Koh Samui, Thailand
Koh Samui, Thailand has long been the place of choice for paradise in search of foreigners from all over the world have been. Its blue-green waters and sun bleached white sand beaches are bungalows, villas and resorts lining. The last night of his life with a variety of restaurants feeding the Epicureans, and offers a magnificent setting for beautiful sunsets and starry nights. No wonder that so many foreigners want to own a property in KohSamui, but like any other property market in the world, it is important to know and understand the legal implications, Visa Regulations and tax policies before they decide to go to the property than invest in. Involved
Getting to Iceland
Before investing in Koh Samui property, you must first secure that travel and tourism to the island is made for easy and convenient. After all, they play an important role in supporting SamuiEconomy grow and helps the tourists visiting the island should be the first priority. The most convenient way to get to Samui with Bangkok Airways flight from Bangkok, Singapore, Phuket, Pattaya and Chiang Mai. There are 15 daily flights between Bangkok and Samui 80 minutes and four weekly flights between Singapore and Koh Samui 90 minutes. Alternatively, several ferries and catamarans run from Surat Thani or Don Sak on the Thai mainland. There are about 10 trips a day betweenSamui and Ko Pha-Ngan.
Samui Airport is a unique and successful experiment in building an airport of this nature, both cultural and natural environments from a tropical island. Flying in, you get a quick view of the islands, strips surf the wakes of small fishing boats across the sea calm aquamarine outlined. Patches of reef Dapple water as it comes in closer. Then the coast of Samui is. Two hundred and fifty kilometers of tropicalHideaway topped by dozens of white sand coves framed by wooded hills and rich textures Coconut Grove carpet, is the heart of Samui in a group of 80 islands in the Gulf of Thailand established.
2 km north of the main village Chaweng Samui Airport serves both domestic and international flights, including Bangkok Airways, Thai Airways International, Berjaya Air and Firefly.
Koh Samui Property Tax Guidelines
IfYou have done your research and you are looking to invest in real estate Koh Samui, you should really understand how it can affect your rate of return.
All Koh Samui in Thailand for owners of rental income tax, which threatens a standard personal income tax (PIT) rates "resident taxpayer and is based 15% PIT rate on taxable income for taxpayers residents. A person becomes a "resident taxpayer if he or she spends more than 180 daysin any fiscal year in Thailand. Thailand has no separate capital gains tax for foreign buyers. All income should be taxed the same income regularly. The highest rate of income tax is currently 37% per year.
When buying property in Koh Samui, is fairly standard for the buyer is solely responsible for the payment of transfer costs and taxes correctly the state in question in relation to registration of charge transferOwnership of the property. This includes compensation of government, and withholding tax and stamp duty in particular commercial costs and other expenses arising from the registration of transfer of ownership to the buyer.
Transfer fees are usually 2% of registered value, stamp duty is.5% of the recording, the fee of 1% of the estimated value and the tax is 3.3% of estimated value. Income tax is usually between 1-3% on property Koh Samui. Usare rules about who pays income tax, while this is just another part of collective bargaining in the real estate Than any other costs in connection with the transfer of ownership is established. Tax on rental income is 10-30% of rental income depending on the type of property. Registration fee is 1.1% Lease
Transfer to Samui Property
Unlike most developed economies, where money is relatively transfers to bank accountsstraightforward and simple, this is not the case in emerging markets like Thailand. Before buying a property in Koh Samui is very important to understand just how to treat and what must be done to buy before. Because of the complexity of this problem is because Thai laws on foreign ownership of condominium property. According to Thai law foreigners can own buildings 49 per cent of the total unit sales-able within a building, while theremaining 51 percent must be owned by Thai companies are both Thai nationals or majority owned. Below is a step by step guide on how to transfer money to the treatment of Koh Samui properties.
A Thai bank account must include the name of the set, per se, for the transfer of money before a bargaining chip for your Thai Baht. Any foreign currency can be used to purchase a condominium unit. Foreign currency must be transferred into Thailand as foreign languageCurrency exchange and then in Thailand Thai Baht by a local bank a. In many cases, developers can provide the help you establish a bank account in Thailand because of the complexity of creating an account yourself. This may come at an additional cost, but developers are always ready to negotiate or waive these costs if it helps to complete the transaction.
Foreigners are required to maintain at least USD 20,000.00 tasks Thailand for transfer to a transfer module FOREX. (Money TransfersFOREIGN CURRENCY needs to be built, not only in Thai Baht, ie if you have U.S. dollars then work on behalf of the U.S. dollar. No work in Thai baht. This module is required to transfer the unit of foreign ownership and also transfer money back if that is necessary for the future of Thailand.
Documents needed upon purchase of a condominium for foreigners to be allowed to purchase a condominium unit in Thailand they have evidence to the Department of lands that funds are availablewas transferred abroad in foreign currency. Without such evidence, the Planning Department does not record the transfer of property to foreign buyers.
