Frequently Asked Questions
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To buy property in Thailand, you need to sign a contract with the developer or owner, transfer money from abroad, and register the transaction with the Land Department of Thailand. Typically, only a passport and funds for the property are required for the purchase.
After purchasing property in Thailand, the following taxes are usually levied:
- Registration fee of 1.1% of the property value for leasehold purchases or 3.3% for freehold purchases.
- Income tax from sale: 3.3% if sold within five years. If ownership exceeds 5 years — 0.5%.
- Income tax from rental, which is 15% of the profit for non-residents and 5% for residents.
The cost of living in Thailand depends on the region and lifestyle. On average, comfortable living will cost from $1,000 to $5,000 per month, depending on the level of comfort you are accustomed to. This amount includes housing, food, utilities, and transportation expenses.
Mortgage loans for foreigners are available, but conditions may vary. Typically, the loan is issued for up to 15 years with a down payment of 30-50% of the property value. Interest rates vary, but are usually around 6% per annum for foreigners.
The main risks include buying property from unreliable developers, incorrect documentation, and restrictions on land ownership. To avoid potential problems, it is recommended to consult legal companies or agencies that can help verify the legality of the transaction.
The average cost of apartments ranges from $100,000 to $150,000, but there are options for $60,000 and $1,000,000. Villas range from $350,000 to $10,000,000. The final price of the property will depend on many factors.
Yes, foreigners can freely acquire property either on a 90-year lease or in full ownership. Only a passport and contact details are required for the purchase, no additional permits are needed.
Foreigners can register property under the leasehold or freehold system. In the case of leasehold, you receive a 90-year lease (30+30+30 years). Freehold provides full ownership of apartments. Villas and houses can also be fully owned, but foreigners are not allowed to own land directly, although there are options.
Leasehold implies a long-term lease for 90 years (formally divided into three periods of 30 years). This is a beneficial option for foreigners who want to acquire property for investment or personal residence at the best value. After the term expires, the contract can be renewed by mutual agreement with the developer.
Freehold is full ownership of the property, similar to how ownership is registered in other countries.
The transaction usually takes 1 to 3 days. The time depends on the readiness of the documents and the speed of signing by the investor.
Staying in Thailand depends not on property ownership, but on the type of visa. There are options for entry without a visa with a tourist stamp for 30-90 days, or obtaining a long-term visa for 5-20 years, as well as many 1-year visa options with subsequent extension.
Buying property does not grant the right to obtain a residence permit, but there are a number of long-term visas. They allow living in Thailand for up to 20 years.
The choice between Pattaya and Phuket depends on the budget and goals. Pattaya offers more affordable housing options and developed infrastructure aimed at mass tourism. Phuket attracts beautiful nature and high standard of living, but property prices and living costs are higher. The investment attractiveness of projects in Phuket is also higher, especially in terms of rental income.