The nuances of owning foreign real estate
Posted: Sun Jan 19, 2025 9:42 am
After completing a freehold property purchase and sale transaction in Thailand, the buyer registers the transaction with the land office and receives a land title (Chanote) in his name. He then does with the property as he sees fit.
If you buy a villa on leasehold, after the sale and purchase usa telegram database transaction, the rights to rent the property are transferred: the lease agreement is officially registered. In the land department, the buyer pays Lease Registration Fee (rent fee) - 1.1% of the total rent for the entire lease period.
If you do not register the contract, instead of the registration fee you will have to pay a property value increase tax (Stamp Duty). It is 0.5% of the total rental cost for the entire lease term.
After the transfer of the rental rights, the buyer disposes of the purchased villa in accordance with the rules specified in the long-term lease agreement.
Special attention should be paid to the issues of inheritance and donation of foreign real estate - if this is relevant for the new owner of the property. In Thailand, they are regulated by the Civil and Commercial Code of Thailand .
An object purchased in freehold is in the full ownership of the buyer, even a foreigner. He can pass on such real estate by inheritance or, conversely, inherit it - the main thing is that there is a will drawn up in accordance with Thai law.
If you buy a villa on leasehold, after the sale and purchase usa telegram database transaction, the rights to rent the property are transferred: the lease agreement is officially registered. In the land department, the buyer pays Lease Registration Fee (rent fee) - 1.1% of the total rent for the entire lease period.
If you do not register the contract, instead of the registration fee you will have to pay a property value increase tax (Stamp Duty). It is 0.5% of the total rental cost for the entire lease term.
After the transfer of the rental rights, the buyer disposes of the purchased villa in accordance with the rules specified in the long-term lease agreement.
Special attention should be paid to the issues of inheritance and donation of foreign real estate - if this is relevant for the new owner of the property. In Thailand, they are regulated by the Civil and Commercial Code of Thailand .
An object purchased in freehold is in the full ownership of the buyer, even a foreigner. He can pass on such real estate by inheritance or, conversely, inherit it - the main thing is that there is a will drawn up in accordance with Thai law.