Taxes For Foreign Buyer Of A Condo; Is There Any?

[lusty]

Dear All, a friend of mine might buy a condo (small unit, 1,5-2 M THB max) from an existing Thai owner for the purpose of renting it out and earn a 7-8% return on his investment. Will he have to pay any tax when buying it or for the period he'll own it? Are there any recurrent fees to pay to the building management?

Thank you for your help, much appreciated.

Cheers,

Lusty

[alyx]

Hey

These are the taxes your friend will have to pay upon transfer

Usually they are equally shared between both the seller and the buyer (but this is to be negociated)

I personnally had agreed to share but had a talk with the seller and we came to the agreement that I would not pay the third tax (which is based on the number of years the property has been owned by the seller)

1) 0,01% of the assessed value, no matter what amount is declared. In addition, 2) 0.5% based on the amount declared or on the acessed value if it is higher for stamp duty

3)2,50 % of the assessed value (in thai it is called Passi Ngung Daï) That is the one I consider the seller's duty but this is my own position and may vary from one person to another

Before buying the jusristic office delivers a certificate that all bills have been paid ( but make sure that the current month is pais as well)

They should not be asking for any fee

Of course I am not talking about the monthly payments which vary from a building to another

I hope that my answer will satisfy your curiosity

[lusty]

Thank you very much, greatly appreciated.

All the best,

Lusty

Hey

These are the taxes your friend will have to pay upon transfer

Usually they are equally shared between both the seller and the buyer (but this is to be negociated)

I personnally had agreed to share but had a talk with the seller and we came to the agreement that I would not pay the third tax (which is based on the number of years the property has been owned by the seller)

1) 0,01% of the assessed value, no matter what amount is declared. In addition, 2) 0.5% based on the amount declared or on the acessed value if it is higher for stamp duty

3)2,50 % of the assessed value (in thai it is called Passi Ngung Daï) That is the one I consider the seller's duty but this is my own position and may vary from one person to another

Before buying the jusristic office delivers a certificate that all bills have been paid ( but make sure that the current month is pais as well)

They should not be asking for any fee

Of course I am not talking about the monthly payments which vary from a building to another

I hope that my answer will satisfy your curiosity