Selling condo in Bangkok

[Topah]

Hi.

 

I bought a new condo 2 years ago (build 2019) and I am thinking of selling it. Is there something I should be aware about the taxation etc.? 

[Peterw42]

It depends on whether you lived in the condo, ie: your principle place of residence, otherwise if the condo is owned for less than 5 years a special business tax of 3.3% applies, on top of the usual 2.5% transfer and duty.

If the condo is company owned then the 3.3% always applies

[Topah]

4 minutes ago, Peterw42 said:

It depends on whether you lived in the condo, ie: your principle place of residence, otherwise if the condo is owned for less than 5 years a special business tax of 3.3% applies, on top of the usual 2.5% transfer and duty.

If the condo is company owned then the 3.3% always applies

Condo is not my main place of stay. I did not rent it either. If I sell price of 3 million baht, I pay total of 5.8% tax/duty? Is there any other expenses?

[Peterw42]

14 minutes ago, Topah said:

Condo is not my main place of stay. I did not rent it either. If I sell price of 3 million baht, I pay total of 5.8% tax/duty? Is there any other expenses?

Maybe an agent commission on top. 

The taxes etc are levied on the land office appraised value, not what you say it sold for.

[Cricky]

There was a recent post regarding property taxes

 

"Thailand approves cuts on property tax"

 

 

I was told it does not apply to foreigners, only applies to Thais.

Over the many years they have on occasions reduced property tax and foreigner's were included

[jomtienisgood]

20 hours ago, Peterw42 said:

Maybe an agent commission on top. 

The taxes etc are levied on the land office appraised value, not what you say it sold for.

And maybe prior to all this , find a victim whom would want to buy given the present situation....

[khunPer]

On 2/4/2021 at 7:54 AM, Topah said:

Is there something I should be aware about the taxation etc.? 

Yes, you are as seller going to pay tax, whilst normally buyer will pay transfer fees.

 

There is a property tax calculator HERE.

[DrJack54]

On 2/4/2021 at 2:47 PM, Peterw42 said:

Maybe an agent commission on top. 

The taxes etc are levied on the land office appraised value, not what you say it sold for.

I have always wondered about this. Recently purchased a townhouse (Thai name) and the seller put the sale price down one million less than the actual price.

In Oz it's fairly strict. I wish to 'gift' some homes to my sons and it's difficult to understate their value. 

How does it work in Thailand.

[Peterw42]

15 minutes ago, DrJack54 said:

On 2/4/2021 at 2:47 PM, Peterw42 said:

Maybe an agent commission on top. 

The taxes etc are levied on the land office appraised value, not what you say it sold for.

I have always wondered about this. Recently purchased a townhouse (Thai name) and the seller put the sale price down one million less than the actual price.

In Oz it's fairly strict. I wish to 'gift' some homes to my sons and it's difficult to understate their value. 

How does it work in Thailand.

As above, the taxes and transfer are levied on what the land office says it is worth.

You can buy/sell, declare a lower amount but the land office will use their appraised value.