If foreigner buy condo(s), can they AirBnB them?

[MrAscii 35]

As the subject said.

If foreigner buy condo(s), can they airbnb them?

 

If its legal and any of you already do it. Is it worth the time and money to do it?

 

Money might be no problem for me. If I can do that, I think I can have additional activities because I'm afraid of boring issue if I retire in Thailand ( I like to be at home. I don't like going to bars or outdoor activities too much ).

Thank you in advance for any opinion.

x

[CharlieH 43619]

MOVING to Real Estate

[OneMoreFarang 53625]

16 minutes ago, MrAscii said:

Money might be no problem for me

Then why do you even think about doing something like that?

Do you like headache?

[Elkski 2841]

It is illegal to rent for under 30 days.  There are many on Airbnb and I like to use them as much as possible when I travel .  Many  foreign condo  dwellers get very angry on this subject as your about to find out.   Many times the hosts ask you to say if asked your a friend. On some of my stays I never saw or heard anyone entering another room in the floor.  The room and host review system  is good and reliable and the pictures pertain to your exact  room unlike Agoda or booking.  Many times the places are very nicely decorated and furnished.  

Edited January 3 by Elkski

[ed strong 705]

Sounds like the last thing you should do for numerous reasons!

[scubascuba3 26917]

Plenty of farang do rent out condos, what I don't know is the tax situation

[nigelforbes 4879]

5 minutes ago, scubascuba3 said:

Plenty of farang do rent out condos, what I don't know is the tax situation

Any and all rent is taxable under the Thai tax code.

[soi3eddie 6556]

Just no longer worth the hassle and headaches. Too much supply and too little demand. Invest the money elsewhere and do some other past time. 

 

[MrAscii 35]

41 minutes ago, OneMoreFarang said:

Then why do you even think about doing something like that?

Do you like headache?

I see. Thank you for your advice.

 

40 minutes ago, Elkski said:

It is illegal to rent for under 30 days.  There are many on Airbnb and I like to use them as much as possible when I travel .  Many  foreign condo  dwellers get very angry on this subject as your about to find out.   Many times the hosts ask you to say if asked your a friend. On some of my stays I never saw or heard anyone entering another room in the floor.  The room and host review system  is good and reliable and the pictures pertain to your exact  room unlike Agoda or booking.  Many times the places are very nicely decorated and furnished.  

I see. Noted. Thank you.

 

28 minutes ago, ed strong said:

Sounds like the last thing you should do for numerous reasons!

Noted. Thank you for your advice.

 

22 minutes ago, scubascuba3 said:

Plenty of farang do rent out condos, what I don't know is the tax situation

Noted. Thank you.

 

17 minutes ago, nigelforbes said:

Any and all rent is taxable under the Thai tax code.

Noted. Thank you.

 

8 minutes ago, soi3eddie said:

Just no longer worth the hassle and headaches. Too much supply and too little demand. Invest the money elsewhere and do some other past time. 

 

I see. Noted. Thank you for your advice.

[tomazbodner 9728]

If you're renting on AirBnB for over 30 days per stay, and declare income (many don't) as personal income and pay tax on it, there should be no issue if you own the place in your name. Don't know what happens if it's a Thai quota and you buy a place owned by a company?

 

If you decide to go that way though, and don't live next to it and clean it by yourself, you would probably need to hire someone to manage it for you. Usually that's someone at condo sales office (if project isn't closed yet) or in juristic office, who then hires a maid and gets the place cleaned, bedware washed/changed, etc between tenants, as well as that "agent" doing inspection of damage on moving in/out.

 

I have rented a condo for parents for 4 months and the owner had a lady from sales office managing the place for him in that way, hence recommending it.

[pomchop 7754]

So you want to run an ILLEGAL business which is what 99 % of non hotel licensed condo rentals of less than 30 days are in Thailand.  Do you care that people who buy or do long term leases in condos don't want to live in a building with tourists from all over the world checking in and out, clogging elevators, pools, lobby areas.....often coming home late at night drunk and loud?  Is it ok if a one week rental has 8 people staying in a unit designed for 2 or 3?  

 

If you want to go into the hotel business than build or buy a hotel and follow the law.

