Taxation of rental income from Thai condo for non-resident

[SamD]

Hi there.

I am a non-resident Farang who is considering buying a condo in Thailand for investment (rental income primarily). I expect the rent that the unit will fetch me around 200,000 Baht per annum net.

A few questions on tax issues which I would be grateful if the regulars could answer:

1. I understand that the property manager will have to withhold a 15% tax before remitting the rental income to me. Is that correct?.

2. I understand that I am obligated to pay a 10% tax on the amount that is above 150,000 (i.e. 200,000-150,000 = 50,000). So the tax will be 10% of 50,000 is 5000 Baht per year. Are my calculations correct or am I missing something?

3. Based on my calculations, the 15% withholding tax will easily cover my tax liability to the Thai government. However, am I yet OBLIGATED to file a tax return? I'm willing to forego the 15% if it means that I don't have the hassle of filing a tax return. I currently live in a country where I don't have to file a tax return (UAE), am happy to keep it that way and REALLY don't want the hassle of filing a tax return in Thailand. If I let the property manager deduct 15% from my rental proceeds and remit it to the Thai government, can I dispense with having to file a Thai tax return or do I *HAVE* to file a tax return?

4. When it comes time to sell the property, I understand that any capital gains will be treated as income. At that time, a tax return will have to be filed. Is it easy to do this from outside Thailand or will I have to go through some painfully laborious process in some government office(s) in Thailand? How easy is it to find accountants or tax advisors to help with this kind of thing?

Any helpful responses/advice greatly appreciated.

Thanks in advance.

Sam

[Crossy]

This may do better in the Banking forum, let's try it there.

[orange31]

A link to the location of the question in the banking forum would help