Second Home Thailand,Thai Real Estate

Koh Samui, Thailand continues to yield interesting options for would be property investors. With the majority of Thailand real estate being purchased with cash, as bank finance being almost impossible to obtain, the underlying valuation of property and land is being maintained, although due to most investors being foreign investors with a portfolio of assets, there are now some nice prospects for those with investment capital who are ready to consider increasing their property portfolio.

For the medium term this Island and top 10 holiday destination continues to be a favorite investment centre for major branded hotels and spa resorts. Conrad Hotel and the recently opened Ibis are amongst several being built as this tropical Island continues to grow in popularity. There are also several luxury villa resorts being planned by major property companies, seeing a bright future in the luxury destination market. Popular destinations such as Chaweng, Cheong Mon and Bophut continue to attract vacationers from around the globe, despite the recent political troubles in Thailand.

The current world financial crisis in late 2008 has gives property buyers opportunities as several sellers are forced to reduce price to make a sale in these difficult conditions. There are several options available, both new off-plan and resale properties that now are providing buyers with significant cost advantages. The market now coming up to the high season is quite flat, with bargain properties appearing as sellers discount in order to stimulate interest.

We are seeing discounts by as much as 40% off some resale units where the owner is seeking to quickly release the cash in a property. One specific example of this is a four bedroom newly completed villa in Bang Makham, originally for sale for 25mThai Baht (715k US$), this has been discounted for quick sale at a little over 15m Thai Baht (429k US$).

Developers are realizing that to maintain and promote sales they must offer special discounted prices to offset the strong advances of the Thai Baht against a host of currencies (example: The GBP has fallen from 63 to 51 Thai Baht since September 2008, a drop of almost 20%). Developers and creative marketers are also promoting by adding in some creative financing plans, including sometimes extended payment terms over 3 years. Others are giving longer terms of up to 10 year private finance deals with down payments of 40% - 50% of the full purchase price.

Examples of one specific special promotions is new pricing being introduced by Samui Emerald Condominium at Plai Laem, Koh Samui, where they are actively promoting their first class product through sale of leasehold units, a 44sqm fully furnished unit can be bought for a little over 50,000 GBP (2,640,000 Thai Baht) at the time of writing this article. The foreign buyer in this case would need to set up a Thai company, in order to purchase one of these special units.

Take a look at Koh Samui, Thailand, whilst the market has some interesting opportunities available for the savy investor.

By: John Smalls

Seeking Thailand » Koh Samui, Thailand Plane Skidded Off Runway …

plane4 Koh Samui, Thailand Plane Skidded Off Runway Killing Pilot Injuring 41 Passengers, Israelis Koh Samui, Thailand A pilot was killed and 41 passengers were injured, seven critically, when a commercial aircraft skidded off.

Koh Samui Thailand, The Best Holiday Destination | YIGYIG Thailand

Koh Samui is the third largest island positioned in the Gulf of Thailand. It is one of the most beautiful and most peaceful islands. This exceptionally beautiful island of Samui is located in the heart of Thailand.  

Thailand’s Koh Samui airport to reopen today following crash

Bangkok Airways plans to reopen Koh Samui airport at 13:00 today and has confirmed that th fef e captain involved in yesterday’s ATR crash died.

Koh Samui, Thailand – Plane Skidded Off Runway Killing Pilot …

Koh Samui, Thailand – A pilot was killed and 41 passengers were injured, seven critically, when a commercial aircraft skidded off a runway and crashed into the air traffic control tower at the airport on the popular resort island 

Thailand’s Koh Samui airport reopens following crash

Bangkok Airways has resumed operations at Koh Samui airport, the scene of yesterday’s fatal crash of an ATR 72. The first flight today departed from…   

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Each year when we complete our tax return we often hope that the IRS will work with our form and discover that we have over paid and are due an IRS refund. Many people eagerly anticipate their IRS refund as it is enough for them to pay of a credit card bill or other debt. Others buy something such as furniture or they take a vacation with their refund. It really depends on how much money you end up getting back.

