Will Thai condo sales to foreigners become seasonal because of tax enforcement??

[CallumWK]

Just now, chiang mai said:

Bangkok post,  It was posted on AN quite recently, which is how I heard about it. Don't care you believe or not, you want it, go look for it

 

 

I was talking about this unsustained claim of yours.,

 

1 hour ago, chiang mai said:

Many countries impose a foreign buyers surcharge or tax, if no minimum holding period exists, in order to deter speculation.

 

1 hour ago, chiang mai said:

But yes, minimum holding periods are not uncommon, google it.

 

Which should have been clear as I replied to a post of yours from before you said someone in Thailand, who isn't part of the government, made a SUGGESTION.

[chiang mai]

6 minutes ago, CallumWK said:

 

I was talking about this unsustained claim of yours.,

 

 

 

Which should have been clear as I replied to a post of yours from before you said someone in Thailand, who isn't part of the government, made a SUGGESTION.

The BP article confirms what I said,go read it, or don't, I don't care.

[CallumWK]

Just now, chiang mai said:

The BP article confirms what I said,go read it, or don't, I don't care.

 

Does the BP article have a list of the MANY countries that have that rule? I don't think so, and since you claim it was posted on AN, it should be easy for you to link to that post.

But you have nothing

[chiang mai]

2 minutes ago, CallumWK said:

 

Does the BP article have a list of the MANY countries that have that rule? I don't think so, and since you claim it was posted on AN, it should be easy for you to link to that post.

But you have nothing

Yes mentions some. Again, I don't care what you believe or not and I'm not going to do your searching for you, bye.

[CallumWK]

1 minute ago, chiang mai said:

Yes mentions some. Again, I don't care what you believe or not and I'm not going to do your searching for you, bye.

 

Yes please add me to your extensive list of people who are blocked because they don't agree with your unsustained claims.

 

You got nothing

[chiang mai]

11 minutes ago, CallumWK said:

 

Yes please add me to your extensive list of people who are blocked because they don't agree with your unsustained claims.

 

You got nothing

You get spot number 3, well done.

[scubascuba3]

2 hours ago, Elkski said:

If people are really going to be leaving for 6 months then 2 people can share a condo? And alternate when they are out of country. 

Good idea, I'm thinking Philippines, need to find someone or some people who fancy a swap

[jippytum]

Not so much sales as rentals.

Chaing mai rental market curtailed to six month lets because of air pollution. 

Tenants do not want to rent twelve months if they have to leave any location for any reason. 

[oldcpu]

2 hours ago, ChipButty said:

Down here in the south of Phuket it doesn't seem to be slowing down anytime soon, What is it with Russians and Condo's? I've just found out about a new project that will start soon, and judging by the offices they, built they are not messing about, no doubt the chainsaws will be starting soon as the land has all rubber tree's on there, 

 

The return of the Chinese (after COVID), plus more from India, and the influx from Russia, has resulted in the Phuket real estate market doing very well for those selling.

 

In the FAR south of Phuket where I live, the price of condos languished for years, hardly moving up at all.   But in the past 18-months, the stagnant trend reversed and used condos (as long as the complex is well maintained by the CJPM/co-owner committee) prices have gone up a lot. 

 

..

 

With regard to the 'seasonal sale' concept, I don't see this as ever being seasonal. 

 

It could thou mean one does not move into their condo immediately after purchasing, but rather times their stay in Thailand so to be in the country less than 180 days when one is bringing into Thailand large amounts of post 31-Dec-2023 income.   I suspect that this may only apply to those who sold a property outside of Thailand (so to raise the money to purchase a condo inside of Thailand).

 

In my case I bought my Phuket condo in 2016, but only moved to Thailand full time in 2019 (I had previously lived in Thailand from 1997 to 1999, and my Thai wife has family in Phuket - which helps mitigate the risk of buying when not living most the time in Thailand). I don't recommend my approach to one who is new to Thailand as nominally I think it best to rent first.  ...  And that 'rent first' dynamic could see those who switch from renting to buying, taking >6-months of travel outside of Thailand in the taxation year in which they buy a place.  However, like I did, one can buy a condo and let it sit empty for months before moving in (assuming one has the money).

 

  I was not doing such a late move into my condo in Phuket to manage taxation, but rather my plans to retire at the end of 2016 was pushed back to 2018 (after my condo purchase)  - as my Thai wife wanted to stay in Europe for a couple more years (and I was offered the opportunity to work 2 more years) and we both were fortunate to have fun jobs.

