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Foreigners Buying Property in Samui Thailand

Oct 24

For foreigners buying property in Samui Thailand, there are several different options to consider. The first option is a leasehold property. A leasehold property allows foreigners to own land on a specific property for a limited period of time, typically 30 years. In some cases, the leases can be extended or changed to a freehold ownership agreement with a Thai holding company once the lease expires. In either case, the house is registered in the Lessee's name.

Why purchase a condominium in Samui?

A condominium is a type of living space that is owned jointly by its owners. The owner has a freehold title to the private residence and a joint interest in the common areas. Foreigners are restricted from owning more than 49% of all condo complexes on the island. Foreigners are also subject to 30-year leasing regulations, which makes purchasing a condominium more difficult.

Buying a condominium in Samui involves careful research and preparation. Many condos for sale have modern amenities and beautiful ocean views. Many of the condos are located close to shopping centers, hospitals, and schools. Many of these condos also offer great value for money. They are a great investment opportunity.

The island of Koh Samui is one of the most sought-after property investment destinations. The island is home to a thriving expat community. The cosmopolitan environment is complemented by a friendly local population.

Property Taxes in Thailand

Property Taxes for foreigners buying property on Samui are calculated based on the square meter or rai of the land. They are usually just a few Baht per square meter. For Thai limited companies, they are much higher. These taxes must be paid in the local government office. However, the government does not send a tax bill directly to the foreign owner.

In Thailand, foreigners may buy condominiums, apartment units, or whole buildings. However, they cannot own the land on which the building stands. However, they can buy land through a private limited company owned by a Thai citizen. A lawyer is needed for these purchases.

The local government collects a housing and land tax. This tax is about 12.5% of the yearly rental value. For private residences, this tax is usually negligible, while for commercial properties, it can be quite expensive. Regardless, owners are required to pay at the local tessaban every year. However, unpaid taxes are rarely pursued. In fact, in most cases, unpaid land tax is only discovered after the property is transferred.

Hiring a Property Lawyer in Samui

When you're buying property in Samui Thailand, it can be very beneficial to hire a property lawyer. These professionals can help you get the legal paperwork in order, and can help you find a property that suits your needs. If you're not familiar with Thailand's legal system, it can be complicated.

A property lawyer can help you get the property you're interested in at the price you want. Buying a house on a long-term lease requires that you follow certain procedures. For example, you must register the transfer of the building with the competent authority. A property lawyer can help you understand the exceptions to the property rules and procedures. Choosing a real estate agent with experience can also help you protect your interests and get the best deal.

Foreigners are generally able to buy property in Thailand under leasehold arrangements. This is the most common type of ownership. Leasehold agreements typically last for 30 years and can be extended for another thirty years. It is also possible to buy an apartment in your own name.