Phuket is one of Thailand’s main tourist destinations. Investors from all over the world put their funds into the island's infrastructure development. However, Phuket does not only attract prominent entrepreneurs: investors with modest budgets can also make money on local real estate. Tranio partner, the Phuket9 development company, explains how.
To buy property in Thailand, you need a passport. If the property is registered to a legal entity, additional documents are required including a copy of the certificate of incorporation, memorandum of association, certificate of registration, list of shareholders and power of attorney (upon request).
The Kingdom of Thailand is popular with tourists from all over the globe as well as downshifters looking to escape the expensive and humdrum life in the West and money-savvy pensioners.
Maintenance costs on a flat in a resort complex amount to about $1,400 per year. The exact sum depends on the living space, amount of energy used and the length of time spent there.
"Thai banks do not provide mortgage loans to non-residents. What’s more, foreign nationals can´t get a bank loan for any purpose. There is only one legal way for them to finance their property purchases in the country, which is through the MBK Group," said Nikita Shcherbina, Director of the East-West Realtors Group, Tranio's partner in Thailand.
Taxes for property buyers and owners in Thailand are low in comparison to many Western countries.
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