Property investment
in Phuket
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Why is Phuket attractive to investors from all over the world?
Besides the obvious advantages - a warm sea, magnificent beaches, eternal summer and exotic fruits, there are several other advantages:
- Stable economyLow inflation and unemployment (less than 1%). Thailand's economy is balanced and does not depend on just one industry. Industry accounts for 40% of GDP, agriculture for 10% and services for 50%. Stable Thai baht exchange rate.
- Developed infrastructureInternational schools and kindergartens, modern hospitals. Every year new shopping malls, parks of entertainments are opened, road interchanges are being built.
- GeographyPhuket is the largest island in Thailand, which is connected to the mainland by a 600-meter bridge. High-quality roads, seaports, Phuket's own international airport make it convenient to move both within the country and around the world.
- SafetyMost of the population of Thailand are Buddhists. They believe in karma and that every action entails consequences in the future. Thais, mostly, are friendly and adore children.
How to buy property in Phuket distantly:
1
Project selection
We will help you choose a profitable project from a reliable developer. We will make an online room tour and send all the necessary documents for review.
2
Object reservation
Making a deposit is usually 100,000 baht (included in the total cost) for the reservation of the selected apartment. You can make a transfer from any Bank to the Developer's account.
3
Signing the contract
The developer prepares a contract in which all the conditions, cost, payment schedule and information about additional expenses are prescribed. Sends it to you for review and approval. It signs in duplicate and sends it to you by mail (DHL), and sends a scan of the contract to your
e-mail.
e-mail.
4
Transaction payment
After signing the Contract on both sides, you make the first payment. For the transfer, you will need the original Contract and an invoice for payment. Then, according to a pre-agreed payment schedule, you pay the remaining amount in a timely manner.
5
Registration of ownership rights
After completion of construction and payment of the last payment, it is necessary to accept the apartment, this can be done by you or your proxy. After the commissioning of the facility, you receive a document on the ownership (Chanot) personally or your proxy.
What are the additional costs?
- Tax on the purchase of real estate: in leasehold - 1.1%, in freehold - 6.3%.
- Installation of light and water meters - paid at a time about $ 700.
- Contribution to the depreciation fund - paid at a time of $ 20 per square meter. Covers the costs of major repairs of the building, swimming pool, elevators, etc.
- Utility bills - an average of $ 1-2 per square meter monthly, paid for a year in advance. They cover the maintenance of the facility, adjacent territories, security, etc.
Forms of ownership in Thailand
There are two forms of ownership in Thailand - freehold and leasehold. Any foreigner can issue a house or apartment in full ownership or freehold, and land – only for long-term lease or leaseholds for 30 years with the possibility of a double extension for 30 years, in the amount of up to 90 years.
Freehold - full ownership with the possibility to resell, donate or bequeath.
In freehold, you can arrange an apartment only in a condominium, the common territory of the complex with all the infrastructure (swimming pool, garden, etc.) is jointly owned, unlike apartments that can only be issued in a leasehold.
The cost of real estate in freehold is more expensive than in leasehold.
Registration taxes are up to 6.3% of the cost (sometimes, it is paid in half with the seller).
The owner may dispose of his property at his discretion for an unlimited period.
The cost of real estate in freehold is more expensive than in leasehold.
Registration taxes are up to 6.3% of the cost (sometimes, it is paid in half with the seller).
The owner may dispose of his property at his discretion for an unlimited period.
Leaseholds - limited time ownership of
30 + 30 + 30 years, with the ability to resell, donate or bequeath real estate.
30 + 30 + 30 years, with the ability to resell, donate or bequeath real estate.
The cost of real estate in leasehold is about 10% lower, respectively, the payback period is less;
The registration tax is only 1.1%;
It is necessary to renew the lease agreement every 30 years in the Land Department.
When reselling, it is necessary to sign documents with the owner (landlord).
After the expiration of the lease term, the rights of use and disposal are returned to the original owner.
Legally it is not property, therefore it is not subject to taxation and does not require a declaration, as property abroad.
The registration tax is only 1.1%;
It is necessary to renew the lease agreement every 30 years in the Land Department.
When reselling, it is necessary to sign documents with the owner (landlord).
After the expiration of the lease term, the rights of use and disposal are returned to the original owner.
Legally it is not property, therefore it is not subject to taxation and does not require a declaration, as property abroad.
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