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Does Thailand report to my home country if I buy a condo there?

Thai Condo PurchaseForeign Property OwnershipReal Estate ReportingExpats in ThailandTax ImplicationsFATCACommon Reporting Standard (CRS)
Sep 22, 2023
a year ago
Derek **********
ORIGINAL POSTER
Dear Expats,

If i buy a condo in Thailand,

does Thailand report back to

my home country that i own a condo here?
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TLDR : Answer Summary
The general consensus among expats is that Thailand does not report international real estate transactions to other countries. However, tax obligations may arise depending on whether the condo generates income. While bank transactions may be reported under FATCA and CRS, direct reporting of property ownership is not standard. It is noted that knowledge of property ownership may come from reporting in one’s home country tax returns.
David ***********
The only questions will be that you have to transfer the money to buy from your own country so that will be known to your bank in your own country. That may raise questions but dont know
a year ago
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Brooke ***********
Makes no financial sense to buy a condo here. You are way better off getting an affordable rental during low season…booking for a year and paying up front secured a terrific deal. Keep your principal invested in your home country and even with “simple interest” returns you can easily pay the rent AND maintain your principal.
a year ago
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Steve *******
This is a third world country. They don't report anything that isn't asked for in person.
a year ago
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David ******
@Steve ******
 This is NOT a third world country.... Do you even know what third world is?????
a year ago
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Neil ******
@Steve ******
 third world countries ceased to exist over 30 years ago when the Cold War ended and Thailand wasn’t even a third world country then. Thailand was a first world country through SEATO membership. Guess who was a third world country. Your home of Sweden. They must teach some amazing world history there.
a year ago
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Ste *******
@Steve ******
 Not a 3rd world country! By a thousand miles! Who told you that! 🤣🤣🤣
a year ago
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Ste *******
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Ste *******
No, your safe from your ex wife! 😅😅
a year ago
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John *******
🤔 really why would one buy a condo when the resale has zero value people are wanting out that's why there is so many on the market
a year ago
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Nicholas ************
Tax scammers
a year ago
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Francois *******
My guess is that the bank may share any information through CRS as soon as you opened an account with them showing that you are a foreign national - like ID documents, address abroad, etc.... which is likely to be the case for you in Thailand...
a year ago
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Arnold **********
@Francois ******
 very true
a year ago
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Arnold **********
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Todd *********
No, they do not. There is no means of reporting an international real estate transaction.
a year ago
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Arnold **********
@Todd ********
 that’s not true, I own many properties in the world and my government know about it,
a year ago
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Arnold **********
All foreign purchase of property is recorded and that’s how they find out
a year ago
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Todd *********
@Arnold *********
 good lord. There is no means of Thailand reporting your home country.

