Phuket is more than just an island paradise for tourists. It also represents an excellent hub for investment in the country, especially for foreign expatriates who are simply looking to make good use of their retirement money.
Considering that Phuket attracts a great majority of foreigners, it makes sense that foreign expatriates will want to get on in the market of providing for the needs of their fellow foreign retirees as well as tourists. After all, you know your countrymen’s tastes and preferences best for you are one of them.
What are the opportunities for investment that foreigners can invest in in Phuket, Thailand’s popular island province?
Real estate remains the best opportunity for foreigners to earn money from. If one’s resources are big enough, they can create a corporation together with other foreign expats and some local partners to create enough funds to start a company or purchase an existing real estate property in Phuket. There are so many commercial opportunities involving real estate in the island.
One can also earn money in residential real estate properties, particularly condominiums. Condos are the only forms of real estate that foreigners can invest in as individuals. Thai law is strict about that – foreigners cannot purchase land unless they are bought under the name of their spouse or in the name of a corporation.
What can one do with a condominium? Aside from that fact that they could live in it, they could also put it up for long-term lease for other foreigners. Leases are legal contracts that bind people to paying you for use of your property every month. It’s almost like rent, but leases are for the long term and usually involves more capital.
The hospitality industry is a good market to enter into if you’re looking to invest money into the Thai economy, especially through Phuket. Many tourists visit the area, and there’s no shortage in demand for establishments that can cater to their needs.
It might be a good idea to find some local, together with foreign, partners who can help you out in establishing a business in this market. It would require fusing together a significant amount of capital and expending an immense amount of time in pursuing the requirements. However, it would be well worth once the business starts seeing a return of investment (ROI) for you and your partners.
Take note that you shouldn’t short-circuit the law in anyway. When you get local partners, make sure that you give them voting rights and you let them fuse their own capital into the business. Never fall for the trap of nominee shareholdership, as it is totally illegal for foreign businessmen to tap into.
There are so many other opportunities that foreigners could invest in once they set their sights into retiring in Phuket. That’s the beauty of Thailand’s most popular island province – not only do you get a wondrous “paradise” to live and breathe in, you also get an excellent market that you can invest in and earn money from.
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