If you’re lucky enough to be able to buy property in Koh Samui, then you’d jump at the first opportunity. But before you do that, it might be wise to familiarize yourself with these 4 things.
So that’s why we’re here. In this article, we will go over the things that everyone needs to know before buying property in Koh Samui.
1. Foreigners Can Indeed Buy Property
First and foremost, we have to look at whether or not you, as a foreigner, can buy property there. And the simple answer is yes, you can.
Koh Samui is pretty laid back when it comes to foreigners coming in and purchasing houses, apartments, and villas. And if you’re looking to purchase the perfect holiday villa, then Koh Samui is the place to do it.
2. It Can Turn Into A Wise Investment
Having a property at Thailand’s second-largest island is no small task. More so, the island is growing exponentially in terms of its economy. That means you can potentially turn a wise purchasing decision, into an even smarter investment opportunity.
What foreigners can also do is rent out the property on the island. Much like you would any other place, Koh Samui is a popular holiday destination where visitors aren’t scared of throwing big buck at the perfect villa.
While you can most certainly use yourself, what better way to make it work for you than to rent it out during the off-season?
3. Location Matters
If you’re really going to throw a big buck at an expensive property in Koh Samui, then it’s important to find the best location. Having a property in a remote location does give you tons of privacy, but not everyone wants that.
If you do purchase the property and decide to sell it later on, how many buyers will be willing to buy a house in a remote location? Whenever the time to go shopping comes, make sure the location works for you.
To easily figure out what’s the best location, we suggest you look extensively for all the popular ones on the island.
4. Get To Know the Tax System
For foreigners looking to own property in Koh Samui, it’s generally advised to get to know more about the specific taxes and fees. Like any homeowner anywhere around the world, specific taxes and fees do exist. And in Koh Samui, the case is exactly the same.
But luckily for you, Thailand doesn’t charge a fortune for owning a house on the island. More so, you can get to know what the taxes and fees are quite easy. You can do a quick Google search or get in touch with a local agent.
If you can’t be bothered to do that, then we’ll lay it out for you.
The first fee to pay attention to is the “transfer fee”. This fee is calculated based on what the entire property is worth. The transfer fee in Koh Samui is 2%.
In addition to the 2% fee, you need to look out for a lease registration, specific business tax, and stamp duty. Once you acquire the property, you’ll need to pay land tax and structures usage tax.