Koh Samui, Thailand
Koh Samui, Thailand has long been the locale of choice for paradise in search of foreigners from all over the world. His blue-green water and the sun bleached white sand beaches lined with bungalows, villas and resorts. Its lively nightlife with many restaurants lining the Epicurean and offers a magnificent backdrop of beautiful sunsets and starlit nights. It is no wonder that so many foreigners want to own a property in KohSamui, but like any other real estate market in the world, it is important to know about the legal ramifications to understand visa requirements and policies imposed before deciding to invest which properties, then, involved
Reach the island
Before investing in Koh Samui property, you must first be sure that travel and the island was too easy and convenient for tourists. After all, they play an important role in supporting SamuiEconomic growth and help the tourists reach the island should be in the foreground. The easiest way to get to Samui with Bangkok Airways to fly from Bangkok in May, Singapore, Phuket, Pattaya and Chiang. There are 15 daily 80-minute flight from Bangkok to Samui and 4 90 minutes a week on flights between Singapore and Koh Samui . Alternatively, several ferries and catamarans from Surat Thani or Don Sak on the mainland of Thailand run. There are nearly 10 daily departures betweenSamui and Ko Pha-Ngan.
Samui Airport is a unique and very successful experiment in building an airport that way, both natural and cultural environment of a tropical island resort is. Flying in, we get glimpses into the islands, surfing the strip of small fishing boats from wakes set over the calm sea aquamarine. Patches of coral reef gray water as you come in closer. Then the coast of Samui. Two hundred and fifty miles from tropicalShelter for tens of scalloped bays with white sand, lush carpets in the plots of the hills bordering forest and coconut plantation, Samui is the core of a group of 80 islands in the Gulf of Thailand.
The hotel is located two miles north of the capital of Chaweng, Koh Samui Airport serves domestic and international flights, including Bangkok Airways, Thai Airways International, Berjaya Air and Firefly.
Koh Samui property tax policies
If you already made yourResearch and seeks to invest in real estate Koh Samui, you should really understand how the tax burden can affect your overall performance.
All owners of Koh Samui in Thailand properties are subject to tax on rental income, based on a standard rate income tax (PIT) rates for resident taxpayers and a 15% PIT rate is based on taxable income for non-resident taxpayers. A person is a paid "resident" tax if he or she spends more than 180 days in any tax year inThailand. Thailand has no separate capital gains tax for foreign buyers. All income from capital gains are taxed the same as regular income. The highest rate of income tax is currently 37% per year.
When buying property in Koh Samui, pretty standard for the buyer is solely responsible for paying all transfer fees and taxes due the request of the competent authority for the area in relation to the registration of transfer of ownership of the property.This includes the fee for transfer of Government, withholding tax and specific business tax and stamp duty and other costs and expenses from the registration of the transfer of ownership to the buyer.
Transfer fees are typically 2% of the recording, stamp is.5% of intake, withholding tax is 1% of the appraised value and business tax is 3.3% of assessed value. The income tax is usually between 1-3% on the property Koh Samui. There are no fixed rulesabout who pays income tax, but this is just another part of the negotiating process when buying a property than any other costs in connection with the transfer of property. Tax on rental income 10-30% of the rental income depending on the type of property. The rental fee is 1.1%
Transferring money to purchase the property Samui
Unlike most developed economies in which money is transferred to and from bank accounts forward relatively simple and easyThis is NOT the case of emerging economies like Thailand. Before buying a property in Koh Samui, it is very important to understand how transactions take place and what needs before buying. Because of the complexity of this problem is through legislation relating to foreign ownership of Thai property pool. Under Thai law foreigners can its 49 per cent of total unit sales areas capable of a condominium building, while the remaining 51 percent must be owned or ThaiNationals or majority owned by Thai companies. 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 set in your name to raise money to protect themselves from the transfer of currency exchange of the Thai baht. Any foreign currency can be used for purchasing a flat unit. Foreign currency must be translated into Thailand as foreign currency and then swapped into Thai Baht by a local bank in Thailand. In many casesthe developer can offer help to a bank account in Thailand because of the complexity of setting up an account for themselves. This may come at an additional fee, but developers are increasingly willing to negotiate or refrain from the cost if they help the business complete.
Foreigners are required to move at least $ 20,000.00 in Thailand for the transfer to a form of transfer FOREX obtained. (Transfer of funds that are paid in foreign currency and not only in Thai Baht, ie if you work in the U.S.Dollars over then have in U.S. dollars. Do not send in Thai Baht. This module is needed to transfer the units owned by foreigners and even sent the money back to Thailand, if needed in the future.
Documents needed when buying a condo: For foreigners to qualify for a condominium unit in Thailand they must provide proof of purchase of land to the department found that the funds transferred from abroad in foreign currency. Without such proof, the Department of AgricultureRegister the transfer of ownership to the foreign buyer.