If you reported it on your taxes in your home country, that’s how they ‘know’
a year ago
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Arnold **********
@Todd ********
 the Australian government gets it
a year ago
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Todd *********
By what reporting mechanism did Thailand notify Australia of your Thai condo purchase?
a year ago
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Todd *********
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Brian ********
@Todd ********
 your the only person who actually answered his question
a year ago
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Brian ********
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Dana *******
Depends on your home country...
a year ago
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Martin *****
Most condos at the moment are sold to chinese or russians
a year ago
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Lawrence *****
@Martin ****
 yes, I can see this.. more obvious with the Russians of course 😉
a year ago
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Milad ********
@Martin ****
 Thais and other nationalities too, not only Chinese or Russian.
a year ago
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Arnold **********
Milad Shaker not many Russians anymore
a year ago
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Martin *****
@Milad *******
. Just been reading the news. Russians and Chinese at the moment in cities like pattaya and phuket
a year ago
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Martin *****
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Alan ******
Everyone says don't buy a condo, because you can't sell,
*****
if 1000 guys buys a condo, that means 1000 people have sold theirs, thank me later.
a year ago
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Alan ******
? Its common sense what I said. See if you can buy a condo without someone selling one, impossible!!!!!
a year ago
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Dan ********
@Alan *****
 in Bangkok ? There are thousands of unsold units. Thousands. Are you literally including the developer as a 'person selling one' ? I think people are talking about reselling a privately owned and previously bought/sold unit.
a year ago
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Dan ********
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Ken ******
@Alan *****
 i can link your analogy to stockmarket then why there ia always market crash? same for real estates in US in 2008 and China now
a year ago
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Kuan ******
@Alan *****
 they buy from developer who promise initial gimmicks not available to secondary buyers. Go Google some of the Property Agent website per condo on condo for resale - you will see hundreds n hundreds of units priced at the same price
a year ago
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Kuan ******
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Huafeng ******
pls do not do that! Very very hard to re-sell
a year ago
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Karim ***************
Only if you’re American and if you’re earning taxable income off that property.
a year ago
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Neil ******
@Karim **************
 not necessarily. The income is reported on the 1040 tax return. The asset itself is reported if it is valued at $200k or more ($400k if filing a joint return).
a year ago
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Neil ******
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Billy *******
Rent
a year ago
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Paul ********
Not with mine
a year ago
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Bob **********
You need to have a record of the money coming in from a foreign transfer
a year ago
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Todd *********
@Bob *********
 has nothing to do with the question, but ok
a year ago
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Todd *********
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Peter *********
No
a year ago
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Rattapon **************
No they did not.
a year ago
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Graham *******
Thailand is part of FATCA and the common reporting standard! Not sure that they routinely report such facts! However everything that you do through a bank would be traceably and reported! If u have a bank account here and you deposit money that would and is reported! If someone else deposits money into your account here that will be reported!
a year ago
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Jo **********
@Graham ******
 that’s an American thing. oppressive
a year ago
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Luke **********
@Jo *********
 I take it money laundering is important to your business model?
a year ago
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Jo **********
@Luke *********
 no but a couple of friends were sent some Facta form they are not US citizens not living in the USA. they should mind their business
a year ago
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Jo **********
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Colin ******
FATCA was a US legislation to track down and chase US citizens abroad who are not declaring taxable income outside of the US requiring overseas financial institutions to report and financial activity being undertaken by a US citizen. Other countries through the OECD wanted and decided to adopt similar and CRS was introduced, which many countries have not put into legislation. One of the countries that hasn’t done this is the US that has no obligation to report activities of foreign citizens other than a few nationalities that they were forced to enter into a reciprocal agreement for FATCA. Which demonstrates again that one of the biggest tax havens in the world is the US
a year ago
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Luke **********
@Colin *****
 no, that would be London, England.
a year ago
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Colin ******
@Luke *********
 - agree that London is a hive of illicit financial activity including money laundering and tax evasion however at least the HMRC and FCA dictate that the financial institutions should take efforts to track and report the source of funds etc (how diligent they are in that is another discussion), where there is no obligation of US FIs to ask too many questions and report back the financial situation of non-US customers. However, if someone wants to launder money or evade tax, there will always be ways to do it regardless of what country you are in
a year ago
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Colin ******
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Graham *******
To answer your point, combatting tax evasion is not oppressive nor a witch hunt unless you are a tax criminal or involved in money laundering, child porn, drug running, gun running, car theft or other criminal activity!
a year ago
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Mikki ***********
@Graham ******
 I guess if any American wants to avoid taxes, stay in America and become a career politician. Just ask the majority of congress lol 🤣
a year ago
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Mikki ***********
@Graham ******
 I agree with you but as a American it is also oppresive because the playing field and gov officials have the resources and best tax lawyers to use the tax code to not paying their fair amount of taxes....but that is neither here or there just a side bar comment.
a year ago
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Mikki ***********
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Graham *******
@Jo *********
 Its not an American thing its global! Thats why its called "common"
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a year ago
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Neil ******
@Graham ******
 CRS is not FATCA. And a condo may or may not require reporting. It depends if it fits within the reporting requirements.
a year ago
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Jo **********
@Neil *****
 finally a smart comment
a year ago
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Neil ******
@Jo *********
 there are a lot of trash comments in these groups.
a year ago
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Jo **********
@Graham ******
 Its purpose is to combat tax evasion. The idea was based on the US Foreign Account Tax Compliance Act (FATCA)
a year ago
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Jo **********
@Graham ******
 FACTA is an American thing. and it’s ridiculous a Witch hunt
a year ago
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Jo **********
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Roberto *********
Does it generate income on which you pay tax?
a year ago
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Roberto *********
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