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Why Invest?
Asia is home to what is regarded today as the largest growing economic market in the world. And right at the heart of this busy market is the Kingdom of Thailand. Thailand is an ideal destination for investment, ranking as the world's fourth most gorgeous nation for foreign investment in a survey by the UN Commission for Trade and Development in 2004.
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Market Report
We forecast that the Thailand's property market is expected to recover in 2007 amid expectations of falling interest rates, after a year of uncertainties that plagued consumers' confidence. Investment risk in Thailand is low and is expected to remain low over the next two years.
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Economic Overview
Thailand exports over $105 billion worth of products annually. Major exports include rice, textiles and footwear, fishery products, rubber, jewellery, automobiles, computers and electrical appliances. Thailand is the world’s no.1 exporter of rice, exporting 6.5 million tons of milled rice annually. Rice is the most important crop in the country. Thailand has the highest percent of arable land, 27.25%, of any nation in the Greater Mekong Sub region. About 55% of the available land area is used for rice production.
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Visa/Residency Issues
Passport required. Tourists staying no longer than 30 days do not need a visa. For longer stays, obtain a visa in advance. Visa requires 1 application form, 2 photos, postage for return of passport by mail, and appropriate fee. Transit visa, for stay of up to 30 days, $20 per entry fee, or tourist visa, for stay of up to 60 days, $25 per entry fee. Extensions may be applied for in Thailand. Transit and tourist visas require copy of airline ticket or itinerary. Business visas, valid up to 90 days, require $20 entry fee or $40 fee for multiple entry and company letter (on letterhead) stating purpose of visit, name of company, and address of counterpart in Thailand.
Getting to Thailand
An approximate flight time to Phuket from London is 11 hours. Phuket International Airport (HKT) is located 20 miles from Phuket Town.
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Fees & Taxes
- As a general rule, for residential sales you can expect the total fees and taxes to work out to be approximately 2 to 3% of the property market value.
- There is a stamp fee of 0.5%, a transfer fee of 2%, a business tax of 3.3% (levied against an vendor who has been in registered possession of the property less than 5 years).
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Thailand
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Basic Information
| Population |
65,905,410 |
| Languages |
Thai |
| Area |
513,115 sq km |
| Currency |
Baht |
| Dialing Code |
+66 |
| Emergency Services |
191 |
Thailand Overview
The Kingdom of Thailand lies in Southeast Asia, with Laos and Cambodia to its east, the Gulf of Thailand and Malaysia to its south, and the Andaman Sea and Myanmar to its west. The country's official name was Siam until 24 June 1939. It was again called Siam between 1945 and May 11, 1949, when it was again changed by official proclamation. The word Thai means "freedom" in the Thai language and is also the name of the majority ethnic group.
Average Property PricesComing soon.
Buying Process
- Overseas buyers can purchase Thai residential or commercial property without major restrictions.
- The first step toward a smooth transfer of ownership is to do some due diligence work. A reputable lawyer or real estate agent can do this for you.
- The seller has to be confirmed as the owner of the property and there should be no encumbrances registered against the property.
- When purchasing a completed property from a private seller, the standard approach would be to draw up a purchase option contract, or reservation.
- This contract holds you and the seller to the sale of the property with a given schedule and price. This is a contract that binds you and the vendor to the sale of the house at a specific price in accordance to a specific schedule.
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