YaDongImproved

The more you invest, the more legal protection you need.make a sap ing sith with other documents. Better than a lease or usufruct. We already registered 3 in the last 2 months. Sebastien.

The problem of buying a company reside in the hidden liabilities. You never fully know what they did with the company. So it is sometimes (always I think) better to set up a new company with preferred shares so the foreigners have minority shares but majority votes. Sebastien,

The profitability of buying a condo for the purpose of renting it out on Airbnb or similar short-term rental platforms depends on various factors, including: Location: Proximity to tourist attractions, public transportation, and amenities can significantly impact rental demand and pricing. Property Quality: The condition, facilities, and overall appeal of the condo will affect your ability to attract guests and charge higher rates. Market Conditions: The local real estate and rental market, including competition and seasonal fluctuations, will influence occupancy rates and profitability. Regulatory Environment: Ensure that short-term rentals are allowed by the condominium's juristic person and that you are in compliance with Thai law. Some areas have restrictions on short-term rentals that could affect your ability to operate legally. Operational Costs: Consider the costs of furnishing, maintenance, utilities, property management, cleaning, taxes, and condo fees when calculating profitability. Marketing and Management: Your ability to effectively market the property and manage guest relations can also impact success. It's important to conduct thorough research and comprehensive financial analysis considering these factors. Learn about all the regulation of the hotel act, as it must be declared as a non-hotel and there are tax implications too. I wrote an article on that. They recently modified the Hotel Act. Hotel Act Compliance: In Thailand, short-term rentals might fall under the Hotel Act. Ensure you comply with local laws which may require a hotel license. Even if you are not a hotel, you must register as a non-hotel. You must inform the Thai ministry of interior that the unit is not rented out as a hotel. The current law, modified in August 2023, mentions “in the case where the residential premises contain a number of not exceeding eight rooms on all floors in total, whether in single or several buildings and with a total service capacity of not more than 30 guests with the purpose to operate as a temporary accommodation for travelers or the other person, this would not be considered as a hotel.” This certification could take up to 40 days. You will need to provide: (1) Identification cards of the notifier and the room owner. (2) Power of attorney if the notifier does not go in person. (3) Lease agreement. (4) Title deed. (5) Condo location map. (6) Main income documents.

The process and cost of subdividing land in Thailand, often referred to as parceling or land separation, can vary based on several factors including the size and location of the land, as well as local regulations. Generally, the process involves surveying, applying for subdivision with the Land Department, and possibly obtaining approvals from local administrative organizations. The fees for land subdivision consist of official fees for the cadastre survey, application fees, and other miscellaneous costs that can be ascertained from the Land Department. Delays in the process can also vary; they depend on the efficiency of the local Land Office, the complexity of the subdivision, and whether the land is covered by a title deed (Chanote) or another form of land document. Normally 3K to 5K and expect 2-4 months. You must go to the land department. Obviously, it is not the land department if you have a Sor Por Kor or a Por Bor Tor. Sebastien

They clarified the rule about incomes earned abroad BEFORE 2024. It does not apply. Franklegaltax is a reputable law firm. Fabian Doppler is director I think, 50% of their clients are German. They do a lot of corporate law. https://franklegaltax.com/important-updates-on-new-tax-regulations-for-foreign-income-in-thailand/

No, but I was not lazy. A few years ago, I had a client who sold 3D software internationally. His revenue was below the 1.8 million baht threshold required for VAT registration by law. Moreover, since he was selling overseas, he could be exempt from charging VAT. For reasons unknown, the accountant registered for VAT and failed to report a '0' VAT each month. Eventually, the client closed his company and moved abroad with his Thai wife. Six months later, the Revenue Department sent a letter to his wife's family, demanding 400,000 baht in backdated VAT. He asked me to handle the situation. I printed information from the Revenue Department's website, highlighting that businesses with annual earnings under 1.8 million baht are exempt from VAT. I also printed proof that VAT isn't applicable for clients outside Thailand. Despite this, they insisted on the validity of the VAT registration. I pointed out that the client was now abroad and the company was closed. I gave them my office address and requested a detailed written explanation as to why he should pay these taxes when their website indicated otherwise. They never replied. Welcome to Thailand. Ask a little bit of work and craziness, and they will forget not to lose the face. That was more than 10 years ago.

Must be the spouse, ascendant or descendant. I believe legitimate child and not adopted. Check the links I posted above. It is a well known technique of estate planning to make gifts instead of giving everything at death, to lower taxes.

https://thailand.acclime.com/guides/gift-tax/ https://sherrings.com/gift-tax-law-in-thailand.html#:~:text=an adopted child)-,On the amount of the gift received in excess of,transfer of the immovable property.&text=or a spouse-,On the amount of the gift received in excess of,a personal income tax return. https://taxsummaries.pwc.com/thailand/individual/income-determination Do you want more?

1) I have permanent residency and declare incomes in 2 countries. I am not worried. 2) do not be worried for state pension. They will never touch that in Thailand. They never did, and will never do. They are not that stupid.

Exactly but who checks bank accounts of individuals in Thailand? How can they know if it is a salary or a gift? Now, they put a mechanism to make it mandatory to declare the foreign incomes if you are a tax resident in Thailand. They want to cut loopholes, not for foreigners, for Thai people. They know most foreigners pay taxes.

It is a law called the “Gift Tax” and applying since 1 February 2016.

That’s my interpretation. However, nobody knows who will do it. For example, will it be at the revenue department? Will immigration request foreigners to give their annual tax income from Thailand. Will your Thai bank give the information to the revenue department? All of this sounds very messy and maybe impossible to really apply. Someone sent me this useful reply finding my text interesting but I am not sure I agree with his second point: Clearly the details of how this will work in practice still need to be worked out by the Thai RD. In addition to the points you make in your summary I understand the following: 1. Under the rules of CRS Thai banks must report to the RD any foreign transactions paid into a Thai bank. So if an individual remits funds to Thailand via bank transfer then the RD will know about it. 2. The burden of proof of the type of funds (ie. Taxable/non-taxable) remitted to Thailand is on the Tax Payer. Therefore it’s important to keep records that prove the source of the funds so (if required) you can provide as evidence when submitting a Thai PIT return. 3. Application of Double Taxation rules is not done by default (ie. You need to apply for it). In the case of UK if an individual wishes to pay PIT in Thailand they need to apply to HMRC for tax relief at source by submitting a completed DT-Individual form to HMRC. 4. If an individual wishes to pay tax in their ‘home’ country (eg. UK) and not pay PIT on the funds they remit to Thailand then they will need to apply for a tax credit in Thailand. The process for this is unclear (to me at least) and would likely involve translation and certification of any supporting documentation (not to mention the stress of trying to submit this at your local Amphur RD office).

These are explains one by one in the double taxation treaties. It depends on your country. This is just in general.

Yes. But you might have to declared them if you live 180 days per year in Thailand or more.

I told the clients to change district and not do the company route. I think it is an obvious choice to do. I like Sap Ing Sith.