Guide for Foreigners
All property purchases require thorough preparation and due diligence, according to Thai Law. We at AD ASIA Real Estate and “AD ASIA Consulting” are here to guide you through that process.
Getting a mortgage to finance your purchase of property in Thailand is possible. There are different finance options for Foreigners in Thailand.
- Thai Bank Financing
Top Thailand banks are normally lending money to foreigners. All you need to do is to submit proof documents of cash flow, tax returns, and other requirements to qualify for this arrangement.
Currently, there are two banks which provide mortgage bonds to foreigners. Those are Bangkok Bank and United Overseas Bank (UOB). These mortgage bonds are concluded ‘off-shore’ at their Singapore branch.
The home loans they provide to foreigners are based in foreign currencies. Your home loan/mortgage bond would be provided in either Japanese Yen, Euros or US Dollars. The interest rates also vary with each currency. Check the details and the conditions at the bank.
- Developer Financing
This has been really common in Thailand for the past years. The funding directly comes from the property developer. Usual offers under this kind of financing option range from 2 to 10 years, and since the arrangement is made by the developers themselves, house buyers like you may experience a variety of payment terms. Therefore, understand your desired financial package before signing anything.
- Financial Institutes
There are financial institutes offering their clients, with more flexible home financing solutions, in the real estate market case by case.
Property Sale Taxes
Foreign property Sale Tax is also required at the Land Office at the time of the transfer. This includes the following: transfer fee, business tax, stamp duty and income withholding tax.
Thailand Property Taxes
|Transfer Fee||2% of the registered value of the property|
|Stamp Duty||0.5% of registered value. Only payable if exempt from business tax|
|Withholding Tax||1% of the appraised value of the property|
|Business Tax||3.3% of the appraised value of the property if selling within 5 years. This applies to both individuals and companies.|
|TAX||WHICH PARTY NORMALLY PAYS||AMOUNT|
|Transfer Fee||Buyer||2% of registered value|
|Stamp Duty||Seller||0.5% of registered value|
|Withholding Tax||Seller||1% of appraised value|
|Business Tax||Seller||3.3% of appraised value|
|Condominium Ownership||Land Ownership||Long Lease Agreement|
|Foreigners can own one or more units in a condominium that is registered and licensed under the Thailand Condominium Act. Foreign quotas are allowed up to 49%, while the remaining 51% must be owned by Thai individuals or Juristic Persons.Send Us an Enquiry||According to Thai Law, foreigners are not allowed to own land. However, they are able to lease the land with 30 years leasehold. Send Us an Enquiry
||To enter into a long lease agreement, foreigners are able to renew the lease of the land until the maximum of 90 years. Send Us an Enquiry|
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