Condominiums in Thailand are regulated by the Condominium Acts of Thailand and are registered with the Thailand Land Department. Ownership of a condominium unit is, officially transferred through proper registration at the Land Office. There are taxes and fees payable upon registration, including transfer fee, income tax / withholding tax, stamp duty or specific business tax / local development tax. Specific business tax applies to commercial sales of a condo unit – a unit that has been owned by the seller for less than five years. Over that, stamp duty applies. When dealing with a condominium unit purchase, it is imperative that a registered real estate lawyer Phuket will assist you in the various legalities associated with it. more
Owning a property, a parcel of land, a condominium unit or a residential house requires a complex web of registration with the Land Office, which can be part of the legal services Phuket law firms offer. All ownerships will be legally transferred by a written registration at the local Land Office. Along with such registration are fees and taxes that are needed to be paid upon registration of the property which is the subject of change of ownership. Fees and taxes include transfer fee, income tax payable as withholding tax, stamp duty or specific business tax or local development tax.The registration process as handled by real estate lawyers in Phuket, requires that the transfer fee and the seller’s income withholding tax are to be deducted and paid to the authorities upon transfer. These fees and taxes are calculated based on the Land Office’s valuation of the property. more
