Want to buy a condo... but will it cost me an 750k tax bill next year??

[gtrinbkk]

Found a lovely little condo I'd like to buy. Started doing the math on the potential tax bill for bringing the funds into Thailand, and wow... having second thoughts. 

 

Condo is 3.4mb. Funds to remit for condo purchase/transfer fee etc. appox  3.5mb (About 1mb was present in the account before jan 1, 2024, leaving 2.5 taxable if not mistaken)

Another 70k/monthly I bring in for living expenses = 840k for the year

 

So it looks as though I would be taxed on 3.34mb. Even accounting for the personal deduction/health insurance deduction etc this looks like a 750k baht tax bill next year.

 

Can this be correct? If so, it's a deal breaker for me.  Any loopholes or is this it?  I can't be the only one, how do the new tax regulations not cripple the foreigner real estate market?

 

[BritManToo]

15 minutes ago, gtrinbkk said:

Can this be correct? If so, it's a deal breaker for me.  Any loopholes or is this it?  I can't be the only one, how do the new tax regulations not cripple the foreigner real estate market?

Nobody can tell as the last rule change wasn't a rule change (sort of allowed unofficially to foolish foreigners who insisted in 2024), and the new rule change (to cover 2024, 2025) that will be a rule change hasn't been enacted by parliament.

[msbkk]

1 hour ago, gtrinbkk said:

Found a lovely little condo I'd like to buy. Started doing the math on the potential tax bill for bringing the funds into Thailand, and wow... having second thoughts. 

 

Condo is 3.4mb. Funds to remit for condo purchase/transfer fee etc. appox  3.5mb (About 1mb was present in the account before jan 1, 2024, leaving 2.5 taxable if not mistaken)

Another 70k/monthly I bring in for living expenses = 840k for the year

 

So it looks as though I would be taxed on 3.34mb. Even accounting for the personal deduction/health insurance deduction etc this looks like a 750k baht tax bill next year.

 

Can this be correct? If so, it's a deal breaker for me.  Any loopholes or is this it?  I can't be the only one, how do the new tax regulations not cripple the foreigner real estate market?

 

If this amount are your savings there will not be any tax on that, just the property transfer tax at land department.