The Government had said that they would not be extending their reduced transfer rates which was put into place to spur the property sector last year. Guess again – it’s been extended! See our update at the bottom of the post with regards to property transfer discounts.
The reduced property taxes rates have been extended by the Thai Government. This they say will be the last as it has now been extended to 31st May 2010. Is this the last?
What is great about the reduced rate is that you could save 100,000 Baht on the transfer of a 5 million Baht property. This break had allowed new homeowners to not only get a reduced rate but able to fully furnish their property with the savings from the reduced tax rates. The reason some have noted may be because the Thai Baht is on the up and this is putting of investors with a weaker dollar compared to the Baht. Only time will tell if the government does another backflip and extend the reduced rates on account of not only the stronger Baht but the political situation.
If you are looking at buying property in Phuket and looking for a lawyer to explain the benefits of the reduced rates then speak to any of our lawyers in Phuket or at any of our branches nationwide. With more offices in Thailand than any other law firm, we at Siam Legal are able to help you best. Speak to us today!
UPDATE: This post was made more than a year ago and the Thai government had not extended it another time. Investing in Thailand is still a good investment. The sweetener is not there any longer however the investment potential still is. Property in Phuket more so the high end villa and condo units have proven to be a rock solid investment over the past 10 years!