Are there any ‘hidden’ costs involved?


Indeed and 'hidden' is here the right word because most of the sellers does not even mentions them. Luckily as in most of the European countries, there is not property tax to be paid to the Thai government. It jus does not apply to a property being used for private residential purposes.
But you do have to pay some costs applied only upon official transfer of ownership from the present owners name to your name for the future. These are falling into 4 categories.
First there are the transfer fees what involved 2% of the official selling price. Secondly there is the stamp duty and that is 0.5% of selling price. Third follows 3.3 % Business tax. And the fourth kind of payment asides the selling price is the income tax. That is the Thai equivalent to capital gains tax. But do not worry to much on this total amount. Most of this four fees are calculated relative to the government's 'tax assessment value of the property' and this value is well below market value. The precise methods of calculation are very complex, to complex for us to understand. But as a rough guide for residential sales, expect the total fees and taxes to work out to be somewhere between 2 and 3% of the property market value>The good thing is here that mostly, you do not have to pay this amount all by yourself. It is mostly split between the seller and you as the buyer. So finally the real 'hidden' cost for you is between 1 and 1.5 % from the 'official' selling price.

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