Can foreign nationals buy property in Patong?

Foreign nationals can buy property in Thailand, choosing either freehold or leasehold as the form of ownership. Apartments in condominiums can be freehold (fully owned), provided that foreign nationals own no more than 49% of the area in this condominium, or leasehold (rented for long terms). When interested in buying property in Thailand , the foreign investor has two options: having a villa on leasehold for 30 years (the term can be renewed twice) or purchasing the property through a limited company.

Can foreign nationals own real estate in Patong?

Apartments in condominiums can be freehold (fully owned) or leasehold (rented for long terms). Leasehold property may be sold or leased. Foreign nationals are not allowed to own land in Thailand by law but can own property built on the land plot. One only has to apply for a construction permit to build a house in one’s own name.

What is the average cost of houses in Patong?

The cost of houses in Patong varies from 163,000 € to 6,390,000 €. The average price per square meter in Patong — $3,920. Now we have 49 offers of houses in Patong.

Why should I invest in Patong?

The reasons for investing in Phuket property are the following: Patong being the most popular resort on the island of Phuket, the local accommodation is almost always in high demand. Investors looking to rent out their properties can benefit from this. Affordable property prices and the demand is continuously high. Property prices in Phuket are not as high as in the other Asian tourist destinations. The proximity of the airport - is only an hour away from Patong.

Is it possible to earn on residential rentals in Patong?

Real estate in Patong is in great demand among tourists and buyers. With the year-round tourist season you can have a great rental income. There are many projects with guaranteed returns of 7–10%. Management companies provide full property maintenance service You can also use your property as a holiday home for 2–4 weeks a year without losing income.

For how long can I rent my property out in Patong?

Phuket has a year-round tourist season. October through April is the high season without rains, when most tourists arrive. May through September is the low season, which is characterised by short tropical rains, but even during this time the air temperature does not drop below 30 degrees.

Can foreign nationals get a mortgage in Thailand?

Thai banks do not provide mortgage loans to non-residents in Thailand. Moreover, foreign nationals can´t get a bank loan for any purpose.

Can a foreigner get Thai citizenship?

Permanent residents can apply for citizenship. Thailand citizenship allows you to buy property, own any business and apply for any kind of job. You can apply for Thai citizenship: residence in Thailand for at least five years; permanent employment; to be married to a citizen of this country; your baby was born in Thailand. Children born to parents with Thai citizenship automatically get citizenship regardless of where they were born. In order to obtain Thai citizenship, you must renounce your current nationality.

What are the tax rates in Thailand?

When selling a freehold property, the stamp duty is 0.5% of the assessed value or sale price, depending on which is higher. If you sell a freehold property within five years of buying it, you will be subject to a business tax of 3.3%. The seller also pays a real estate sale tax at a rate of 1% (when being a legal entity) or a withholding tax calculated at a progressive rate up to 35% (when being an individual). When owning and renting real estate the tax rate is generally 15%, except for the dividend tax rate, which is of 10%, while other rates may apply under the provisions of a double tax treaty (DTT). There is no general property tax in Thailand. On January 1, 2020, a new tax regulation in regard to property ownership, rent and lease was introduced. Residential buildings valued at not over ฿10 M where the residents are registered are not taxable. Apartments or houses with a hotel license are considered commercial real estate and taxed at a rate starting from 0.3% of the cost.