Saturday, Nov. 23, 2024

Guide to Buying Real Estate in Thailand for Turkish Citizens

Guide to Buying Real Estate in Thailand for Turkish Citizens

Real Estate Investment: Guide to Buying a Home in Thailand

Investing in real estate in Thailand offers an attractive opportunity for many Turkish citizens. However, there are some important points for investors who are considering reselling a condo after a while. In this article, we will examine the rules, waiting periods and taxation issues for foreign and local buyers in condo sales in Thailand.

1. Sale Opportunity to Foreigners

Turkish citizens who buy a condo in Thailand can sell this property to another foreigner at any time. According to Thai law, the total of foreign-owned properties in a condo project cannot exceed 49%. Therefore, if the purchased condo falls within this rate, it is possible to sell the property to another foreigner. However, the new buyer must pay attention to the 49% quota of the project.

2. Selling to Thai Citizens

A Turkish citizen can also sell the condo he purchased to Thai citizens. While Thai law imposes certain restrictions on foreigners purchasing property, there are no such restrictions for local citizens. Therefore, Turkish investors can sell their condos to Thai citizens at any time.

3. Waiting Periods

After a condo is purchased in Thailand, investors can sell the property whenever they want. In other words, there is no specific waiting period. However, there are some points to consider before selling the property:

Market Conditions: The sale of the property may vary depending on market conditions. Investors should evaluate market conditions to reach the best price.

Property Value: The value of the property will be effective in determining the difference between the purchase price and the sale price. Investors should calculate their potential profit by comparing the property to the price they purchased it for.

4. Taxation

There are certain taxes to be encountered when selling a condo in Thailand. These taxes affect the legal and financial aspects of the sales process:

Income Tax: There is a 15% tax on the income from the sale. This tax is calculated on the difference between the sale price of the property and the purchase price. If the property has gained value since the purchase, this will affect the tax liability.

Transfer Tax: There is a transfer fee that must be paid by the buyer and seller when transferring the property. Generally, this fee is 2% of the property value.

1 Percent Stamp Duty: This tax is only applied in certain cases and is 0.5% of the value of the property. If another tax is applied during the sales process, this tax may be exempted.

Conclusion:

There are many opportunities and options for Turkish citizens who buy a condo in Thailand and plan to sell it later. The ability to sell to foreigners and locals increases the flexibility of investors, while the lack of a specific waiting period also gives investors freedom.

author
Şeyda Şen
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