It is very important to be honest when it comes to filing your taxes, althought the temptation may be large to adjust small items on your form. It really is not worth the trouble and trauma of an audit. You may want to be able to get a huge chunk of money back but if you  are found to have incorrectly submitted your return you will be paying back that refund plus interest. In addition the IRS can tack on huge penalties and you can even be facing jail time if they can show you outright lied on your taxes in order to get more money out of them.

There are quite a few individuals in our society that feel that the way the IRS does refunds isn’t right. It seems like the middle class continue to struggle to get a very modest refund. While those that barely work are entitled to huge refund checks annually. All they have to do is work a short span of time such as a seasonal job around the holidays and they will be able to get thousands of dollars back on their return. It is often the case that they get refunds for all of their taxes as they are falling below the cut off point, for people who work all year round and do not get a refund this can be frustrating.

The IRS Refund also doesn’t do much for the wealthy. There are many individuals that end up paying more in taxes than the majority of the population earn in a year! However the rich are just as obliged to pay these taxes and it does all go towards stabilising the economy and providing the public services that we all use and depend on.

In order to get the most IRS refund that you are entitled to you need to do your part. Research your return well and you may find deductions you were not aware you were entitled to. Make sure you keep track of all the deductions that you are able to take such as donations and expenses for college. Those small amounts can place you in a lower tax bracket which will also increase the amount of your refund.

IRS refunds averaging $2705  

IRS refunds averaging $2705.   

IRS Gives Illegal Aliens Billions In Refunds

IRS Gives Illegal Aliens Billions In Refunds. The Internal Revenue Service has allowed more than one million foreigners—many in the U.S. illegally.

Work by Randolph tax center volunteers

Work by Randolph tax center volunteers means millions in IRS refunds to Airmen, families.

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Why Invest in Thailand?

Mysterious Thailand is Asia’s top tourist destination, offering a top class tourist industry at very affordable prices, a magnet for visitors, emigrators and property investors alike. In many major locations in Thailand, the local economy relies heavily on tourism and increased property investment in these locations is now the perfect news for domestic economic growth and good capital returns.

Natural and Cultural Factors

1. Once an exotic and expensive long haul destination, Thailand is now also a sophisticated tourist destination with a universal appeal, with holidays very competitively priced.

2. For thousands of people who have worked in Asia for many years, Thailand is a very attractive retirement destination, in which the living environment will feel familiar.

3. Retirement visas are available for foreigners over 50 years of age.

4. Thailand has good schools, an efficient health care system and it is seen as a friendly country in which to live or visit.

5. Thailand offers beautiful mountains, dense forests and stunning beaches, a tropical climate and cities teeming with culture and colour which draw visitors back each year.

6. Warm weather for winter holidaymakers. Peak season is between November and February.

Economic Factors

1. The relatively undiscovered nature of Thailand means that property prices here remain far below those in the more established European markets, although they are growing quickly and strongly (around 10-15% a year).

2. Thailand is the largest growth market in Asia. Some businesses choose Thailand as a regional base from which to keep their employees working all around Asia.

3. Thailand has recently attracted significant foreign investment. It has become one of the Asian economic leaders and is one of the fastest-growing economies in the region.

4. The completion of the Suvarnabhumi-Bangkok International Airport (SBIA) is expected to spur growth in commercial property markets in eastern Bangkok as well as make Thailand even more accessible by air. Thailand is one of the cheapest places to fly to in Asia.

5. The country has strong business links with China and has an excellent infrastructure as well as world-class facilities in many resort towns.

6. Property is much cheaper in Thailand than elsewhere and an increase in overseas interest in property purchase has helped to create an economic recovery in Thailand. Property investors who bought post 1999 have witnessed impressive capital growth, particularly in major cities.

7. Rental potential is great, due to increased government spending luring growing numbers of tourists.

8. No capital gains tax for private investors, and low ongoing taxes.

9. Today foreigners are regarded by the government as a big investment opportunity in Thailand.

Summary

Thailand remains less exploited in the property investment sector than many other areas and for this reason prices are far below those in more established European markets. However in many areas, prices are moving upwards at a rate of approximately 10-15% per annum.

There are undoubtedly some very attractive investment options to be found in certain locations of Thailand and, according to world experts, Thailand’s economy is undergoing a steady growth spurt. While improvements to Thai property investment provisions continue, a symbiosis with the tourist economy and people seeking a second home in the real estate economy, will allow mutual growth at unprecedented levels.

