At Qbic Properties we have immeasurable industry knowledge which we share with our customers and clients. Our organization has 10 years of experience in the business, this makes us a very reliable source for a wide range of subjects concerning most common property and real estate questions that are asked in Thailand when it comes to buying or selling property in Thailand. Our expertise permits us to provide exceptional information on franchising and business ethics. In addition, our estate sales planning services allows us to provide information on the benefits, opportunities and legal rights or our customers and clients, with this you can tell that our commitment to our customer satisfaction and our relationship with our customers is very important to us at Qbic Property, we aim to be your go-to resource for everything related to buying and selling of properties and relevant informations. Visit our outstanding blog to stay informed about everything you want to know. Below are some questions and answers about buying and selling properties in Thailand;
What do I need to do before I Purchase a house in Thailand?
Before you buy a house anywhere in Thailand, you need to perform a title search on the property, as recorded at the Land Department. This search will include the most basic due diligence checks whether the seller has the full rights to the land, or has any outstanding debts, mortgages, leases on the property that have not otherwise been settled. A good title search will also reveal compliance with environmental and zoning regulations. This is particularly important in smaller, more controlled locations such as Koh Samui, which has very specific regulations for structures that are additionally modified by their distance from the beach, as well as their altitude above sea level. You’ll need a lawyer or legal consultant to perform these checks for you, so please make sure you hire one.
Can I purchase a property in Thailand without being present?
Absolutely, a person wishing to buy a land, including a foreigner, may purchase a land without being present at the time of registration of ownership at the Land Department. This shall be done by appointing, by a power of attorney, a lawyer to act on your behalf. Nevertheless, if you are married to a Thai, you, a foreign spouse of a Thai, is required to declare in a written agreement that a fund, of a purchase of land, is purely of your Thai spouse as her personal affair before marriage. This procedure may be done by signing such declaration abroad, and demand for a certification at the Consulate of Thailand in your country.
Is it legal for a foreigner to rent out a property in Thailand?
Yes. A foreign-owned property may be rented out. Some banks may allow you to open an account to collect the rents. You, as a non-resident, must be aware that personal income tax shall be deducted from your income earning in Thailand.
How Safe Is it to buy Property in Thailand?
Purchasing properties in Thailand is with no doubt a safe investment. According to the law in Thailand, foreigners are exempted from owning lands in Thailand. However, if you are interested in buying, a foreign investor has just two options, which are, either a 30 year leasehold or purchasing the property through a limited company. Apartments can be purchased by foreigners as long as at least 51% of the building is owned by the Thais.
How is the cost of living in Thailand?
To live comfortably in Thailand you would be needing nothing less than 35,000 – 50,000 Baht .
What is The Condominium Act under the Thai law?
The Condominium Act (The Commonly-Owned Housing Act of 2522) defines a condominium as a building featuring privately-owned property and common property. The owners of condominium unit own the land through a juristic person of condominium.
Is it really a good investment to buy property in Thailand?
Thailand’s real estate market is said to be one of Asia’s most popular among foreign investors. Foreign investors from all over the world have become part of the housing sector most of the many thousands are foreign retirees settling in Thailand, though the country has a reputation of surviving from tough times, over the past hundred years, Thailand has experienced about 18 coups along many recessions. Notwithstanding, the economy and advancement of Thailand is even better than the five neighbouring countries, Thailand is undergoing some very severe changes under the current government and with the new kind. Without any doubt the country will perform well in the future, be rest assured that any investment in Thailand most especially in properties will not be regretted.
Is there a property tax in Thailand?
Yes, the property tax is currently 12.5% of a property yearly assessed rental value. Tax is not due if the individual owner live himself in the property .
How much do Property Taxes cost in Thailand?
Condo’s in Thailand do not have annual property tax on them. However. Any condominium will definitely have a management fee for the building’s upkeep, electricity costs and maintenance. It’s not officially a tax, but it is classified as money that needs to be paid annually when purchasing property in Thailand.
What kind of VISA do I need to own a property?
To own a property in Thailand, you would need a Thailand property investment Visa and Residence. It is possible to get a one year investment visa, renewable indefinitely, by investing at least 10 million Baht in property. You can also own a property in Thailand by buying stocks, bonds, mutual funds or a combination of these assets
How large is a Rai (unit) of land in Thailand?
A Rai (unit) of land in Thailand is equal to 1,600 square metres (16 Ares, 0.16 hectares, 0.3954 acres), and is used in measuring land area for a cadastre or cadastral map.
