FREQUENTLY ASKED QUESTIONSIs it possible for me as a foreigner to own land in Thailand?Although Thai law prohibits foreigners from owning land in Thailand, there are various ways in which you can structure your affairs so that you can own land, and still comply with existing Thai laws:
What are the different land titles in Thailand? Chanote, Nor Sor Sam Gor & Nor Sor Sam are the only land titles where registered right of ownership or lease can exist, therefore any land titles lower than these are not recommended for foreigners.
Thailand has a very unique way of measuring land. Land is measured by Talang Met, Wah, Ngan, Rai and sometimes Acres. The table below displays the details:
Are there property taxes in Thailand? There are no property taxes as such in Thailand that are exactly equivalent to the property taxes in the west; however, the most comparable taxes on properties in Thailand are the Land Tax and the Structures Usage Tax. The Land Tax levied on land is so miniscule, 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. The second tax, the Structures Usage Tax, relates to buildings, is collected by the municipal office or district office, and is only applied to properties used for commercial purpose. Structures Usage Tax is applicable at a rate of 12.5% on the assessed gross rental value of the property. Lessees are not subject to this tax but may be required to pay an “annual ground rent” instead. What taxes and costs are applicable to purchasing property in Thailand? All purchase/sale of property in Thailand shall be subject to the following costs and taxes:
We highly recommend that you have a lawyer undertake a due diligence check on any property before you purchase or lease it. There are many items that a lawyer will check on the property, but most importantly they will check the following: • Does the person you are purchasing/leasing the property from have legal authority to sell or lease it • Are there any liens or encumbrances on the land; and if so, how will these be addressed • Does the property have legal road access What are construction costs in Thailand? Construction costs very much depend on location of the property on the island, on the lay of the land and of course quality of the build. You can estimate however between 15,000 THB to 35,000 THB per square metre – with 15,000 THB being for your very basic bungalow style build and 35,000 THB being a very high end quality western standard home. How much does it cost to set up a Thai-registered limited company? Your lawyer will be able to set up your Thai-registered limited company for you. This set up will give you a “2 million Baht Company”. This means that any property you plan to purchase under the company should not exceed the value of 2 million Baht (as this has tax implications when and if you choose to sell the property). You can increase the capital of your company at any time at a fee of approximately 10,000 THB per 1 million Baht of capital. To set up your company, you will need to provide your lawyer with a selection of 3 names for your company in order of preference. The lawyer will check these names on your behalf and register the first available name. You will also need to provide a list of any and all business ventures that your company may be involved in. This list can include up to 22 options. Each year you will be required to submit a balance sheet for your company to the Tax Department. Your lawyer can undertake this service for you for a fee of approximately 15,000 THB (not including taxes owing, which for a new company, or a company set up solely to hold land, will be very minimal). How can I get a visa to live in Thailand and/or a work permit? If you have a Thai-registered limited company you can arrange to have a visa and work permit under this set up. You can have 1 work permit for every 2 million Baht of capital that your company holds. So for example, if you need 2 work permits, your company must be a 4 million Baht capital company. A work permit will cost you around 20,000 THB on the first year of application and a little less for each year of reapplication. You will need to pay taxes each month for the work permit of around 3,000 THB. If you are over the age of 50 years, you may apply for a retirement visa. 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