The Condominium Act Amendment No. 4 B.E. 2551 allows foreigners to purchase and hold ownership of condominium units in Thailand up to 49% of the sales area of that project and the other 51% held by Thai individuals. Foreigners are allowed to purchase only condominium units, but not vacant land or land with buildings.
Regarding the payment of land and building taxes by foreigners who own a condominium unit in Thailand, they must pay tax at the same rate as Thai individuals with a building used by the owner, who is an individual person, for residence and whose name is listed in the household registration
Tax rate based on property value:
0-40 million baht with a tax rate of 0.02%, tax payable not exceeding 8,000 baht per year;
40-65 million with a tax rate of 0.03%, tax payable not exceeding 19,500 baht per year;
65-90 million with a tax rate of 0.05%, tax payable not exceeding 45,000 baht per year;
90 million or more, with a tax rate of 0.1%, tax payable 90,000 baht or more.
In this regard, individuals are exempt from tax on the first 50 million baht of assets, free from land and building taxes. Foreigners are exempt, as are Thai individuals.
Source : Thaiaccandlaw
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