Phuket is an island province in the south of Thailand. The rise of tourism in the area gives birth to expat communities and attracted a lot of foreign investors.
The beaches on its western coast have become highly developed tourist centers with the construction of many new hotels, apartments, resorts and houses. This island province offers the best of both worlds with its stretches of tranquil sandy beaches and its big city facilities and amenities that provide the ease and convenience westerners seek for.
Both local and foreign retirees have chosen to settle in Phuket. Thais own second homes in the area while the foreigners retire in Phuket and invest in Phuket real estate. Since Thai law does not allow foreigners to own land, they are permitted to own condominium in Phuket. There are routes open to foreigners who are serious about purchasing a holiday home in Phuket. These alternative methods include putting up a Thai Limited Company through which a foreigner can make a purchase of a house, land or apartment (through freehold of Thai Limited Company). Another way would be by taking a long term lease (leasehold). Lastly, and only if applicable, a foreigner can buy a property through the Thai spouse.
Living in Phuket and investing in Phuket real estate have proven to be very rewarding for many expatriates.