What is a Foreign Exchange Transaction Form?
This is a form that is issued by a bank certifying the existence of a foreign exchange transaction.
What do property costs average on a purchase?
Normal rates are as follows:
Special Business Tax 3.3% (applicable in case of resale during the first 5 year of ownership)
Transfer Fees = 2% of the assessed value on property transfer and 1% of the rental value on 30 years for lease registration.
Who is required to cover the purchase cost on a transaction?
The people involved are free to negotiate who is to pay the costs at the time of the purchase.
How long does it take to process the purchase of a land in Thailand?
Although, searching for a suitable property might take up to a week, at Qbic Property, we usually suggest allowing up to one week or thereabouts from the time of viewing to collecting the keys. We guarantee our customers a fast response and we make sure to provide our customers with a walkthrough of the property and register the property in their name, before the day runs out!
Can a foreigner secure a Mortgage Loan?
Normally non-resident foreigners are not allowed to apply for loan with Thai Banks. A few Thai banks offer options for foreigners, there are also private lending companies that offer assistance to foreigners, such as MBK group. The criteria for getting a loan as a foreigner are often strict and nearly impossible to cope with
Can someone live in Thailand permanently?
To become a permanent resident in Thailand comes with several benefits, it permits you to live permanently in Thailand, with no requirement to apply for an extension of stay. Although you must have secured a Thai nonimmigrant visa for about 3 years prior to the submission of your application for permanent stay.
How long can you live in Thailand without visa?
You may enter Thailand without a visa for tourism and you will be allowed to stay up to 30 days. Nationals from familiar countries are allowed to stay for up to 90 days
Can you own property in Thailand if you marry a Thai citizen?
You can apply to live in Thailand permanently if you are married to a Thai or if you have a Thai child or children, there is a marriage visa for Thailand, which is issued at the Thai embassy in your home country and it is normally issued as a single entry visa and valid for about 90 days once you enter Thailand.
Can a Thai wife of a foreign national own a land?
As an effect of the enactment of the Constitution of 1999, a Ministerial regulation has been enacted that allows Thai women married to foreigners to have the right to purchase land, but the Thai spouse must prove that the money used in the purchase of freehold land is legally and solely hers. For this purpose the foreign spouse must sign a declaration stating that the funds used for the purchase of property belonged to the Thai spouse prior to the marriage and that he has no claim to it.
In fine this means that if the money used for the purchase of the land was the Thai Spouse money before the wedding then the land purchased with this money is not common property of the spouses but exclusive property of the Thai spouse and the foreign spouse shall have no right on the land in case of divorce or death of the Thai Spouse. However, the foreign spouse could have other rights such as registered leasehold on the land.
How do I open a bank account in Thailand?
To successfully open a bank account in Thailand you must hold the following items to a major branch of the Thai bank of your choice;
* Work permit or Certificate of Residence
* Apartment or Condo rental agreement, or other proof of address
* Valid Id or Driving license
* Thai bhat in cash to deposit, 500 bhat minimum for some specific banks.
Furthermore, dressing smartly and peaking politely will go a long way towards getting a fast response and hospitality in opening a Thai bank account. If it is a branch used to dealing with foreigners, they will probably have some English speaking staffs to attend to a foreigner.
How much is Thailand baht compared to US dollars?
1 Thai baht Is equals to 0.031 US dollar
The Thai baht is divided to 100 stang. The US dollar is divided into 100 cents. The exchange rate for the thai baht was last updated on December 26, 2018 from The International Monetary Fund.
What is Thailand Growth?
The eurozone crisis reportedly harmed Thailand’s economy growth in 2012, directly and indirectly affecting the country’s exports. Thailand’s GDP grew by 6.5% with the headline inflation by the rate of 3.02%, and a current account surplus of 0.7% of the country’s GDP.
Is your deposit for a property in Thailand refundable?
It depends, the landlords in Thailand usually request 1month advance rent and a customary 2 months security deposit. This refundable security deposit, is held by the lessor during the rental term, this is taken in case of unexpected liabilities caused by the tenant
Can I buy a home in Thailand?
Foreigners are not allowed to directly buy land in Thailand, it is a commonly overlooked fact that although a foreigner cannot own land in Thailand, he can own a house or a structure built there, such foreigner only has to apply for a construction permit to build the house in his own name.
Is it possible for a foreigner to purchase landed property in Thailand?
