Buying Property in Thailand is not a big task but there are several guidelines and rules regarding it. There are several Home rentals in Pattaya to suit all budgets. Some of the regulations regarding different property buying and rental are-
Foreign Ownership:
There is a common misconception in the Thai real estate market that you cannot own property in your name as a foreigner, however, this is a sham. By using the “Foreign Ownership” purchasing terms, you can lawfully acquire a condo in your name.
Foreign ownership is the most convenient and stress-free option to purchase condominiums in Thailand. After that, you may do anything you want with your property, such as renting it out to gain money through rental returns, gifting it to someone else, or reselling it to another foreigner or a Thai-Thai enterprise. Inheritance is likewise not an issue under these parameters, albeit there are still certain restrictions to follow.
This Foreign Freehold option truly makes it the simplest option for Pattaya property buying. Although taxes (about 2-3% of the sale price) are required in selling your property to another party, there are no additional expenses involved, other than servicing costs, when you keep this property.
All money used to purchase the condo and brought into the nation as a foreign currency must be specified, which means you must prove where your money originated from to lawfully purchase the property. To transfer the funds, you will need to fill out a TorTor 3 Form.
Company Ownership:
Purchasing a Pattaya condo with Company Ownership Terms can be a low-cost option, especially if you buy off-plan units, because payment plans typically require you to pay the final large sum of money only when the property is completely constructed, and only then do you receive the keys and legal ownership. Company ownership will save you money since you will not have to pay any taxes because you are only changing the company’s director, which means that the Land Department will not be engaged in the transaction. Essentially, the firm name remains the same while you take over as director.
This can have a few unintended consequences, such as making property inheritance more difficult, unless you make your heir’s shares of the firm. To maintain your records for tax purposes, you will need to pay a yearly accounting cost of around USD 500. You’ll need to set up the firm approximately a month before you buy, but at pattayacondoshop.com, we can put you in touch with reputable attorneys in the city who are familiar with Thai property regulations.
Additional expenditures of purchasing a home in Thailand
There are extra one-time charges associated with the purchase of your home, such as the Sinking Fund since each owner is expected to contribute to the sinking fund. There will be no surprises because the payment conditions are already defined in your existing contract. The sinking fund total is derived by multiplying the square meters of your property by the fixed amount, which is normally between 400 and 600 THB and is used to pay maintenance and repairs such as painting the outside of the building, maintaining elevators, gardens, and so on. You will also be required to pay for the connection and installation of Water and Electricity Meters, which would cost around 15,000 THB.
