Renting condo

[Miaow]

Hi im looking for advice if i need a special visa, permit to rent out my condo.  I own it  with my Thai wife and we are going to do long term lease.

Cheers!

[jackdd]

No permit needed if you are renting it out long term (30 days or more)

[kannot]

no problem do it  all in your Wifes name if  you trust her.....I have for the last 12  years keep below 5 units due to new regs although many are ignoring this as they are   too severe on some things such as "notice to leave"

[Miaow]

On 6/28/2018 at 7:55 PM, jackdd said:

No permit needed if you are renting it out long term (30 days or more)

Do you have to pay taxes to the thai goverment on this income? I am currently in Canada and im trying to avoid paying taxes to both countries. I own a few condos and money will be wired to my canadian account quite frequently.. Thanks for the advice

[Miaow]

On 7/1/2018 at 6:10 PM, kannot said:

 keep below 5 units due to new regs 

What are those new regs you are referring too?

 

cheers

[kannot]

2 hours ago, Miaow said:

Do you have to pay taxes to the thai goverment on this income? I am currently in Canada and im trying to avoid paying taxes to both countries. I own a few condos and money will be wired to my canadian account quite frequently.. Thanks for the advice

Most people do not declare this income in  Thailand as do many Thais not pay income tax, is it  illegal?? YES but there you are most dont.

[kannot]

1 hour ago, Miaow said:

What are those new regs you are referring too?

 

cheers

RENT out 5  condos or more and you can only ask 1  months deposit 1  months rent in advance, no contract longer than 12  months, the tenant can leave at anytime giving 1  months written  notice so if they sign a  12  month contract it virtually useless as they can leave at anytime theoretically after 2  months they can be gone (with a  reason) and you must give back the deposit. Many people will just invent a  reason ie "Mum died" etc

There are ,many more  new rules for this, search  in the box at the top of the page, personally Id  keep below the 5 or use another person whom you trusts name to keep them in although many owners are just not  following the new regs but who knows if the govt will clamp down on it at some point.

[Miaow]

9 minutes ago, kannot said:

RENT out 5  condos or more and you can only ask 1  months deposit 1  months rent in advance, no contract longer than 12  months, the tenant can leave at anytime giving 1  months written  notice so if they sign a  12  month contract it virtually useless as they can leave at anytime theoretically after 2  months they can be gone (with a  reason) and you must give back the deposit. Many people will just invent a  reason ie "Mum died" etc

There are ,many more  new rules for this, search  in the box at the top of the page, personally Id  keep below the 5 or use another person whom you trusts name to keep them in although many owners are just not  following the new regs but who knows if the govt will clamp down on it at some point.

Thanks for the replies.

[KittenKong]

Do you have to pay taxes to the thai goverment on this income? I am currently in Canada and im trying to avoid paying taxes to both countries.

You should declare the income in both countries. There is a double-taxation agreement between Canada and Thailand and it would normally have provisions for allowing tax paid in one country to be offset against tax due in the other.
https://www.fin.gc.ca/treaties-conventions/thailand_-eng.asp

It is reasonable to suppose that at some point the Thai government will wake up to the huge amount of tax they are not currently collecting from this due to fraudulent non-declaration, and will do something about it. If it was me it would have happened decades ago.

Bear in mind that as the property owner you are also responsible for the completion of an immigration form every time a farang moves into your property, technically also when anyone moves back in even after just a short absence. In practice when this form is not completed immigration seem to fine the tenant and tell him to recover the money from the owner, presumably because they are too lazy to look for and fine the owner. This seems very unfair to the tenant who has done nothing wrong.