Which of these taxes/fees will be applicable depends on the details of the transaction, the seller and the duration of the seller’s ownership. This is based on the appraised value of the property and is normally shared equally between both buyer and seller, although this needs to be agreed by both parties. It is also significant to note that most of the fees are calculated relative to the government’s “tax assessment value” of the property and this value is usually well below the market value. This is based on the total rent payable over the lease term, and is normally shared equally between the lessor and lessee, although this must be agreed by both parties. It is based on the official appraised value or the contracted price, whichever is highest. The amount is often so minuscule that in practice the body charged to collect it, rarely bothers to do so. When they do collect it, it’s usually after several years when the amount has accumulated. This only applies to properties used for commercial purposes. However, this notional value is well below the commercial market rental value. This is applicable at the rate of 12.5% on the actual or assessed gross rental value of the property. If the house is purchased through a company, you need to consider that corporate tax is higher than personal tax, and the cost of setting up the company has to be considered as part of the initial investment, even if this is relatively modest.
Phuket has one of the fastest growing property markets in the world with an increasing number of high quality projects by internationally-renowned real estate developers. Rental returns on apartments and villas continue to remain high as more and more holidaymakers are opting for the privacy of a rental property over a hotel room. Environmentally-friendly planning laws and height restrictions ensure that developments are low key and low density. Infrastructure and services continue to improve at a fast pace. However, foreign nationals do have the right to the ownership of buildings distinct from the land such as condominiums. Leasehold, 90 years ownership in any legally registered condominium building. With visitor arrivals predicted to stabilise around 12 million visitors per annum, the demand for holiday rentals will continue to grow. You should clearly indicate the payment purpose on the payment order form in the field for a message for the beneficiary, including the name of the condominium and the unit number.
In this way, they get a “double whammy”. In perpetuity until the owner decides to sell it. A quality resort condominium typically has one or more swimming pools, restaurants, a gymnasium, sauna or steam room, beautifully landscaped gardens, a car park and very often will also have a reception area. Condos really do have all the comforts of home – sometimes even more. The beauty of a freehold condominium for any foreigner is that ownership is permanent. Buyers should ensure that the condo they are purchasing is a freehold and not a leasehold, as leasehold condos do not have the same ownership rights, and may be extremely difficult to sell at a later date. A turnkey solution or service means that the developer will take care of the full property management services of the condominium unit after purchase. Most condominium resorts also offer a rental guarantee with a guaranteed return.
Phuket is an amazing holiday destination. Is fast becoming one of the world’s most visited islands. And the amount of travelers is expected to rise significantly in the coming years. What is a condotel? 4%. Investment in infrastructure is mainly to thank, for example, the construction of the new international airport. They’ve also become more aware of the opportunities to buy overseas property to use as investment vehicles. In 2018, the number of travelers arriving at the airport increased from 1.5 million to 2.1 million, an increase of an astonishing 28%, compared to 2017. The market keeps being buoyant. Previously, it was common that developers built large apartments and condos, with floor areas of 100 square meters or more. Is particularly interesting for long-term investments. In fact, buying a unit or more in a condotel can be a great income generator, and a better alternative than keeping your money in a bank account. You’ll get passive incomes.
The area itself is relatively small, but it is very upmarket. While it has never been a busy tourist destination, its proximity to other popular areas and its beautiful beach make it the first choice for many holiday makers and residents. Surin is somewhat unique in that you will not notice any major developments or built-up areas, but nestled in the hillsides and narrow roads, you will still find it offers plenty of options. This well-earned acclaim for the luxury. There are plenty of new developments springing up all the time, even a few just a short walk to the beach. Exclusivity of many of its developments make the resale market very attractive. Despite the popularity of this area as a tourist destination, the beach surprisingly never gets over crowded, even at the height of the high season. As with most of the beaches on the island, the snorkelling is great at either end where the rocky headlands form the bay. While it’s a fairly typically beach for the high season (e.g. Be aware that when those waves pick up, so does the less visible undercurrent. As there is still a fair amount land well suited to new projects, we can expect development to continue for the years ahead. It is typically unsafe to swim here during low season, so if you see the red flags, please heed their warning. There were a number of lovely beach clubs, bars, and restaurants along the beach, but these were bulldozed to the ground. But even though this little element of extra trendiness has disappeared, this small stretch of coastline is still wonderful. There are also burgers, pizza, pasta, tacos, tandoori chicken, schnitzel, escargots, hummus .