Transfers must be sent in its ("writing") has the same name on the contract of sale (ie, if Tom Smith is the buyer, then the name of Tom Smith to appear on the advice of remittance. T. Smith Smith or company are unacceptable.) If the buyers are two individuals, then those two names appear on contract and tworemittances must be made separately by two persons of the same amount.
The buyer specifies the statement that the purpose of money buys a condominium unit is part. The bank receives the money in foreign currency, the document (Foreign Exchange Transaction Form Edition), containing the following information:
The transferred amount in foreign currency
The transferred amount in Thai Baht
The name of the sender money
The name of the moneyReceiver
The purpose of transferring
Normally the whole process of transfer, then instruct the buyer to Gateway Bank to identify the sender's name, for the same as those of the recipient. The Land Department accepts the name of the sender or buyer or recipient of the money transferred.
** Note **
If the receiver is an individual money, but wants to put the device in the names of two people, and the sender to instruct the Gateway Bank in the namestwo persons with the purpose of buying a condominium.
For example:
Mr. Smith wants the money to Mr. John and the names proposed by two persons, say Mr. Smith must also give his bank to buy full ownership of the end, as both Mr. Smith and Mr. John. In this case, the Land Department to accept and allow the transfer.
The Land Department could accept the transfer even if the name of the sender to the recipient's name can notPurchaser's name, but the sender should instruct the Gateway Bank, which bought the freehold as an order made by (the buyer). The amount declared must be equal to or higher than the selling price of the Land Department.
Alternatives to transfer real estate Koh Samui
To avoid any doubt, we recommend, where possible, customers who brought the property Samui in their local bank that the transaction on Foreign ExchangeForm for all transfers. In this case, the money will be directed on behalf of developers in the form prescribed, and the developer to provide the shape exchange transaction, issued by the Bank for the developer.
For the buyers convenience, we recommend using the funds directly to the bank account of developers are doing but only if you know and trust the developers and they know exactly where your money goes. In most cases, the developerEscrow is a third kind with a local lawyer to use. This is always the safest way to exchange contracts as the developer is not allowed, your funds has been the title on the title to transfer the title to access.
Why developers should use this form to trade foreign exchange?
The Bank of Thailand controls the flow of foreign currency, baht each individual has a source and a reason. The countryDepartment is in accordance with this Regulation. With this restriction, all foreign buyers to transfer money abroad.
Non-residents to sell the condo and money outside the country did not pay taxes is to transfer (generally, the tax, about 30%)
determined in the case of transfer of money from the country, the initial allowance amount is transferred.
Transfer of ownership documents necessary: For solo travelersBuyer
Passport (copy of marriage certificate, if applicable or divorce certificate including a letter of consent
From your spouse married [] Thai language).
Foreign Exchange Transaction Form or credit.
Power of Attorney, if someone represent themselves, but will be in Thai language with a
Certification by a notary or abroad by the Thai consulate.
Documents needed: for the buyer Company
Certified copy ofCertificate of incorporation
Certified copy of incorporation
Certificate Services
List of shareholders (in English, but must be accompanied by a Thai translation)
Minutes of meetings of Directors', a resolution for the sale / purchase of goods have
(With the names and number and agenda on the financing of the purchase price if the
Company's share capital is less than the purchase price)
Letter of advice on specific signature ¬
PowerLawyer, if not do the same Administration has authorized the operation
(Land Department form)
Free debt letter
Foreign owner letter
The certified copy of identity card of Directors authorized
The certified copy of the recording home of Directors authorized
Title property unit condominium
Thai visa requirements
Please note that although we believe that the following information is correct, you should check the conditions ofwith the Royal Thai Embassy before departure.
Many non-Thai residents need a visa to stay day in the country for more than 30 However, most African countries require a visa to enter Thailand - Cyprus, Czech Republic, India, Maldives, Oman, Poland, Russia, Saudi Arabia, Taiwan, Ukraine 15 days allowed by the exemption from visa requirement. A non-immigrant visa is valid for a maximum of 90 days, but up to a year at a time to be extended according to the criteria for eligibility. RetirementVisa for people over 50 years of age are easily accessible, according to some other criteria, tourist visas and work Permits for people with specific skills can be Requested the consulate or embassy Thai country home stays for more than 30 days and less 60 days.
Use a firm or developer relevant support you in your purchase of Koh Samui
Now you can not say that I told you that buying property inSamui would be extremely complicated, so we recommend using an estate agent or firm to assist with the purchase of your Samui. Often, developers or agents who will purchase the property from all over, do what they can to this process as convenient and practical as possible. Finally, it is in their interest to get this feature done much, and should be more than happy to help you through it. Another reason is thatAdvantage for the developer to use or registered agent is because they already have the experience and connections obtained through this transaction. Because I've done several times before on Koh Samui property, know exactly who to go and in what circumstances. It 'very likely that the escrow agreements already controlled banks in town to do all the paper work for you. In many cases they can even their society as "buyer" thenShares of the company, which then gives the legal ownership. This method avoids the problem of buying only able to buy 49% of a unit because of Thai.
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