It is advisable for a foreigner to purchase up to 49% of the condominium units in any freehold condominium in Thailand, but the foreigner s are not allowed to purchase landed property outright. They can only be allowed to buy leasehold landed property for up to 30 years.
Can a foreigner rent out property in Thailand?
A foreigner can legally rent out property to a third party. The rental revenue is subjected to a 12.5% tax on the annual income, A foreign-owned property may be rented out. Some banks may allow you to open an account to collect the rents. You, as a non-resident, must be aware that personal income tax shall be deducted from your income earning in Thailand.
What are the land titles in Thailand?
Lands in Thailand have several titles, it is depending on the factors such as the location or whether it can be leased to a foreigner or not. There are seven types of land titles but just three of them relate to being leased: Chanot, Nor Sor saam gor and Nor Sor saam.
Can I purchase a land through a company?
A foreigner can set up a Thai limited company, however if you decide that this is the best option for you, be aware that as a foreigner, you cannot hold half or more than half of the company’s shares. Therefore the company has to be at least 51% owned by Thai citizens. They can then choose to sign over their company rights to you. Note, that the Thai immigration office is also aware of this kind of procedures and they will definitely monitor your business.
What is the difference between a Condo and a House?
Condo – Foreigners can legally own a condo freehold in Thailand. Each building can sell 49 out of every 100 units to foreigners under a freehold structure. Owning a condo freehold in Thailand is without a lease and is timeless. – Yours forever 20% of all property in Bangkok is owned freehold by foreigners.
House – Foreigners can setup or buy an existing Thai company, to secure ownership of the house under a freehold structure. A method of house ownership in Thailand by foreigners is to setup or buy an existing Thai company, to secure ownership of the house under a freehold structure. This involves setting up a Thai Limited Liability Company, which means that the majority shareholder under Thai law would need to be a Thai national. An agreement would then be put in place that would result in the Thai entity handing over complete power of attorney to the foreign partner, which would then provide them with a significant degree of security in the venture, and in turn in the ownership of the property.
How can i find the best properties in Thailand?
The best way to find property in Thailand is to walk around and decide which neighborhood you would like to be in, visit this area at night and more importantly, at weekends. You can also check signs and bulletins in major grocery stores or visit our website www.qbicproperty.com.
What are the Thai real estate laws for foreigners?
The real estate or property law that are in Thailand is the area of Thai law that governs the rights of use, possession and various forms of ownership of immoveable property (land,condominium, house). Foreigners are under the Land Code Act prohibited from owning land in Thailand therefore making it impossible for foreigners to obtain outright ownership over land and house in Thailand. Foreigners are allowed to own a unit in a condominium building under the Condominium Act.
Does a foreigner have the right to inherit a land?
According to section 93 of the Land Code Act a foreigner who acquires land as statutory heir can have an ownership in such land upon a permission of the Minister of Interior. Note that section 93 Land Code Act only refers to foreign land ownership under a treaty and not for example to foreigners inheriting land from their Thai spouse. A foreign spouse of a Thai national can inherit land but cannot register ownership of land and has to sell the land within one year from the date of acquisition.
What is the Thai House Book?
A Thai house book (Ta.Bian.Baan or Tabien Baan) is the document which gives the address of a house or apartment unit and states the persons who have legal domicile at the address. A house book is issued by the local municipality and is merely a registration document. As opposed to Thai nationals a house book is generally not considered an important document for foreigners
Can a property be owned by a Thai foreigner couple?
Yes, property can be owned by a Thai foreigner couple, this is due to the fact that an act was passed in 1999 to protect Thai citizens whereby the foreign spouse must sign a declaration that all funds used to purchase the land or house are that of the Thai citizen, most importantly wavering all ownership rights.
Can foreigners buy property in Phuket?
If you are thinking about purchasing a landed property in Phuket,Thailand, the first thing you should observe is that under the Thai law, foreigners are not allowed to own land. However, foreign nationals do have the right to the ownership Of buildings and homes apart from the land such as condominiums.
How can a foreigner lease a land in Thailand?
A foreigner is allowed to lease land for 30 years in Thailand. However, leasing is very unusual, in most cases this occurs when a foreign man marries a Thai woman, the Thai woman, as a Thai citizen, purchases the land and stipulates a lease agreement with her foreign husband.
No matter who you lease from, make sure that all data on the deed is accurate, and that the land you are leasing has the appropriate title. Usually, the leasing contract states the duration of the lease, the buyer´s right to resell it and the registration fee.