When buying property in Thailand, in addition to paying the price of the property, one can also expect to pay other fees, duties, and taxes in order for the transfer of ownership to be complete. In our experience, for people who are unaware of these extra costs, it can mean the difference between deciding whether…
In this article we outline the requirements, application procedure, timeline, and official fees concerning the homestay license based on our experience. General Requirements The house owners’ purpose for operating a homestay should be to gain additional income and not be their primary income source. There must also be at least three houses willing to join…
Thai law provides a means of real security and an alternative to the mortgage, the so-called Sale with Right of Redemption (Thai: “Khai Fah”). It is governed by Sections 491 ff. of the Thai Civil and Commercial Code (“CCC”), and it involves a conditional transfer of ownership that can be redeemed under certain circumstances. Recently,…
In this article, we provide a high-level overview of the taxes that could apply to foreign investors in Thailand based on our research. The Thailand Revenue Code is the main body of law that codifies procedures regarding tax assessment and the collection of the various taxes in Thailand. Taxes are mostly collected under a self-assessment…
In times of economic uncertainty and growing loss of confidence in fiat currencies, cryptocurrencies like Bitcoin or Ethereum are among the most discussed alternatives to established currencies. This article intends to provide a brief overview of legal regulations and tax implications of cryptocurrencies in Thailand. General Situation with regards to cryptocurrencies in Thailand: According to…
Dissolution is the process of de-registering a company from the company registry at the Department of Business Development (“DBD”). When considering the life cycle of a business operation, the voluntary dissolution by the shareholders appears to be the usual way to end the company’s operations. There are several circumstances that will lead companies to the…
Liquidation is the process of extracting a company’s assets and using the liquidated assets to pay off any remaining debts. A dissolved company is required to conduct a formal liquidation process according to the Thai Civil and Commercial Code (“CCC”). For a bankrupt company, the liquidation shall be done in accordance with the provisions of…
Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts, while reorganization is a process where a company establishes and implements a plan to organize its debts, capital, fundraising as well as management and exploitation of the company’s property. The proceedings for both of these procedures are…
After an extensive legislative process, the National Legislative Assembly (NLA) has recently passed the new Land and Building Act (the “Act) comprising 94 Sections and introducing a new system on property taxation. With its announcement in the Royal Gazette, the Act will replace the old and outdated Land and House Tax Act B.E. 2475 (1932)….
The Treaty of Amity and Economic Relations Between the Kingdom of Thailand and the United States of America (US-Thai Amity Treaty) is a treaty that was signed on 29 May 1966 in Bangkok. It has expired and due to World Trade Organization (WTO) restrictions was not renewed, however Thai authorities still apply it, nonetheless. The…
Visa amnesty for foreigners in Thailand, which has been extended since April of 2020, was further extended to September 26th, 2020. This extension was described as “final” by the Cabinet and another extension seems highly unlikely. The visa amnesty, which was originally due to expire on July 31st was further extended until September 26th, 2020, allows foreigners to stay in Thailand without having to extend visas…
On June 23rd, 2020, the Thai Cabinet approved a Draft Act which will amend the Civil and Commercial Code, with regards to the establishment of limited companies. The Act aims to make it easier for individuals to set up limited companies and facilitate the establishment of new businesses, SMEs, and start-up enterprises to stimulate the…
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