 

 

[bkk6060 20308]

If you check the various sites now including Airbnb, there are plenty of short term rentals available.  I know The Base where I use to live is very popular for this a couple of years back, 100ś of people a day were checking in and checking out only staying a few days.  Many of these were owned by Chinese I know a lady who bought 10 rooms for this purpose.  A local agent would meet the people at the entrance and give them keys to enter past security.  The management facilitated it as they seem to do as several properties.  There does not seem to be much if any regulation or enforcement of this.  In reality, they are violating several laws.  FIrst, I do not believe they are properly reporting the guests to immigration and some sort of hotel type tax should be paid, income tax paid, not to mention the illegal less then 30 day law violation.   It can be very disrupting for full time residents which is one reason I left The Base.  People obviously rent their places out in this manner, just seems very risky if and when there is some sort of crack down.

 

 

Edited January 3 by bkk6060

[MrAscii 35]

59 minutes ago, tomazbodner said:

If you're renting on AirBnB for over 30 days per stay, and declare income (many don't) as personal income and pay tax on it, there should be no issue if you own the place in your name. Don't know what happens if it's a Thai quota and you buy a place owned by a company?

 

If you decide to go that way though, and don't live next to it and clean it by yourself, you would probably need to hire someone to manage it for you. Usually that's someone at condo sales office (if project isn't closed yet) or in juristic office, who then hires a maid and gets the place cleaned, bedware washed/changed, etc between tenants, as well as that "agent" doing inspection of damage on moving in/out.

 

I have rented a condo for parents for 4 months and the owner had a lady from sales office managing the place for him in that way, hence recommending it.

I see. Thank you for your advice.

 

58 minutes ago, pomchop said:

So you want to run an ILLEGAL business which is what 99 % of non hotel licensed condo rentals of less than 30 days are in Thailand.  Do you care that people who buy or do long term leases in condos don't want to live in a building with tourists from all over the world checking in and out, clogging elevators, pools, lobby areas.....often coming home late at night drunk and loud?  Is it ok if a one week rental has 8 people staying in a unit designed for 2 or 3?  

 

If you want to go into the hotel business than build or buy a hotel and follow the law.

 

 

I see. Noted. Thank you for your advice

 

23 minutes ago, bkk6060 said:

If you check the various sites now including Airbnb, there are plenty of short term rentals available.  I know The Base where I use to live is very popular for this a couple of years back, 100ś of people a day were checking in and checking out only staying a few days.  Many of these were owned by Chinese I know a lady who bought 10 rooms for this purpose.  A local agent would meet the people at the entrance and give them keys to enter past security.  The management facilitated it as they seem to do as several properties.  There does not seem to be much if any regulation or enforcement of this.  In reality, they are violating several laws.  FIrst, I do not believe they are properly reporting the guests to immigration and some sort of hotel type tax should be paid, income tax paid, not to mention the illegal less then 30 day law violation.   It can be very disrupting for full time residents which is one reason I left The Base.  People obviously rent their places out in this manner, just seems very risky if and when there is some sort of crack down.

 

 

I see. Thank you for your advice.

[freedomnow 2501]

You can't plan anything almost around Thai laws and rules as they change by the week and this is why surrounding countries are going to overtake flip-flop Thailand...moron circus in charge.

 

Stability + well thought out rules and laws...do not exist in LoS...endless amendments abound.

[Captain Monday 5457]

 

• Be sure it is OK with the Condo bylaws. My building does not allow any
• Is it a Condotel?  Then not hotel, rentals shorter than 30 days are illegal
• Foreigner can't  do any WORK like cleaning, handing out keys without work permit
• Taxes on all rental income are payab;le
• TM30 notification to Immigration required if Aliens stay there.

So it is probably OK and legal under strict circumstances if you use an estate agent to do all the legwork and pay their cut. If you don't enjoy leisurely retirement why not just get a thankless low paying job to keep busy? Then after some years of diligent tax paying and  visa extensions apply for PR.

[4MyEgo 24267]

Far better investments than real estate anywhere at the moment.

 

2023 is going to be a very interesting year, will it all fall apart when interest rates start to be lowered, will Russia send up a Nuk, will the stock market crash and when I say crash, I mean crash, i.e. take years to recover, will cash be something of the past with digital money coming into play.

 

If you ask me, gold looks to be the safe haven at the moment and they can't put a hold on it as a currency, not to mention it can have some great capital appreciation vs rental returns.

 

So maybe, just maybe do yourself a favour and buy some gold, have it put in a safe place and see where it's at in a year or two, i.e. if you haven't been nuk'd or died from some strange virus that could have been leaked out of a lab by then.

