Buying land and house in Thailand
Can foreigners own land and house in Thailand?
No. Foreigners are not allowed to own land in Thailand by law.
How foreigners can buy land and house in Thailand?
Foreigners have two options:
1. Leasehold 30-years
2. Purchase the property through a limited company
Land titles
There are 7 types of land titles but just three of them can be leased: Chanot, Nor Sor Saam Gor and Nor Sor Saam.
Leasing Land
A foreign man marries a Thai woman: the Thai woman purchases the land and stipulates a lease agreement with the foreign husband.
Purchasing land through a company
Foreigners can set up a Thai Limited Company but be aware that foreigners cannot hold half or more than half of the company’s shares. The company has to be at least 51% owned by Thai citizen.
Note: Thai Immigration office is aware of this kind of procedures and will monitor your business.
Can a foreigner share ownership of land with his or her Thai spouse?
No. It is not allowed to have any form of joint land ownership together with his/her Thai spouse. Any land acquired in Thailand during the course of their marriage cannot be a conjugal property.
When a Thai national married to a foreigner requests ownership registration of land, they both have to sign a joint declaration at the Land Department. They have to show that the money used to buy the land belongs to the Thai spouse. The Land Department must make sure that the land becomes a personal property of the Thai spouse only and will remain as a non-marital asset.
Taxes and Fees when purchasing or selling a property
1. Transfer Fee
2% of the appraised value of the property.
2. Stamp Duty/Fee
0.5% of the assessed value or the actual selling price, whichever amount is higher. You don’t have to pay a stamp duty if specific business tax is applicable.
3. Specific Business Tax
3.3% calculated on the basis of the government appraised value or the actual selling price, whichever amount is higher. This tax only applies if the property is sold within the first five years of ownership. Otherwise, a stamp duty will be assessed instead.
4. Income Tax
Income from the sale of a property is subject to income taxation. The calculation of the tax based on the government appraised value of the property, the length of ownership time and the applicable personal income tax rate.
Property owned by a company, the withholding tax is 1% of the selling price or of the assessed value, whichever is higher.
Property seller owned by an individual, the withholding tax will be calculated by a progressive income tax scale. Under Thai tax laws the land office must take the income withholding tax at the time of transfer of property ownership.
Who usually pays the corresponding tax expenses?
There are no specific rules. The buyer and the seller can negotiate on this matter, and stipulate the terms in the sales contract
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