The Kingdom of Thailand is a country of eternal summer!
The amazing island of Phuket is considered the most respectable resort, where huge investments from around the world are directed.
The laws of Thailand protect the interests of foreign citizens, which allows them to live safely in the Kingdom, teach children, create and run their own business, and also own real estate in full ownership.
On the island of Phuket, foreigners investing in real estate receive: interest-free installments, income for the construction period. After launching the facilities into operation, they enter into long-term guaranteed rental agreements in order to increase their investments, as well as live and come to rest in Thailand at any time of the year, since summer is all year round here!
There are 4 forms of registration of ownership:
Foreign Freehold – a way to purchase real estate in full foreign ownership, you can only buy apartments in condominiums.
The Condominium Act of 1978 is an instrument of ownership.
According to the law of the Kingdom, 51% of the living space in condominiums must belong to Thai citizens or be registered with a Thai company, 49% of the space may belong to foreigners.
There are no annual property taxes in Thailand, which is a big advantage relative to Europe.
There are fees for property registration, after payment, which is issued by Chanote.
Chanote is a legal title deed.
The composition of the fees for registration of real estate includes:
– Registration fee – 2%
– Stamp duty – 0.5%
– Special Business Tax – 3.3%
– Witholding Tax – 1%
Total – 6.8% of the contract value of real estate. This amount, in most cases, is divided between the seller and the buyer, and is paid equally to each of the parties.
* Many developers offer favorable conditions, where they take on themselves, most of the payment of fees when re-registering property rights, thereby increasing the loyalty of their customers.
2. Leasehold – Long-term ownership of real estate, this is the most popular form of ownership in Thailand. Conclusion of an agreement between the seller and the buyer on a long-term lease.
Under the laws of the Kingdom, a tenure of 30 years or more. This period can be extended twice if it is prescribed in the terms of the contract.
In fact, get possession of 30 +30 +30 for 90 years.
Each time, registering a 30-year tenure, only the registration fee is paid, which is:
1.1% of the contract value
As a rule, the developer undertakes to pay the obligation or shares it in half with the buyer.
* In the case when the secondary real estate is sold in the contract between the seller and the buyer, additional clauses on inheritance and assignment are prescribed.
Thai Company Freehold – ownership of real estate through a Thai company, which is opened by a foreigner, where he owns 49%, the remaining 51% is the property of Thai citizens. This company records property purchased by a foreigner.
Our lawyers assist in opening a company and obtaining a controlling stake.
* One of the advantages is that this method helps to own villas and land without a long-term lease.
4. 4 BOI (Board of Investment) is a special regulation of conditions for large companies and investors who work in the international market.
If the amount of investments is more than 300,000,000 Thai baht - you can arrange land, industrial premises or commercial in the full foreign ownership of the investor company.
* Our company has proposals for investing in the hotel and construction business in Phuket.
IBG Group provides full legal support for real estate purchase transactions, company opening and business development.
Our team takes a personal approach and is mainly aimed at working according to the request and need of each client.