to let their property when vacant in order to generate rental income. Estate rules developed by The Village Coconut Island Resort are also included in the estate management agreement.
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