Land transfer of ownership in Thailand
Although foreign citizens do not have the right to own land in Thailand, Thai law allows them to own structures and other improvements built on the land. Because of this, foreign citizens have the opportunity to take legal action to protect their property rights over it.
Thailand’s transfer of ownership is now much easier with J&E Concierge Pattaya. Among the most popular options are the conclusion of two sets of agreements, these consisting of a lease for the land, and the second contract of sale-purchase on the property.
Among the less known options, there is the acquisition of the right of surfaces from the owner of the land independently or corroborated with the contract. The lease of land in Thailand is sanctioned by law for 30 years, and it is necessary to renew it for another 30 years.
For the legal right of the foreign owner to own the property to be protected, it is advisable to conclude a sale-purchase agreement involving the house or even the structure, executed between both parties. When the ownership of the property is acquired, the owner may exercise the rights and may own the property.
When you need help transferring property from Thailand, J&E Concierge Pattaya is here to help and support you throughout the process. If the land subject to the Rental Agreement is a vacant place and the foreign tenant intends to build a building, a building permit is required on behalf of the foreign owner.
The building permit and the sale-purchase agreement are the indispensable and relevant documents at the same time in the transfer of ownership. Keep in mind that when you buy property in Thailand, the transfer fees are not the same as in your home country.
If you have any questions about land transfer or need help buying certain properties in Thailand, J&E Concierge Pattaya is here to help you. The first element you need to consider to make the land transfer is the breakdown of taxes and fees.
These are the following:
1. First of all, we find the transfer fee of which we can say that it represents the percentage tax of the total assessed value of the property being transferred. They represent 2% of the value of the property, and the transfer obligation is divided between the buyer and the seller and can be common or paid by the buyer.
2. In the next category of taxes, we meet the business tax, it is paid on the property and represents 3.3% of the sale price of the property. This tax consists of a 3% percentage for business tax and a 10% municipal tax assessed at the value of the specific business-specific.
3. The stamp duty in Thailand required for the land transfer represents 0.5% of the sale price of the property. In this case, the seller will pay the stamp duty
4. The withholding tax varies depending on the seller, as he may be a natural person or a company. In case the seller is represented by a company, the withholding tax represents 1% over the registered sale value or the total value evaluated.
When a seller is a private person, the withholding tax is calculated at a progressive rate based on the assessed value of the property. If you cannot be physically present to complete the process of transferring property to the Land Department, another person may do so on your behalf. For this to be possible, all you need is ownership transfer power of attorney, according to Thai law. This ownership transfer power of attorney represents how a midwife gives the right of another person to act on her behalf.
To be able to use this ownership transfer power of attorney, it is necessary to present a copy of the passport of the person requesting such power of attorney, and this must be shown to the officials when it is given for use.
Regarding the cost of charging the ownership, we said earlier that certain different taxes have to be paid at the time this transfer is made. We can help you in the process of land transfer of ownership, our team is made up of professionals and they will be permanently at your disposal.
As for vehicles, in Thailand, they must always be registered. The process of extending or renewing the registration is quite simple, especially if the car is less than 5 years old. Renew Thai car registration with J&E Concierge Pattaya. We have qualified staff and we will support you throughout the process.
Those vehicles that are more than 5 years old need a technical inspection, which is carried out at a certified service, before applying for the renewal of its registration. Any certified service will have a blue and yellow logo or logo. The technical inspection of the vehicle includes checking the number of the car, the inspection of the lights, the brakes, and the exhaust. The service will issue you a certificate that you must present along with the application which says that person renews a Thai vehicle registration.
If the motorbike is not fully registered or if the registration expires and you have an accident, you will not be able to get medical insurance. Each year you must register or renew your motorbike. Renew Thai motorbike registration with J&E Concierge Pattay, we assure you support and the rest of the information you need.
Our company offers services for both Pattaya and other cities in Thailand from the land transfer of ownership and we will let you know the cost of charging the ownership, to support in the process when you want to renew Thai car registration, renew Thai vehicle registration and of course if you want to renew Thai motorbike registration.
Do not hesitate to get in touch with us.