During the COVID-19 border closure period, traveling to Phuket became impossible. The world was forced to quickly adapt to remote formats in several areas of life: work, delivery of goods and food, and even travel went online.
Undoubtedly, we had to adapt to a more closed-off world. However, people need people, and let’s remember the famous saying: “those who want to do something look for a way; those who don’t look for an excuse.” This applies to situations where we have a choice, including whether to learn something new or not. But with closed borders and movement restrictions, we had no choice. Where there are restrictions, there must be opportunities.
Have you noticed how integrated we’ve become into the online space? Millions are starting online businesses, and the lack of a business social media page raises questions from clients. It’s all logical, because online processes at the click of a button are simple and convenient: no need to waste time on shopping trips, you can have work calls from home, take online courses, participate in webinars, and even relax and unwind by listening to podcasts, meditations, or simply finding inspiration and ideas for your projects on social media.
Real estate is no exception. “How can I buy property without traveling to Phuket?” is one of the main questions we receive every day.
How to Choose Property Without Visiting the Island?
You can view a presentation, virtual tour, or video of the property. You can also schedule a video call directly from the property with our expert for an online viewing of the apartment or villa.
The Online Property Purchase Process in Phuket
We have previously described the stages of any real estate transaction in Phuket in our articles. This process also applies to online purchases.
Here, we will briefly look at how a remote transaction is conducted. For us, it’s important to understand that it is possible, legal, and straightforward.
So, you have chosen an apartment/villa. Let’s reiterate: a remote transaction is, of course, simple and convenient, but what’s more important to us is its legality and transparency. The process is absolutely streamlined, conducted hundreds of times in practice, and is a safe way to invest in island real estate without leaving your home or office.
The transaction follows the standard 3 stages: deposit → contract → handover.
- A Reservation Agreement is signed between you and the seller. When signing the reservation agreement, you pay a deposit – about 1% of the total cost – to take the property off the market.
- A Sales and Purchase Agreement is drafted, and an invoice for payment is generated. These documents are sent to you via courier for signature.
- After full payment and upon completion of construction, you can come to the island to accept the property in person. Alternatively, our manager can accept the property on your behalf using a power of attorney and complete all necessary documentation in your name.
Payment
You can pay the full cost of the property at once or follow an agreed payment schedule (read more in our article “Installments and Mortgages in Thailand”).
Payment can be made remotely via cash, bank card, or cryptocurrency. The only document required is your international passport.
Interesting Facts:
• Unlike many countries worldwide, Thailand does not check the origin of funds for property purchases.
• In Thailand, cryptocurrency exchanges are licensed by the state, guaranteeing the legality and transparency of digital asset transactions.
• You pay directly to the developer. Our company does not charge any commissions for services or assistance.
The decision to purchase is made individually by each client. We recommend consulting a specialist who will build a realistic understanding of a property, stand on your side during selection, and assist with developer negotiations. We build long-term relationships with clients, and your satisfaction is our priority.
Taxes and Fees
Thailand is famous for its low taxes, and sometimes their absence. Let’s examine all taxes and government fees for property registration.
When choosing Leasehold, you pay only two fees: a Registration Fee (1% of the appraised value) and a Stamp Duty (0.1% of the appraised or contract price, whichever is higher).
View the full property catalog →
When purchasing Freehold (full ownership without time limit), the total taxes can reach 6.3%:
- Registration Fee: 2% of the appraised value.
- Specific Business Tax (SBT): 3.3% of the appraised value or contract price (whichever is higher). This applies only if the property is resold and the previous owner held it for less than 5 years.
- Stamp Duty: 0.5% of the same sums. Levied if SBT is not applicable.
- Withholding Tax: 1% of the same sums if the seller is a legal entity. If the seller is an individual, it is calculated as personal income tax.
All fees are typically split 50/50 between buyer and seller.
For Freehold purchase via a company:
- Company Registration: from 50,000 THB
- Legal Company Maintenance: from 3,000–5,000 THB/month
- Accounting / Annual Financial Statements: from 15,000 THB/year
