7 replies to this topic

[rucus7]

Do any members have personal experience with buying property in Thailand? specifically what the taxation percentage is, also is there is difference if it is unimproved i.e.: no house

[lvdkeyes]

Foreigners are not allowed to buy land in Thailand in their own name. It must either be in a Thai's name or a corporation must be formed.

[Bob]

Even the "corporation trick" (at least in those situations where the corporation is just passively owning land versus being involved in a true business) is illegal as was made clear by a directive I read from some Thai ministry within the last month. Based on what I read, you could get your interest confiscated if they catch you doing that one (but my guess is they're not looking much and don't do all that much about it). I wouldn't risk a lot of my money trying to do that one.

As to rucus7's question about "land tax", I really can't answer that one. I do understand that there are taxes due at the time of purchase/sale of land and, while not insignificant, it's not that much. My guess is the ThaiVisa site would likely have some more specifics on this topic.

Regarding annual "property taxes" (like we have in the states), I've asked that question hundreds of time and have been told there are none 95% of the time; however, one Thai from Surin made mention that his family pays 50 baht per rai per year for some agricultural land that they own. And I'd note that the Abhisit government is curently studying whether to impose a general property tax throughout Thailand (as a method to raise revenue from those that can afford to pay) but I haven't bothered to read the details (I'm guessing that it's nominal involving a house or agricultural land).

[rucus7]

I should have been more descriptive, transfer tax at the time of sale is what I wanted to know. We went to the land office today and were told it is 5%. I am unclear if that is based on purchase price of assessed value. I suspect it to be whatever the generates the most revenue for the government.

[rucus7]

We bought 5 ngan today, we paid 2 1/2 % after being told six weeks ago it would be 5% . . . go figure

[Bob]

rucus7, on 15 February 2010 - 09:56 AM, said:

We bought 5 ngan today, we paid 2 1/2 % after being told six weeks ago it would be 5% . . . go figure

Of land? 5 ngan would be roughly 1/2 of an acre back in the states or approximately 1 rai over here. I'm presuming also (although it's really none of my business) that it was purchased in a Thai's name.

[rucus7]

Bob, on 15 February 2010 - 11:18 AM, said:

Of land? 5 ngan would be roughly 1/2 of an acre back in the states or approximately 1 rai over here. I'm presuming also (although it's really none of my business) that it was purchased in a Thai's name.

Yes in my wife's name . . . . same last name . . . it cannot be owned by me.

[lvdkeyes]

It's a good idea to have a 30 year renewable lease in your name if your property is in a Thai name.