When you, as a Thai national, purchase a property in Thailand in freehold ownership, the following taxes and duties apply:
- Transfer fee: This fee is levied by the land department of Thailand for the transfer of ownership rights to the property. The transfer fee is typically 2% of the registered value of the property.
- Property tax: This tax is levied annually by the municipality where the property is located. The tax rate is typically 12.5% of the assessed value of the property.
- House and land tax: This tax is also levied annually by the municipality and is based on the estimated income from the property. The tax rate is typically 10% of the estimated income from the property.
Please refer to the following table for a clear summary of the taxes and duties associated with purchasing a property in freehold ownership in Thailand:
| Tax/Duty | Rate | Paid by | Payment Frequency |
|---|---|---|---|
| Transfer fee | 2% of registered value | Buyer | One-time payment at transfer of ownership |
| Property tax | 12.5% of assessed value | Buyer | Annual |
| House and land tax | 10% of estimated income | Buyer | Annual |
It is important to note that there are restrictions on foreigners when buying a property in freehold ownership in Thailand. Foreigners are only allowed to purchase certain types of properties and must meet certain requirements. However, as a Thai national, you do not have to adhere to any of these restrictions when purchasing a property in Thailand.