[Will B Good]

The single biggest problem related to topics like this is the total instability of the political situation.

 

Laws change, governments change, coups take place, attitudes change, interpretation of tax laws change.........buying is madness unless you have money to burn.

[Jingthing]

2 hours ago, Yumthai said:

IMO it's unlikely to happen. Can you imagine what will be the consequences on the property market and foreigner residents community the day such people will be audited, fined and required to pay 35% marginal tax rate on their RE purchase?

If audited they would owe double the tax as penalty  plus interest.

[Jingthing]

2 hours ago, jas007 said:

So they automatically assume any money remitted into Thailand is income earned that tax year, even if it wasn't? 

That rule was changed. What year is irrelevant now.

You need to be able to prove the source of all imported money if audited.

One exception still in effect is thar money in the bank that you can prove was there December 31 2023 can be brought in anytime as tax exempt money.

Only money in the bank. Not other assets. Not retirement accounts..

[Jingthing]

2 hours ago, CallumWK said:

 

You are taxed on income, but savings are exempt, so if you can prove it are savings you will not be taxed.

Wrong.

Only money in the bank that you can prove was there December 31, 2023 is exempt savings.

[SS1]

I think it's an interesting question. 

 

One way to (possibly) avoid the tax at the moment would be to take a loan from abroad, and then bring that money in as it wouldn't be considered income. Then you can pay back the loan using foreign income. 

[chiang mai]

2 minutes ago, SS1 said:

I think it's an interesting question. 

 

One way to (possibly) avoid the tax at the moment would be to take a loan from abroad, and then bring that money in as it wouldn't be considered income. Then you can pay back the loan using foreign income. 

Exchange rate fluctuations make that risky

[CallumWK]

30 minutes ago, Jingthing said:

Wrong.

Only money in the bank that you can prove was there December 31, 2023 is exempt savings.

 

No YOU are wrong. Money that you transfer and which is income is taxed. Savings you transfer are NOT taxed.

There are plenty of threads on the forum, and elsewhere on the internet, where that has been clearly pointed out, with videos where RD officials have stated this.

Stop being the attention seeking drama queen in every subforum, because you get tiresome

[chiang mai]

Another related AN thread that the OP may find helpful, discusses property purchase by foreigners and proposals for change to their tax treatment..

 

 

[chiang mai]

6 minutes ago, CallumWK said:

 

No YOU are wrong. Money that you transfer and which is income is taxed. Savings you transfer are NOT taxed.

There are plenty of threads on the forum, and elsewhere on the internet, where that has been clearly pointed out, with videos where RD officials have stated this.

Stop being the attention seeking drama queen in every subforum, because you get tiresome

JT is correct on this point, Por 162 is very specific, only income earned before 31 December 2023 is free of Thai tax. All savings were income at some point and do not mysteriously and magically become savings overnight or in the following year.

[CallumWK]

2 minutes ago, chiang mai said:

JT is correct on this point, Por 162 is very specific, only income earned before 31 December 2023 is free of Thai tax. All savings were income at some point and do not mysteriously and magically become savings overnight or in the following year.

 

Oh I thought I was on ignore?

 

So, someone transfers 5 million baht (a common price for condos larger than a shoebox these days), in 2025.

I'm sure it will be very easy for that person to prove that he didn't have a 5 million baht income since January 2024, and all excess money above the income he can easily prove, are still considered savings

 

 

[Jingthing]

23 minutes ago, CallumWK said:

 

No YOU are wrong. Money that you transfer and which is income is taxed. Savings you transfer are NOT taxed.

There are plenty of threads on the forum, and elsewhere on the internet, where that has been clearly pointed out, with videos where RD officials have stated this.

Stop being the attention seeking drama queen in every subforum, because you get tiresome

You're wrong.

Only money in the bank that was there December 31, 2023.

You can bring in those savings any time tax exempt.

So what juvenile flame have got now?

[Jingthing]

15 minutes ago, CallumWK said:

 

Oh I thought I was on ignore?

 

So, someone transfers 5 million baht (a common price for condos larger than a shoebox these days), in 2025.

I'm sure it will be very easy for that person to prove that he didn't have a 5 million baht income since January 2024, and all excess money above the income he can easily prove, are still considered savings

 

 

It really depends on the exact source of that money which will be different case to case. Not only income is tax accessible. 

