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Thailand Property & Thailand Real Estate

Information & Resources for Thailand Real Estate Agents & Property Developers.

Thailand Property - Taxes & Costs

Thailand is a paradise making Thailand property worth every penny of your savings accounts. But before you go acquiring a piece of Thailand, it's best that you learn more about the country's property taxes first.

Thailand property taxes differ from those in the West!

There are no set rules on who pays for which taxes and it is just another part of the bargaining process - so make sure you discuss it with both the real estate agent and your own lawyer. Thailand property taxes can amount to a considerable part of the real estate purchase price. Therefore, it should be made clear during the purchase negotiations who is going to pay for what, or you could be facing a sizeable tax bill two or three months after the thailand property sale is completed.

The main types of tax levied on Thailand property are:-

1. Income Tax or Withholding Tax - This is usually between 1.0% and 3.0% - charged on the transfer of Thailand property (this is the equivalent of capital gains tax in the West) It is calculated on a most complex formula based on the Land Department assessed value of the Thailand property, the length of time owned and the personal income tax rate. (normally paid by the seller)

2. Transfer fee of 2.0% of the Thailand Land Department assessed value, on all transfer of Thailand land or structure ownership. This fee is payable to the officer at the Thailand Land Department on the day of the transfer of ownership. (normally paid by the buyer)

3. Stamp Duty - on all purchase/sale of Thailand property there is a stamp Duty of 0.5% charged on the Thailand Land Department assessed value or purchase price, whichever is the higher. This tax is not charged if Specific Business Tax is applicable to the transaction. (normally paid by the seller)

4. Specific Business Tax (SBT) of 3.3% only levied against the Thailand property owner who has been in registered possession of the Thailand property less than 5 years or against all sales by companies.(normally paid by the seller)

5. The Land Tax levied on Thailand land is so minute, that in practice the body charged to collect it, rarely bothers to do so, and if they do, they usually wait several years until the amount accumulates.

6. The Structures Usage Tax is only charged on Thailand property used for commercial purposes and is collected by the municipal office or district office.

Thailand Property - Legal Costs

Thailand property transactions incur legal costs which you must also consider when buying or selling Thailand property , in addition to your tax costs. Dependent on the price of the Thai property and you lawyer's charging scale, these can be sizeable and amount to up 10% of the purchase price. For this reason some farangs choose not to bother with a lawyer at all.

Many have no problems, but remember you are buying property in a foreign land where the contracts are written in a Thai, so if you adopt this route, exercise all due caution and do your research. The best advice has be to get the assistance of a lawyer who is familiar with local laws, language and market practice with your Thailand property purchase.

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