Koh Samui, Thailand
Koh Samui, Thailand has long been the locale of choice for paradise, looking for foreigners from all over the world have been. Its blue-green waters and sun-bleached beaches are white sand with bungalows, villas and resorts lining. Its happening nightlife with many restaurants supply the Epicureans and offers a spectacular location for beautiful sunsets and starry nights. It is 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 understand the legal implications, visa regulations and fiscal policies involved before deciding which properties to invest, then, are
Trip to Iceland
Before investing in Koh Samui property, you first need to secure that travel from the island and was made easy and convenient for tourists. After all, they play a crucial role in SamuiEconomy grow and helps the tourists visiting the island should be the first priority. The easiest way to get to Samui with Bangkok Airways flies to Bangkok, Singapore, Phuket, Pattaya and Chiang Mai. There are 15 daily flights between Bangkok and Samui 80 minutes and 4 weekly flights from 90 minutes to Koh Samui and Singapore. Alternatively, several ferries and catamarans from Surat Thani or Don Sak on the run Thai mainland. There are almost 10daily departures between Samui and Ko Pha-Ngan.
Samui Airport is a unique and highly successful experiment in building an airport, the nature of both cultural and natural environments from a tropical island resort. Flying in, we get glimpses of the islands, strips of surfing, the trails of small fishing boats in the sea calm aquamarine outlined. Smeared ass reef water as you get into more detail. Then the coast of Samui is displayed. Two hundred and fiftyTropical refuge for tens of kilometers of white sand bay, surrounded by wooded hills and rich texture of Coconut Grove gratin carpet, is the heart of Samui, a group of 80 other islands in the Gulf of Thailand set up.
The hotel is located 2 km north of the capital of Chaweng, Koh Samui serves both domestic and international flights, including Bangkok Airways, Thai Airways International, Berjaya Air and Firefly.
Koh Samui property tax policies
If you've done your research and you are looking to invest in real assets Koh Samui, you should really understand how it affects the overall return on fiscal responsibility.
All owners of Koh Samui in Thailand responsible for taxes on rental income, both the standard income tax (PIT) rates for resident taxpayers and is based at tax rate of 15% income tax on the taxable income for foreign taxpayers. A person is a taxpayer "resident" if he or she spendsmore than 180 days in a fiscal year in Thailand. Thailand has no separate capital gains for foreign buyers. All income from capital gains is taxed the same as regular income. The highest rate of income tax is currently 37% per year.
When you buy property in Koh Samui, is pretty standard for the buyer is solely responsible for paying all transfer fees and taxes Properly calculated by the national competent authority in relation to the registrationTransfer of ownership of the property. This includes the transfer to government payment, the withholding tax and specific business tax and stamp duty and other costs and expenses arising from the registration of transfer of ownership to the buyer.
Transfer fees are usually 2% of the recording, stamp is.5% of the recording, withholding tax is 1% of the appraised value and the business tax is 3.3% of the estimated value . The income tax is generally between 1-3% of Koh SamuiProperties. There are no fixed rules about who is the income tax, while these are just another part of the negotiating process when buying real estate like any other costs associated with the transfer of an asset paid. Tax on rental income 10-30% of the rental income depending on the type of property. application fee, the rent is 1.1%
Transfer to Samui purchase of property
Unlike most developed economies, in which to extort money from bank accountsis relatively simple and easy, this is not the case in countries such as Thailand. Before buying property in Koh Samui, it is very important to understand exactly how and what to do before you buy. Because of the complexity of this problem is because the laws on foreign ownership of Thai property. Under Thai law foreigners may own 49 percent of the total sales units, capable of a condominium building, while theremaining 51 percent must be owned by both Thai nationals or majority owned Thai company. Below is a step by step guide on how to transfer money when it comes to Koh Samui property.
A Thai bank account must be established in your name to raise funds Baht to get in front of the Thai currency exchange transfer. Any foreign currency can buy a condominium unit. The exchange risk must be transferred into Thailand as foreign currency and then swapped into ThaiBaht by a local bank in Thailand. In many cases, the developer can offer help to a bank account in Thailand because of the complexity of creating an account on its own. This may come at an additional cost, but the developers are always ready to negotiate or waive these costs if they help the business complete.
Foreigners are required to receive at least € 20,000.00 in Thailand for the transfer to a job transfer module FOREX. (Transfers must be made in foreign currency and not onlytransfer in Thai Baht, ie if they are in U.S. dollars and U.S. dollars. Do not send in Thai Baht. This module is needed to transfer the units owned by foreigners and also transfer the money back from Thailand where this is necessary in the future.
Documents needed when buying a condo: For foreigners the right to acquire a condominium unit in Thailand have to proof to the Department of lands that the funds from abroad were present in foreign currency transferred. In the absence of suchEvidence, not record the Ministry of Agriculture, the transfer of ownership of the foreign buyer.