Remittances should be sent on their own ("Notice"), the same name appears as the purchase agreement, (that is, if Tom Smith is the buyer must then appear in the name of Tom Smith at Avis. T. Smith or Smith Company are unacceptable.), where the buyers are two individuals, then there should be two names appear on the contract and two separate payment must be made by two persons in equal shares.
The buyer mustthe words imply that the purpose is the transfer of this money buy a condo unit. The bank, which receives money in foreign currency, the release of the document (Foreign Exchange Transaction form), which will contain the following information:
The amount in foreign currency transfer
The transferred amount in Thai Baht
The name of the sender money
The name of the recipient's money
To transfer
Normally during the transfer, the buyerGoal to instruct the bank to recognize the sender's name are the same recipient. The Land Department accepts the buyer's name to either the sender or the recipient, the money will be transferred.
** Note **
If the recipient of an individual for money, but wants to put the device on behalf of two people, the sender should instruct the bank to set gate together with the names of two persons to buy the condo.
For example:
Mr. Smith movedMoney to Mr. John and I would put the names of two people, Mr. Smith has to instruct his bank to also identify with the purpose of buying the building and Mr. Smith and John. In this case, the Department may accept the territory and allow the transfer.
The Department of Earth can also transfer, even if the name of the sender the recipient's name is not the name of the buyer, but the sender of the bank should be instructed to set the gateway as the purpose of acquiringCondominium by (name of the buyer). The amount of money be equal to or above the sale price stated in the Land Department.
Alternatives to transfer money to buy property in Koh Samui
For the avoidance of doubt, we recommend that wherever possible, that is the buyer of goods Samui for their local bank to the Foreign Exchange Transaction Form for all referrals problem. In this case, you should use the funds directly to the bank of the Developer'sAccount in the prescribed form, and the developer will be open for the Foreign Exchange Transaction Form will be issued to the developer of the bank.
For the convenience of the buyer, you are strongly advised funds directly to the bank account of the developer, but do this only if you know and trust the developers and know exactly where your money goes. In most cases, the developers are made using a third party escrow agreement is usually accompanied by a local lawyer. This is alwaysthe surest way to forward exchange contracts asset as developers can not access the funds until title has passed to the you have been given.
Why the need for developers Foreign Exchange Transaction Form?
Why the Bank of Thailand controls the flow of foreign currency, baht each has a source and a reason to have. The Land Department must perform under this Regulation. With this restriction, all foreign buyersTransfer money abroad.
Non-residents to sell the building and the money from the country does not have to pay the reinstatement (generally around 30% tax)
If a transfer of money from the country, the relief by the original transfer amount is determined.
Transfer of ownership documents required: For individuals Buyer
Passport (copy, possibly marriage certificate or divorce, including a consent form
From yourSpouses married [Thai language]).
Foreign Exchange Transaction Form or credit.
Lawyer, but if someone with you, with one in Thai script
Signed by the notary or Thai Consulate abroad.
Business records you need: For the acquiring company
certified true copy of Memorandum
certified copy of the Memorandum of Association
Notary Certificate
List of shareholders (in English, but mustaccompanied by a Thai translation)
have records of meetings of Directors' to sell the resolution / purchase of real estate
(Enter fund name and number and agenda for the acquisition, if
Company's share capital is less than the purchase price)
Letter of advice on specific signature ¬
Lawyer if the directors have not approved the transaction
(State Department form)
Debt free letter
Foreign co-owner letter
L 'certified copy of identity card of the Board of Directors approved
The certified copy of the recording home of Directors authorized
Title property unit condominium
Thai visa requirements
Please note that although we are the underlying data do correctly, it is recommended that you review the requirements with the Royal Thai Embassy before you travel.
Many non-Thai residents need a visa to remain in the country for more than 30 days. However, most AfricanCountries need a visa to enter Thailand - Cyprus, Czech Republic, India, Maldives, Oman, Poland, Russia, Saudi Arabia, Taiwan, Ukraine for 15 days under the Visa Waiver. A non-immigrant visa is valid for a maximum of 90 days but may be extended up to one year at a time, depending on the criteria for eligibility. Visa pension for people over age 50 are readily available, in certain other criteria tourist visas for stays longer than 30 days and less than 60 days andWork permits for persons with special skills can be applied by the Thai Embassy or Consulate in your country.
or the relevant developer to support U.S. real estate investment firm with your purchase of Koh Samui
Well, we can not say that you did not warn that the purchase of property in Samui would be extremely complicated and we strongly recommend a broker or an investment company with the purchase of your new property Samui.Often the developer or agent who buys the property everything possible to do this process simple and affordable as possible. After all, it is in their interest to get this property a lot done, and should be more than happy to help you through it. Another reason it makes sense to use the developer or registered agent, because they already have the experience and connections that you get through this transaction. Why are some exchangeTimes, know exactly first on Koh Samui property, who to go and under what circumstances. It is very likely that they already agree with third parties, and the banks available to all papers you do established. In many cases, your company can own as a "buyer" and then shares in the company, which then offers you legal ownership. This method avoids the issue of the purchase to buy only about 49% of a unit under Thai law.
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