For example if you sold a house abroad and made a 10 million baht profit if you imported 5 million to buy a Thai condo while a Thailand tax resident the 5 million would be taxable in Thailand even if you bought the house 20 years ago. A house isn't savings. It's an asset.

Depending on country double taxation relief might apply.

If that house sale profit had been in the bank before December 31 2023 then it would be tax exempt though.

[CallumWK]

8 minutes ago, Jingthing said:

It really depends on the exact source of that money which will be different case to case. Not only income is tax accessible. 

For example if you sold a house abroad and made a 10 million baht profit if you imported 5 million to buy a Thai condo the 5 million would be taxable in Thailand even if you bought the house 20 years ago. A house isn't savings. It's an asset.

Depending on country double taxation relief might apply.

 

When you sell a property in your home country you get taxed at source. A DTA is in place with most countries to prevent you get double taxed

[chiang mai]

15 minutes ago, CallumWK said:

 

Oh I thought I was on ignore?

 

So, someone transfers 5 million baht (a common price for condos larger than a shoebox these days), in 2025.

I'm sure it will be very easy for that person to prove that he didn't have a 5 million baht income since January 2024, and all excess money above the income he can easily prove, are still considered savings

 

 

You're too funny to put on ignore but slot 3 awaits if you cease to be so.

 

So your story is, hey Mr Thai Tax Man, I didn't have 5 million in income since January 2024 and there's no possible way I could have stolen it or earned it from illegal activities such as my part time job as a smack dealer ergo, the 5 mill. MUST be savings...is that about it? Well OK, give it a try and see what happens. Gotta love the entertainment value of that one.

[CallumWK]

1 minute ago, chiang mai said:

You're too funny to put on ignore but slot 3 awaits if you cease to be so.

 

I'm sure you mean slot 103, as you have stated many times already in other threads.

[chiang mai]

3 minutes ago, CallumWK said:

 

When you sell a property in your home country you get taxed at source. A DTA is in place with most countries to prevent you get double taxed

Not exactly. When you sell a property in the UK it is not taxed, if it is your primary residence. If you then remit that money to Thailand it will be taxed as a capital gain, assuming you were Thai tax resident at the time of the sale and the remittance. If however the property was not your primary residence and UK Capital Gains come into play, remittance of those taxed funds to Thailand will result in a recalculation of taxes due, taking into account the Thai tax sales and any tax already paid (which can be used as an offset)

[Jingthing]

1 minute ago, CallumWK said:

 

When you sell a property in your home country you get taxed at source. A DTA is in place with most countries to prevent you get double taxed

Not exactly. 

The amount of the profit thst you import is taxable in Thailand as well.

A DTA doesn't stop.that.

For example if the profit was taxed at 15 percent at the source and 25 percent in Thailand you would get a credit for taxed paid already.

[chiang mai]

2 minutes ago, CallumWK said:

 

I'm sure you mean slot 103, as you have stated many times already in other threads.

Nope, 3 it is, it's very comfortable and has a nice view, you'll like it I'm sure.

[CallumWK]

3 minutes ago, chiang mai said:

So your story is, hey Mr Thai Tax Man, I didn't have 5 million in income since January 2024 and there's no possible way I could have stolen it or earned it from illegal activities such as my part time job as a smack dealer ergo, the 5 mill. MUST be savings...is that about it? Well OK, give it a try and see what happens. Gotta love the entertainment value of that one.

 

I'm sure you can give us a source, other than your opinion, for your unsustained DRIVEL.

 

You may remember that I had a conversation with the director of the RD in Jomtien, and asked him those specific questions,and posted the answers on this forum

[chiang mai]

Just now, CallumWK said:

 

I'm sure you can give us a source, other than your opinion, for your unsustained DRIVEL.

 

You may remember that I had a conversation with the director of the RD in Jomtien, and asked him those specific questions,and posted the answers on this forum

I'm certain he must have been correct, truthful and 100% accurate in everything that he told you so if I were you I'd add that to your defense when the time comes, it may help. It's odd however that there's nothing in the TRD Code, or anything put out by the tax consultancies, to support your claim....unless you have a reliable link you can post to support what you say? 

 

, 

 

[Jingthing]

I own a foreign freehold condo which I paid a premium for that status. 

I'm concerned that Thailand's changed tax policies which might even eventually spread to global income and assets is going to soften the demand by foreigners as if I ever sell would be the target market.