Edited January 3 by 4MyEgo

[steve sharp 8]

There are a number of legal and practical considerations to be aware of before making a decision to buy a condominium unit in Thailand and list it on a platform like Airbnb for short-term rentals. Some of the main considerations include:

Legal considerations:

• As a foreigner, you are not allowed to own land in Thailand. However, you can own a condominium unit on leased land, as long as the lease is for a term of 30 years or less. You will need to work with a Thai lawyer to set up a structure that allows you to own the property while complying with Thai law.
• You will need to research and understand the legal and regulatory framework for short-term rentals in Thailand. This may include obtaining a license or permit to operate a short-term rental, and complying with any applicable tax obligations.
• It is a good idea to have your rental agreement translated into English, or at least have an English-language summary of the agreement, to ensure that you fully understand your rights and responsibilities as a landlord.

Practical considerations:

• You will need to consider the costs of owning and maintaining the property, including mortgage payments, insurance, property taxes, and any necessary repairs or renovations.
• You will also need to consider the costs of operating a short-term rental, such as cleaning and maintenance, marketing, and customer service. You may need to hire staff or a property management company to handle these tasks, or you may need to invest in equipment or supplies to make the property more attractive to renters.
• You should also consider the location of the property and its proximity to popular tourist attractions or amenities, as this can affect the demand for rentals.
• Finally, you should be prepared for the possibility of vacancies or slow periods, and have a plan in place to generate income during these times.

Overall, it is important to carefully research and consider all of the legal and practical implications before making a decision to buy a condominium unit in Thailand and list it on a platform like Airbnb for short-term rentals.

Edited January 3 by blackcab
Email address removed

[blackcab 9711]

29 minutes ago, steve sharp said:

However, you can own a condominium unit on leased land, as long as the lease is for a term of 30 years or less. You will need to work with a Thai lawyer to set up a structure that allows you to own the property while complying with Thai law

 

Condominium units cannot be built on leased land. The land must be unencumbered NS4 chanote, otherwise the condominium unit title deeds cannot be issued.

 

There is no need to set up a structure to comply with Thai law. In most instances non-Thai citizens can purchase a condominium unit freehold and be listed as the owner.

[steve sharp 8]

You are correct that condominium units in Thailand cannot be built on leased land. In order to be eligible for a condominium unit title deed, the land on which the condominium is built must be unencumbered and have a chanote title deed.

A chanote title deed is a type of land title in Thailand that indicates ownership of the land. In order to be eligible for a chanote title, the land must meet certain criteria, including being surveyed and demarcated with clear boundaries.

Condominium units in Thailand can only be built on land with a chanote title deed. This is because the condominium unit title deed is registered with the land registry, and the land registry will not accept a condominium unit title deed unless the land on which the condominium is built has a valid chanote title.

Overall, it is important to carefully consider the ownership status of the land on which a condominium unit is built before purchasing a unit. This will ensure that you are able to obtain a valid condominium unit title deed and enjoy the legal protections and rights associated with condominium ownership.

[blackcab 9711]

On 1/3/2023 at 10:48 PM, steve sharp said:

Overall, it is important to carefully consider the ownership status of the land on which a condominium unit is built before purchasing a unit. This will ensure that you are able to obtain a valid condominium unit title deed and enjoy the legal protections and rights associated with condominium ownership.

 

Ownership status of the land a registered condominium is built on is some of the most undisputable land possible.

 

This is because to obtain the condominium title deeds the developer must surrender the NS4 land title deeds to the land registry.

 

This makes the sale of the land impossible unless all co-owners agree to dissolve the condominium juristic person.

 

Steve, this particular sub-forum is a factual forum where accuracy is important due to the subject matter. This is the second time in one topic that I have had to step in. If you are unsure please clarify before posting. Thanks.

[d4dang 852]

quite a few foreign renters do the runner at the the condo I stay at in BKK so maybe Air B&B is a safer investment

[YT3k72Em 181]

Another big issue is that most owner occupiers in condos don't want tourists coming in and out, and many have passed rules in their condo committees to not allow AirBnB in their buildings. So unless you like ruffling the feathers of your neighbours or building committee it would be wise to check first.

[sikishrory 902]

My understanding is legal if the building has a hotel license. 

I've stayed in a number of different condos. Some operating without hotel licenses that still very obviously had daily rentals walking in and out past huge signs saying "THIS IS NOT A HOTEL" and what they're doing is illegal. However they walk right past reception who couldn't care less.

Then I have stayed in condos that also have a hotel license and rooms are rented out daily or long term with no issues.  There tends to be more tourists in these condos and they care less about making noise or showing respect.

There's a number of property management companies that can manage the cleaning and daily rentals of rooms. 

[Delight 584]

 The simple fact is that a Condo is not a hotel.

The condo needs a hotel license for short term bookings.

Given that a condo is not a hotel -then all short term leases are illegal. 6 months lease is fine