Reduced fees payable on the registration of immoveable property in Thailand have been extended until 28 March 2010, representing an opportunity for considerable savings.
The Thai government has extended the deadline for the application of reduced fees because the measure had significantly stimulated the real estate sector.
The reduced registration fees are applicable to land and building transfers, condominium unit transfers, the registration of buildings as condominiums and the registration of mortgages. The fees have been reduced from 2 percent to 0.01 percent (except mortgage registrations which have been reduced from 1.1 percent to 0.01 percent). In addition to the reduced registration fees, certain taxes payable upon the transfer of real estate have also been reduced.
It is important to note that the reduced registration fees do not apply to the registration of leases or the transfer of land which has no buildings or structures built upon it.
Together with the property bargains available if you search the market thoroughly, these reduced fees can add up to potential savings of several thousand dollars.
Extracted from an article published in Shop WINDOW on Lifestlye and co-written by Christian Glanville, Partner of Belmont Limcharoen (Samui) and Eddie O’Shea, Senior Associate at Belmont Limcharoen (Phuket). To read the full article, go to Shop WINDOW on Lifestyle.
Posted under Property News
This post was written by HKT Homes on February 1, 2009