Author: Stephen Fielding

Thailand

Global Voices Online  Thailand

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Investing in Property in Thailand

When it comes to property investment, the world really is your oyster. You can look to buy property in your home country or look at some exciting markets overseas. For UK and European investors Thailand is definitely an exotic long haul destination that attracts holiday makers and business enterprise alike. Haven’t been there my self earlier this year, I can definitely recommend Thailand as a holiday destination that should be top of anyone’s "places to visit" list.

What about buying property in Thailand, known as the "land of smiles". Here are some of the reasons why investing in property in Thailand is a good idea.

Thailand is already established as a sophisticated and extremely popular tourist destination that appeals to people around the whole world.
Retirement visas are available for foreigners over 50 years of age, according to financial means.

Thailand has good schools, an efficient health care system and it is seen as a friendly country in which to live or visit.

The climate in Thailand is fantastic. The country is blessed with warm weather for the whole year. Because of this, Thailand makes an ideal winter retreat.

The relatively undiscovered nature of Thailand means that property prices here remain far below those in the more established European markets, although they are growing consistently and strongly (around 10-15% a year). This consistent growth makes Thailand property a safer investment over some of the more rapid growth property markets that can be exposed to a boom and bust cycle.

It is the fastest growing market in Asia. Companies are choosing Thailand as their regional base in Asia.

Thailand attracts significant foreign investment, helping it to become one of the Asian economic leaders.

The new Bangkok International Airport (SBIA) is expected to further growth in the property markets and in particular the commercial property markets in eastern Bangkok. Of all the countries in South East Asia Thailand is one of the cheapest places to fly to. Thailand has strong business links with China and has an excellent infrastructure. Property is much cheaper in Thailand than elsewhere and an increase in overseas interest in property purchase has helped to create an economic recovery in Thailand. Rental potential is great, due to increased government spending luring growing numbers of tourists.

And finally there is no capital gains tax for private investors, and very low taxes.
Today, foreigners are actively welcomed and encouraged to invest.

Author: P E Hopkins

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Thailand is becoming an ever more popular retirement and choice of country to live with its low costs and beautiful scenery not forgetting of course the world famous friendliness of the Thais themselves. But finding out about the laws governing property ownership here can be confusing. Here are the bare bones of Thai property Law.

A foreigner can own a condominiums long as less than 40% of the condos or apartments in the building are owned by foreigners. Many people believe it to be 49% although this regulation was an addition to the existing law and was only meant to be in place for one year and has since expired.

A company can own property such as land and a house (and hence the foreigner can buy land and a house via their Thai registered company) as long as no one foreigner owns more that 39% of the company (recently amended from 33%) and total foreign ownership of the company does not exceed 49%.Still ambiguous and under review.

The Thai wife of a foreigner can own property (a recently changed legal status due to gender equality in the new 1997 constitution revision), in her name only. This is fine as long as you don’t have marital problems. (The same, of course, goes for a Thai husband, but the law was changed recently for Thai wives due to the new constitution guaranteeing equal rights.)

A foreigner can lease land for 30 years, with an option for another 30 years, the first 30 years are guaranteed they are registered with the Land Department, however the second can be contested.

If you gain BOI approval you may as a company is able to buy up to one rai of land. Although this is meant for very large investors.

At the end of the day if you are seriously looking to invest in Thailand you should consult a good lawyer who will be familiar with the latest property laws.

Author: Chris Heath

Ko Phi Phi, Thailand

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As foreigners can’t own land in Thailand (section 86 Land Code Act), leasing of land is the common way for foreigners to hold land and invest in real estate in the Kingdom of Thailand.

This article aims to explain the concept of land lease for residential purposes and how to structure long term possession of land/ real property in Thailand by foreigners in Thailand

It is legally permissible for foreigners to lease land in Thailand and then build on that land in their own name in Thailand. Lease or hire of immovable property (land, land and house, condominium) for residential purpose by foreigners is governed by the Thailand Civil and Commercial Code since there is no other specific law issued regulation this matter. The law is applied in the same manner if the hirer (lessee) is a foreign or a Thai national.

