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Increased duties on conveyance of property!

18-03-2010

  The fees for the conveyance of real property in the Land Department of Thailand will increase substantially after 26 March 2010. This change completely kasnetsya all: Thai nationals and foreigners alike.

  The new rates of fees for the conveyance of property from 26 March 2010 are as follows:

  In transactions with the sale of the house (ie, transfer of ownership of land), committed between Thai companies: 6,5%.

  Property sold to a private person to an individual (condos): 3%, if the seller owned the apartment for more than 2 years and about 5-6,5% - if less than 2 years.

  On materials «Pattaya Times» from 7.03.2010.

  Explanation of Agency "My Thai Home Property":

  Just be clear that VU percentages are taken from the assessed value of real estate, not with the price specified in the contract. Assessed value determines the Land Department of Thailand. Official comments on increased fees sound like this (according to the press attache of the Land Department of Thailand): This change is a return to the rates that existed in Thailand for many years and is temporarily lowered in April 2008.

  Nevertheless, according to some experts, the ultimate goal of this action is prodivodeystvie scheme, under which foreigners buy homes and land in the Thai company in which the alien was a director with the right to property. Despite the fact that foreigners owned only 49% of the shares, the actual management of the company was in his hands. Thai same shareholders, though owning a 51% stake, in fact, been "passive" co-owners, not participating in the activities of the company and not investing in it. In fact, they were surrogates, which did not bind with the foreign co-owner of the company. We can assume that a return to the rates in 2008 is the first step towards a complete ban on such schemes. It is likely that some sanctions could be applied in the future as to such companies, and to the "passive" Thai shareholders. Worth ometit that we are talking about companies that do not engage in any activity and created exclusively for the purchase of real estate. In conclusion, we emphasize that these possible actions can not relate to buyers of apartments in kondominumah, because housing is not made out like a company, but directly with the owner, who issued "Chanot" - that document ownership. Chanot issued to foreigners does not differ from Chanota for local residents and is equal to it guarantees property rights.

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