Transfers should be sent to be precise (the "Notice"), the same name that the purchase contract (that is, when Tom Smith, the buyer will then receive the name of Tom Smith goes on. Avis T. Smith and company Smith is unacceptable.) If two individuals if the buyer, then two names appear on the contract and two separate transfers to be made by two persons, areequal amounts.
The buyer is an indication that the purpose of the transfer of this money include the purchase of a condominium unit. The bank, which receives money in foreign exchange for the release of the document (Foreign Exchange Transaction form) contains the following information:
The amount transferred in foreign currency
The transferred amount in Thai Baht
The name of the sender money
The name of the recipient money
In order to transfer
Normally alltransfer process must identify the buyer at the Gateway Bank, the sender's name, appoint to be the same as that of the recipient. The Department of Earth takes the name of the buyer, whether sender or recipient of the money transferred.
** Note **
If the receiver is an individual money, but put the unit in the name of two persons, indicate the sender to the Bank Gateway, specify the names of two persons in common, with the intention of buyingCondominium.
For example:
Mr. Smith transferred the money to Mr. John and wants to put the names of two people, Mr. Smith must also indicate his bank to give the building now and the end of both Mr. Smith and John. In this case, the Department of Land and accept the transfer.
The Land Department could accept the transfer, even if the sender's name as the recipient is not the name of the buyer, but the sender should instructGateway Bank for the purpose of the condominium by (name of the purchaser) will now share. The amount claimed must be equal to or above the selling price to the Land Department.
Transferring money for the purchase of alternative real estate in Koh Samui
For the avoidance of doubt, you should, where possible Samui is that home buyers to their local bank for the Foreign Exchange Transaction Form problem for all references. In this casetransfer the amount directly on behalf of the developers in the prescribed form, and the developer will be issued for the Foreign Exchange Transaction Form from the bank of the developer.
For the convenience of buyers, you are strongly advised to use the funds directly to the developer account, but only if you know and trust the developer and know exactly where your money goes. In most cases, the developer is a third-party escrowtypically made with a local attorney. This is always the safest way to exchange contracts as the developers are not permitted to your money until the property title that really had access.
Why developers should use the form on the Foreign Exchange Transaction?
Since the Bank of Thailand controls the flow of foreign currency, baht each a source and a reason. The Land Department has to play according to theRegulation. With this restriction, all foreign buyers to transfer money abroad.
Non-residents who sell the condo and did not pay the money out of the country about the transfer (in general, the tax represents about 30%)
In the case of transfer outside the country, the benefit is determined by the amount originally paid.
Transfer of ownership documents: for individual purchase
Passport (copy, if necessary,Certificate of marriage / divorce, with a consent form
From your married spouse, if [Thai language]).
Foreign Exchange Transaction Form or credit.
Authorities, but even if someone represent you in Thai script with a
Certification by a notary or abroad by the Thai consulate.
business records: For the acquiring firm
Certified copy of the memorandum
certified copy of the protocol 'Association
Certificate Services
(To be attached in English, but have a translation in Thai) List of shareholders
Minutes of the meeting of the board resolution is to sell and buy goods
(With the name and number and agenda relating to the finances of the purchase price if the
Company's share capital is less than the purchase price)
Letter of advice regarding specific signature ¬
Attorney, if the Administration has not approved the transactionalso
(Shape of the State Department)
Debt free letter
Foreign co-owner letter
The certified copy of the passport of directors authorized
The certified copy of the recording home of Directors authorized
Title property unit condominium
Thai visa
Please note that although we believe that the following information is correct, it is recommended to verify the requirements with the Royal Thai Embassy before departure.
Many non-Thai residentsneed a visa to remain in the country for more than 30 days. However, most African countries need a visa for Thailand in force - Cyprus, Czech Republic, India, Maldives, Oman, Poland, Russia, Saudi Arabia, Taiwan, Ukraine are available for 15 days under the visa exemption. A non-immigrant visa is valid for a maximum of 90 days, but on more than one year at a time, depending on the criteria for eligibility. Retirement Visa for people over 50 years of age are readily available, in certain otherCriteria for tourist visas can stay for more than 30 days and less than 60 days and work permits for people with special abilities the Thai embassy or consulate will be used in your country.
Use a firm or relevant to real estate developers can help you purchase your Koh Samui
Now we can not say that did not warn you that buying property in Samui would be extremely complex and you should use a propertyagent or investment company for you to assist with the purchase of your property Samui. Often the developer or agent who acquires ownership of all it can to make this process more convenient and affordable as possible. After all, it is in their interest in this property a lot done, and should be more than happy to help you through it. Another reason it is advantageous to use for the developer or the registered agent, because they already have the experience andConnections obtained through this transaction. Why did several times before Koh Samui property, they know exactly who to go and in what circumstances. It 's very likely that they are already regulated under the agreements and the trustees do, however, all the work for you. In many cases, they are also their own business as a "buyer" and then type the company's shares, which then provides the legal ownership. This method avoids the problem of purchaseonly able to acquire 49% of a unit of Thai law.
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