Thailand Condominium Transfer
The transfer condominium tax in Thailand is a tax and imposed by the Thai government, being paid at the local land office, when transferring the ownership of an apartment. Certain transfer taxes, stamp duties, also withholding tax and specific business tax are involved only when appropriate.
Transfer fees may vary from a small amount to a larger amount, of course depending on the amount of income tax involved for the seller.
No matter when you need an agent for condo transfer, an agent for property transfer, or change of ownership, remember that J&E Concierge Pattaya is here for you.
Also, the taxes and fees of an apartment may vary when an agreement has been made between the seller and the buyer, in which they have agreed to share the costs. Both the development and the sale of condominiums represent a business controlled by contract and of course, must comply with all government regulations.
The buyer of a new unit or a planned acquisition of a condominium cannot be charged more than half of the property transfer tax of 2%, this is one of the conditions.
How the property transfer taxes are divided in the case of a private sale and in what percentage they are divided depends on the agreement between the seller and the buyer. In the case of a private sale, there are no fixed rules, and the costs of these taxes may vary depending on the agreement between the seller and the buyer.
There are also more special features of the rights in Thailand, it is represented by the strict mandate regarding the transfer of the right of property between foreigners, on the properties located in Thailand. For example, if a foreign citizen owns a condominium on the territory of Thailand he cannot validly sell his son’s property, only by executing an act of donation to him.
Since there is no automatic transfer of ownership, the only way of transfer is the sale of such property from the alleged donor to the beneficiary.
For such a sale to be made it must comply with the basic mandate of the law. When purchasing a condominium, the foreign citizen must ensure that the total foreign ownership of the entire apartment building does not exceed 49%. In case, the buyer is a foreign citizen, he must present evidence that the fund that will be used to pay the purchase price comes from abroad.
That is why the buyer must have an account at a local Thai bank, and this one will subsequently issue a foreign exchange transaction sheet that states that the respective amount in foreign currency is sent abroad for the payment of the condominium.
When you need help and you also need one agent for condo transfer or agent for property transfer, please do not forget that J&E Concierge Pattaya is here to offer you help.
Although there are several steps in the change of ownership process, the most essential and very important is the transfer of the property from the owner to the developer.
Sometimes, the contract of purchase of the property will specify how it should be transferred. This transfer of ownership generally takes place at the Land Office, and the ownership right will be registered after the transaction
In case you buy property from a developer before the completion of the construction, the transfer of the property takes place after its completion.
In addition to the balance of the purchase price you have to pay, you will also pay certain transfer fees.
The buyer is responsible for paying the transfer fees, and the seller will deal with the rest of the types of taxes.
In the category of transfer taxes we find the following:
– The Land Department charges 2% of the total value of the property, depending on the registered value
In the category of maintenance fees:
– 1% of the assessed property value will be charged
Special business tax:
– It is charged only if the property is sold in the first 5 years of ownership and a percentage of 3.3% of the assessed value is collected
We also find the stamp fee:
– A total of 0.5% of the registered value will be taxed
You just bought a motorbike, whether new or used, you are aware of the things you will need to do before you can start driving on the roads of Thailand? Yes, this is the new motorbike registration process.
Whether you are located in one of the cities in Thailand and need help in the new motorbike registration process, or want help in new motorbike registration in Pattaya, J&E Concierge is here for you.
It is well known that in Thailand as in any other country, your vehicle must have a valid registration.
J&E Concierge Pattay can handle new vehicle registration also vehicle transfer and of course, we can offer many other services related to your car.
We have an agent for car registration in Pattaya, new car registration, also an agent for vehicle registration in Pattaya, agent for motorbike registration in Pattaya but of course in other cities on the territory of Thailand.
To be done the new vehicle registration by the expatriates, the sweet documents to which their copies are attached are required:
– the current passport is required
– the non-immigrant visa
– also a work permit or certificate or a letter issued by the Thai Immigration Bureau or the relevant embassy
It is worth remembering that there are two types of approaches that you can approach, temporary or permanent registration, and most of the documents are similar in both cases.
You will need the following documents for the temporary new vehicle registration in Thailand:
– passport identification
– a declaration form
– a tax bill is required
– a request for the temporary importation
If you do not know how to do the process of change of ownership, do not hesitate to contact us.