Koh Samui, Thailand
Koh Samui, Thailand has long been the locale of choice for paradise looking foreigners from all over the world have been. His shimmering turquoise waters and sun bleached, are white sandy beaches with bungalows, villas and resorts lined. His last night of life with a variety of restaurants feeds the Epicureans, and offers a magnificent backdrop for 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 and understand the legal implications, visa regulations and fiscal policies before they decide to go to what property you invest in. involved
Getting To The Iceland
Before investing in Koh Samui property, you must first confident that travel to and from the island easy and convenient for tourists has been made. Still growing, they play an important role in supporting economic and Samuihelps tourists to come to the island to be a top priority. The most convenient way to get to Samui with Bangkok Airways is to fly from 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 Koh Samui and Singapore. Alternatively, several ferries and catamarans from Surat Thani or Don Sak on the Thai mainland run. There are almost 10 departures every day from Ko Samui andPha-Ngan.
The Samui airport is a unique and highly successful experiment in building an airport of this nature, both cultural and natural environments from a tropical island. Flying in, you get a short insight into the islands, streaks of surf, the wakes of small fishing vessels across the calm aquamarine sea outlined. Patches of coral reef dapple the water as you come in closer. Then the coast of Samui appears. Two hundred and fifty kilometers of tropical hideouttopped by dozens of coves with white sand framed in lush textures of wooded hills and Coconut Grove carpet, is the heart of Samui in a group of 80 other islands in the Gulf of Thailand set up.
2 km north of the main village Chaweng, Koh Samui Airport serves both domestic and international flights, including Bangkok Airways, Thai Airways International, Berjaya Air and Firefly.
Koh Samui Property Tax Guidelines
If you already done your researchand you're looking to invest in Koh Samui property, you should really understand how tax can affect your overall return.
All Koh Samui in Thailand property owners for tax on rental income, which is liable to either standard personal income tax (PIT) rates for "resident" taxpayer and is based at 15% PIT rate on taxable income for non-resident taxpayers. A person becomes a "resident" taxpayer if he or she spends more than 180 days in any tax year in Thailand.Thailand has no separate capital gains tax for foreign buyers. All income from capital is taxed the same as regular income. The highest rate of income tax is currently 37% per year.
When purchasing property in Koh Samui, it's pretty standard for the buyer is solely responsible for paying all transfer fees and taxes properly calculated by the relevant State in connection with the registration of the transfer of ownership of the property. Thisincludes the government compensation, and withholding 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 registered value, the stamp tax is.5% of registered value, the tax of 1% of the appraised value and business tax is 3.3% of the appraised value. Income tax is usually between 1-3% on Koh Samui property. There are no rules established with respectWho pays the income tax, while this is just another part of collective bargaining in the real estate than any other costs in connection with the transfer of the property. Tax on rental income is 10-30% of rental income depending on the type of property. Lease Registration Fee is 1.1%
Transfer to Samui real estate
Unlike most developed economies where the money transfer to and from bank accounts, relatively simple and easy, this is notthe case in emerging markets such as Thailand. Before buying a property in Koh Samui, understand it is very important, just like Transact and what must be done to buy before. Because of the complexity of this issue is because the Thai laws on foreign ownership of Condominium Property. Under Thai law foreigners can 49 percent of the aggregate unit sale-able within a condominium building itself, while the remaining 51 percent must be treated by either Thai nationalsor majority owned Thai companies. Below is a step by step guide on how to transfer money to the handling of Koh Samui properties.
A Thai bank account must be established in your name to transfer money to Baht before the exchange of your currency to the Thai. Any foreign currency can be used to purchase a condominium unit. Foreign currency must be transferred into Thailand as foreign currency and then exchanged into Thai baht from a local bank in Thailand. In many cases, the developerMay Offer to help a bank account in Thailand due to the complexity of setting up an account yourself. This may come at an additional cost, but developers are always prepared to negotiate or to waive these costs if it helps complete the transaction.
Foreigners are required to maintain at least USD 20000.00 tasks in Thailand by transferring money to a FOREX Transfer Form. (Transfer of funds must be made in foreign currency only and not in Thai Baht, ie if you work in U.S. dollars, then payin U.S. dollars. No job in Thai Baht. This form is required to transfer the unit under foreign ownership and also transfer money back if this is needed in the future of Thailand.
Documents needed when buying a condo: For foreigners to be eligible to have to purchase a condominium unit in Thailand they will present evidence to the Department of Lands that the funds were remitted from abroad in foreign currency. Without such proof, the Department of Lands not register the transfer ofOwnership of the foreign buyer.
Transfers must be sent in exactly ("writing") has the same name as on the sales contract (that is, if Tom Smith is the buyer then the name Tom Smith must appear on the remittance advice. T. Smith Smith or company are unacceptable. ) If the buyers are two individuals, then those two names included on the contract and two separate transfers should be made by two persons of the same amount.
The buyer also has the transferInstruction indicating that the purpose of that money buy a condo, is unity. The bank receives the money in foreign currency, the document (Foreign Exchange Transaction Form Edition), containing the following information: the amount transacted in foreign currency
The transferred amount in Thai Baht
The name of the sender money
The name of the recipient's money
The purpose of the transferringNormally entire transfer process has to instruct the buyer to the Gateway BankTherefore, the name of the sender, the same as those of the recipient. The Land Department accepts the name of the buyer either sender or receiver of the transferred money.
