Can a foreigner own property in Thailand?
We asked this question to Thai lawyer, Miss Benjawan Khumwong with 16 years experience and here is here answer. There are many kind of properties and we need to discuss all of them to give you a correct answer.
Owning a condominium in Thailand
Owning a condominium is like owning a studio or apartment in Europe. You can own a condo in two ways:
- Freehold condominium: You are the owner of the condominium for 100%. If you buy a freehold you will need to pay 6.6% tax on the purchase. This tax is way lower than in most other countries. The transfer fees are normally split between the buyer and owner of the property. The split is 50/50 and gives you a tax of 3.3% instead of 6.6%.
- Leasehold condominium: You lease a property for 30 years with the possibility to renew it for another 30 years and an extra 30 years. In total you can own this condominium for 90 years. Every 30 years you only need to register your condo at the land department to get the new lease. The tax you need to pay on a leasehold condominium is 1.1% and if you split it, you only need to pay 0.55% tax on your purchase.
Please note that these tax numbers are in the beginning of 2019. If you buy a property in Phuket, simply ask how much tax you will need to pay on your purchase.