Q: I am considering purchasing a newly launched project to be completed in the future? Do you have any advice for me?

A: Buying a condos and houses in Pattaya ‘off plan’ will normally provide favorable pricing and can be a very good investment. Make sure you conduct adequate due diligence before signing a contract and depositing money for your new condo or house. Inquire about permits and EIA approvals. Know who the developer is and check out the projects they have done in the past. Understand the payment structure and make sure you have the required funds to complete payments on time. Obtain a copy of the contract and review with your property agent or lawyer to make sure you understand everything clearly.

Q: How do I open a Thai bank account as a foreign citizen?

A: Many Thai banks require that a foreign citizen have either a work permit or a retirement visa to open a bank account in Thailand. Certain banks will permit a foreign citizen to open a bank account with a copy of singed lease or purchase and sale agreement while other banks require nothing more than your passport. Bank policies vary and you should have no trouble opening a local bank account. See more information how to open Thai bank account.

Q: Are there property taxes in Thailand?

A: As such there are no property taxes in Thailand that are exactly tantamount to the property taxes in the west. The most comparable taxes on properties in Thailand are– 1) the Land Tax 2) the Structures Usage Tax. The Land Tax imposed on land is so miniscule, that in practice the body charged to collect it, hardly bothers to do so, and if they do, they normally wait several years until the amount conglomerates. The second tax, the Structures Usage Tax, is related to buildings, that is collected by the municipal office or district office, and is only applied to properties that are used for commercial purpose.