** Note **
If the money receiver is an individual, but wants to put the device into the names of two persons, the sender has to instruct the Gateway Bank, the names of two persons with the purpose of buying state condominium.
For example:
Mr. Smith money to Mr. John, and wouldwould put the names of two people, tell Mr. Smith must also give his bank to buy the freehold of the end, as both Mr. Smith and Mr. John. In this case, the Land Department to accept and allow the transfer.
The Land Department may accept the transfer even if the name of the sender to the recipient's name is not the name of the buyer, but the sender should instruct the Gateway Bank, which buy the freehold as an end put up by (the buyer). TheStated amount of money be equal to or higher than the selling price of the Land Department.
Alternatives to transfer to real estate Koh Samui
To avoid any doubt, we recommend, wherever possible, that led Samui property buyers to their local bank that issued the Foreign Exchange Transaction Form for all transfers. In this case, the funds directly into the bank account in the Developer's prescribed format and theDeveloper will arrange for the exchange transaction form, issued by the Developer's Bank.
For the buyers convenience, we strongly recommend that you use the funds directly to the bank account of Developer's doing but only if you know and trust the developers and they know exactly where your money goes. In most cases, the developer will use a third party escrow usually together with a local attorney. This is always the safest way to exchange contractsas the developer does not allow your funds has been to the title on the property deed transfer the title to access.
Why do developers need to use form for foreign exchange business?
Since the Bank of Thailand controls the flow of foreign currency, each individual must baht a source and a reason. The Land Department must perform in accordance with this Regulation. With this restriction, every foreign buyer to transfer money from abroad.
Non-residents,Condominium for sale and the money is paid not to leave the country on the transfer taxes (generally, the tax, about 30%)
In the case of transfer of money from the country tax-free amount is: determined by the initial transfer amount. Transfer of title deed Documents needed for individual buyers
Passport (copy of marriage certificate where appropriate / divorce certificate including a letter of consent
From your spouse married [Thai language]).
Foreign ExchangeTransaction Form or credit.
Power of Attorney, if someone represent themselves, but will be in Thai language with an
Certification by a notary or overseas by the Thai consulate. Corporate Documents required: For Buyer Company
Certified true copy of the Certificate of Incorporation
Certified true copy of the Memorandum of Association
Certificate Services
List of shareholders (in the English language, but must be accompanied by a Thai translation)
Minutes of Directors'Meetings, a resolution to sell / purchase of the property have
(With the names and number and agenda dealing with the financing of the purchase price if the
Share capital of the Company is less than the purchase price)
Letter of advice on specific signature ¬
Power of attorney if the authorized directors do not make the process itself
(Land Department form)
Free debt letter
Foreign co-owner letter
The certified copy of the ID card of authorized directors
Thecertified copy of the house registration of authorized directors
Title deed of the condominium unit Thai visa requirements
Please note that although we believe that the following information is correct, it is recommended to review the requirements with the Royal Thai Embassy before departure.
Many non-Thai residents need a visa to remain in the country for more than 30 days. However, most African countries require a visa to enter Thailand - Cyprus, Czech Republic, India,Maldives, Oman, Poland, Russia, Saudi Arabia, Taiwan, Ukraine, 15 days under the exemption allowed by the visa requirement. A non-immigrant visa is valid for up to 90 days, but can up to a year at a time ever be extended to eligibility criteria. Retirement Visa for persons over 50 years old are easily accessible, subject to certain other criteria, tourist visas can be applied on the Thai for stays of more than 30 days and less than 60 days and work permits for people with special abilitiesEmbassy or Consulate in your home country.
Use a firm or property developer Relevant support you in your purchase of Koh Samui
Now we can not say that we have not warned you that buying property in Samui would be extremely complicated and we recommend that you use a real estate agent or firm to assist you with the purchase of your property Samui. Often the developer or agent that you buy the property fromis all you can do it to this process as affordable and convenient as possible. Finally, it is in their interest to get this feature done much, and they should be more than happy to help you through it. Another reason it is advantageous to use for the developer or registered agent, because they already have the experience and connections that you get through this transaction. Because it several times before I made on Koh Samui properties, they know exactly who to go andwhat circumstances. It is very likely that they already controlled escrow agreements and banks in town to do all the paper work for you. In many cases they can even their company as the "buyer" and then type the company's shares, which then gives you the legal ownership. This method avoids the problem of buying only able to acquire up to 49% of a unit under Thai law.
An investment firm that has helped many clients Koh Samui Transact Properties has is EliteGlobal Property as investment property, based in Shanghai, China. Because of their relations with both the developers and local banks in the region, they will be able to help you through step by step how to buy a property in Koh Samui entire foot. Elite Global Property does not own property in Koh Samui, which they on an unbiased opinion on which the developers ensure the work is allowed and will show you how to avoid complications that can occur throughout the process. Italways helps when you have a familiar face foreign through the process, rather than to get with legal contracts and forms in a language bank.
Although quite a complex process, once completed, ownership of land in Samui, is one of the finest and most exciting investments you can ever be acquired. Remember, if you want to speed things up, so the developers have a reliable company or an investment property to help you during your next propertyTransaction.
Matthew Clark
Chief Operating Officer
Elite Investment Group
http://www.elite-ig.com
Shanghai, China
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