Officials warn over Phuket property ads touting '0% tax' for foreigners
The warning, issued by the Anti-Fake News Center (AFNC) on Sunday (Apr 26), follows an investigation into a foreign real estate investor and financial content creator promoting overseas property opportunities. Officials…
Thailand’s Anti-Fake News Center warned on Apr 26 against Phuket property promotions aimed at foreigners that advertised “0% tax” and other legal advantages. The alert followed an investigation into a foreign real estate investor and financial content creator whose material highlighted high returns and tax benefits while, officials said, risking misinformation about Thai ownership and tax law.
The Phuket Provincial Land Office said foreign ownership remains tightly controlled. Officials said misleading online claims could expose buyers to legal and financial risk if they rely on inaccurate information when making investment decisions.
Land ownership limits and condominium cap
Under the Condominium Act, foreigners may own condominium units, but foreign ownership is capped at 49% of the total floor area of all units in a building. Land ownership by foreign nationals is generally prohibited, except under limited provisions in Chapter 8 of the Land Code or through specific investment promotion schemes, the AFNC said.
The Land Department added that foreigners may legally own buildings or structures under the Civil and Commercial Code. That right does not transfer ownership of the land beneath them, meaning claims of “freehold” house ownership must clearly separate the building from the underlying land.
Tax rules and scrutiny of online claims
Cherng Talay Tambon Administrative Organisation said land and building tax is imposed under the Land and Building Tax Act B.E. 2562 (2019) on all owners or possessors as of Jan 1 of the relevant tax year, regardless of nationality. “There are no exemptions based on whether the owner is Thai or foreign,” the notice stated.
The clarification came after Minister of Tourism and Sports Surasak Panjaroenvorakul confirmed an investigation into an expatriate who claimed he bought a B56 million property near Bang Tao Beach and could stay in Thailand while paying “0% tax” on global income under a “wealthy global citizenship” arrangement.
Surasak said any such arrangement, if true, would be illegal. He said authorities must verify the visa used as well as the claimant’s financial status, investment sources and supporting documents.
Source: https://www.thephuketnews.com/officials-warn-over-0-tax-phuket-property-claims-targeting-foreigners-100056.php
