Taxes when buying property in Phuket 2023: Useful information from IBG Property | IBG Property Company
Buying property in Phuket is an exciting moment in life, but it is also a significant financial decision that will require some expenses. It is important to understand what taxes may arise when purchasing property on this paradise island in Thailand. Let’s consider the tax obligations and discuss why IBG Property is your reliable partner in this matter.
1. Transfer Fee
The Transfer Fee is a mandatory tax that is paid when transferring ownership from the seller to the buyer. The tax rate is 2% of the appraised value of the property. The appraised value may differ from the actual purchase price and is usually determined by a government appraiser. IBG Property will help you understand this process and prepare all necessary documents.
2. Land and Buildings Tax
This tax is levied after the landowner receives a certificate of ownership for the property. The tax rate depends on the type and value of the property. Property owners are required to pay this tax annually.
3. Value Added Tax (VAT)
A 7% Value Added Tax (VAT) is charged when purchasing new property. It may be included in the property’s cost, but often the buyer is required to pay it separately.
4. Special Business Tax
This tax may be applied to foreign investors if they resell the property within a certain period after purchase. It can amount to up to 3.3% of the selling price. However, the timelines and rates may vary, and IBG Property will provide you with up-to-date information.
IBG Property: Your reliable partner in Phuket real estate transactions
IBG Property is a real estate agency with extensive experience in Phuket. We will not only help you find the perfect property but also provide you with all the necessary information about taxes and tax obligations when buying property on the island. Our experts are ready to answer your questions and provide legal support for the transaction.
Do not be afraid of the tax aspects when purchasing property in Phuket. Rely on IBG Property, and your transaction will be safe and profitable.
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