Can I buy land?

Only as a Thai citizen or with a Thai registered company.

As a non-Thai national you are not allowed to buy/own land in Thailand. If you are told otherwise, it is not true. As a foreigner you are allowed to buy an apartment in a condo. But there are no such offers in Koh Mak.

Can I lease land?

As a non Thai national you can lease land for a maximum of 30 years. Yes, you can include a clause in the lease agreement that gives you an additional 30 year extension after the first 30 years. However, this clause is not binding and can be removed to your disadvantage. For example, if your landlord sells his property. The new owner will not be bound by this clause. Also after 30 years, even if the owner stayed the same, you have to renegotiate the new 30 years meaning you will have to pay a complete new 30 years probably higher due to land prices increase.

Expect that you have to pay the 30 year lease upfront and expect the price for the 30 year lease to be almost the same as a purchase.

As a side note: also a foreign company can lease land in Thailand.

Am I the legal owner of the land when leasing?

When you lease land, that land is legally yours. You are entered in the so-called chanote (German — Grundbuch, US – RMC, UK – HM Land Registry, France – cadastre) and you do what you want (within the framework of the laws and local building regulations and what you might have defined in your lease agreement).

What happens after 30 years?

30 years is a long time. A lot can change. Perhaps also the attitude of the Thai government in this regard. Tourism is a very important economic factor in this country.

But nobody will be able to guess what might change in governmental laws in 30 years. So as per today assume that after 30 years the land (and the building on it) will be returned to the landlord. Don’t believe anyone who says otherwise.

What about a Thai company?

You can start a Thai company. Legally you own 49% of it. You need two (or more) Thai partners who own 51%  . With this company you can buy land (in the name of the company). 49% of it belongs to you and on paper to the 51% Thai.

Be aware that with a Thai company the Thai finance administration at some stage will require your company to make revenue. So be prepared that you might need to subrent (or other activities) to justify the existence of the company.

Can I rent land?

You can rent and pay monthly or yearly (whatever you define in the rental contract with your landlord). But the rental contract will be for a maximum of 3 years. Everything that exceed 3 years MUST be registered with the land office and will be entered in the chanote. This is valid for land but also houses or apartments. So if you decide to rent and agree to a term longer than 3 years, be aware that it is not valid and will be automatically reduced to 3 years in case of a dispute.