Any lease in Thailand over 3 years is enforceable if the lease is made in writing and registered by the competent official (the local land office where the land is located). The land official will record the lease in the official registers of the Land Department and in the land title deed copy of the owner, i.e. the Nor Sor Sam, Nor Sor Sam Gor or Chanote land title document (no registered lease rights are possible against lower land claims).

The first and most important document to assess in any real estate investment in Thailand is the land title document. The legal acts and rights registered against the land are noted on the back-side of the document and shown on the land title deed copy of the owner.

The maximum fixed and registered term under Thai law an owner can legally burden his property with a right of possession (e.g. lease, right of habitation, usufruct, superficies) is by law thirty years (sections 540, 1403, 1412, 1418 Thailand Civil and Commercial Code).

Section 540 Civil and Commercial Code Thailand: ‘The duration of a hire of immovable property cannot exceed thirty years. If it is made for a longer period, such period shall be reduced to thirty years. The aforesaid period may be renewed, but it must not exceed thirty years from the time of renewal’. Section 564: ‘A contract of hire is extinguished at the end of the agreed period without notice’.

The 30-year land lease may be renewed, however, a promise in the current lease to renew the lease is a personal right and not a registered lease right. Real lease rights are attached to the real property rather than a person and are enforceable against third parties (e.g. transferee owners). Real rights follow the title of the property rather than the person. If the owner of the property dies or transfers ownership of the property during the lease term, the property transfers including the real rights it is burdened with. Personal rights will not follow the title to the property. If the person dies a personal right or obligation dies with him. Personal rights are contractual promises between the parties signing to the lease agreement only.  When buying a second home in thailand check with all legal firms before you sign a contract.

An option to renew the lease after 30-years or a purchase option (under present 2008 land office regulations a land purchase structure in the foreigners name may be refused when registering the lease) are deemed a personal right by the Supreme Court of Thailand, therefore under present law not enforceable if the property is transferred during the lease term. Under present law renewal promises is a personal promise given by the owner signing to the lease, i.e. after 30-years a new period must be registered at the Land Department and this is not enforceable against or by persons who are not party to the lease agreement.

Considering the legal status of non-lease rights in the lease an additional right of superficies (the right to own structures upon someone else’s land) could offer additional protection when leasing undeveloped land (e.g. you could lose your rights under a land lease agreement, but your rights to the land under the right of superficies agreement could remain and enforceable).

A right of superficies is not required for ownership of a structure, and proof of ownership of a structure in Thailand is primarily established through either a building permit (e.g. who’s name is in the building permit is assumed to be the owner of the building) or in case of an existing building the official Thai Land Office sale agreement (e.g. the name shown in the sale agreement administrated at the local land office is assumed the owner of the house).

Despite the fact that lease agreements suggest to guarantee lease renewals after 30-years it is important to separate personal contractual rights in the lease agreement from the real lease rights, which in the end are the registered rights and which will follow the land title of the land.

An investor of a leasehold property is not protected if the lessor goes bankrupt, dies or simply breaches his contractual obligations.

Property professionals may say you are protected to the fullest extent possible under Thai law, however, in practice leasehold structures are guaranteed for thirty years only. Lease structures in Thailand beyond thirty years are generally set up to generate sales, rather than offering guarantees to foreign investors.

Author: Robert Spelde

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If you have any questions regarding the content in this website, about the products that are mentioned, or just any questions at all don’t hesitate to contact me at the following address. I’d also love to hear any feedback on the site if you’ve found it helpful or have some ideas about how I can improve the site in some way.

Please contact me at  dotcompublishing.com here!

I will reply to all messages as soon as possible.

Rob

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www.secondhomethailand.com is dedicated to providing quality information on the subject of buying real estate in Thailand.

Here you will find helpful reviews, informative information and tips and much more. This site is in the format of a ‘weblog’ so that each time I post new information, it will come to the top of the front page. This means that you can check back here frequently to see new updates to the information found here.

You can navigate through the site by using the menus on the sides of the page. Also don’t hesitate to follow the links you see in bold throughout each post to learn more about the product being spoken about.

I hope you find the information I provide valuable and helpful.

All the best,

Rob

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