Any capital gains tax on property in LOS?

[robaus]

I bought a condo in N Pattaya 3 years ago for 1m baht, and recent sales indicate I could now sell it for 2.5m baht. I don?t plan to sell since it?s my home now and I thoroughly enjoy living here, but if the Social Order Committee start playing serious silly buggers again, messing about with my sanuk or shifting the goal posts on my visa status, I may one day consider pulling out.

 

What?s the position on capital gains tax in LOS for farangs. I had a vague idea from somewhere that there was a sliding scale, something like if you hold a property up to 7 years then there is no tax to pay. Could anyone clarify please.

Thanks for your help.

[SingaporeSteve]

If the property is held in your name, I believe that technically you need to declare it on your tax return. Assuming of course you make a tax return in Thailand !!! If you do not have a tax ID number in Thailand, I guess its pretty difficult to do anything about catching you. If its held in a company name, you just replace the authorised director of the company that owns the condo. More difficult to prove any money changes hands. Problem may be of course to convert 2.5m baht into another currency if thats what you would be intending to do. I am sure though there are many options open to you. Speak to a property lawyer at one of the better estate agents and he can tell you very quickly as my summary is just my understanding and nothing definative.

 

Cheers

[robaus]

Thanks for your help Steve. The condo is entirely in my name, and I am here on a non immigrant group O and sometimes tourist visas. No tax ID.

I know I can repatriate the original 1m baht because I obtained a TT3 form when I bought the property to prove I brought the money from outside the country. Any profit I would put in a bank and gradually donate it in the most direct form of foreign aid I know

[Guest]

I don't know about capital gains taxation in LOS but there is a tax on the sales value of your property which the seller is liable to pay.

 

Hence a lot of properties change hands with a lower value declared to the land office than is actually paid out.

 

Also wasn't your TT3 surrendered to the Land Office when you bought your place? Do they give it back when you sell?

[robaus]

Thanks for your help, your worship the mayor ::. I was talking to someone today re a 1.25% sales tax, which isn't too bad if I got to keep the rest of the profit.

 

Yes, perhaps my TT3 is a photocopy of the original.

[Guest]

I paid about 2.5% on my place. Maybe it's a sliding scale on value?