Thailand, in December 2023, issued regulations to reduce the fees for registration of transfers of land or buildings, or registration of mortgages.
The changes will apply to land with buildings, single houses, semi-detached houses, terraced houses, commercial buildings, and land with buildings, and condominiums. The fee to register will also transfers and mortgages of condominium units.
But the reductions will only apply to transfers where the purchase price and the valuation do not exceed 3 million baht, and mortgages where the amount borrowed does not exceed 3 million baht. A purchaser must have Thai nationality, or if a company, must be majority Thai owned.
The fee payable for transfers of land/buildings (as described above) will be reduced from 2% to 1%. The mortgage registration fee will be reduced from 1% to 0.01%.
In addition, the land and building tax collection period for 2024 has been extended for an additional two months.
Comment: These changes are relatively modest, and will only benefit those who purchase land/buildings for less than 3 million Baht or register mortgages for a similar amount.