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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
3 years ago
Derek **********
ORIGINAL POSTERDear Expats,
If i buy a condo in Thailand,
does Thailand report back to
my home country that i own a condo here?
If i buy a condo in Thailand,
does Thailand report back to
my home country that i own a condo here?
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.
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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
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.
Steve *******
This is a third world country. They don't report anything that isn't asked for in person.
David ******
@Steve ******
This is NOT a third world country.... Do you even know what third world is?????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.Ste *******
@Steve ******
Not a 3rd world country! By a thousand miles! Who told you that! 🤣🤣🤣Reply to
Ste *******
Reply
Ste *******
No, your safe from your ex wife! 😅😅
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
Nicholas ************
Tax scammers
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...
Arnold **********
@Francois ******
very trueReply to
Arnold **********
Reply
Todd *********
No, they do not. There is no means of reporting an international real estate transaction.
Arnold **********
@Todd ********
that’s not true, I own many properties in the world and my government know about it,Arnold **********
All foreign purchase of property is recorded and that’s how they find out
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’
Arnold **********
@Todd ********
the Australian government gets itTodd *********
By what reporting mechanism did Thailand notify Australia of your Thai condo purchase?
Reply to
Todd *********
Reply
Brian ********
@Todd ********
your the only person who actually answered his questionReply to
Brian ********
Reply
Dana *******
Depends on your home country...
Martin *****
Most condos at the moment are sold to chinese or russians
Lawrence *****
@Martin ****
yes, I can see this.. more obvious with the Russians of course 😉Milad ********
@Martin ****
Thais and other nationalities too, not only Chinese or Russian.Arnold **********
Milad Shaker not many Russians anymore
Martin *****
@Milad *******
. Just been reading the news. Russians and Chinese at the moment in cities like pattaya and phuketReply to
Martin *****
Reply
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.Alan ******
? Its common sense what I said. See if you can buy a condo without someone selling one, impossible!!!!!
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.Reply to
Dan ********
Reply
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 nowKuan ******
@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 priceReply to
Kuan ******
Reply
Huafeng ******
pls do not do that! Very very hard to re-sell
Karim ***************
Only if you’re American and if you’re earning taxable income off that property.
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).Reply to
Neil ******
Reply
Billy *******
Rent
Paul ********
Not with mine
Bob **********
You need to have a record of the money coming in from a foreign transfer
Todd *********
@Bob *********
has nothing to do with the question, but okReply to
Todd *********
Reply
Peter *********
No
Rattapon **************
No they did not.
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!
Jo **********
@Graham ******
that’s an American thing. oppressiveLuke **********
@Jo *********
I take it money laundering is important to your business model?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 businessReply to
Jo **********
Reply
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
Luke **********
@Colin *****
no, that would be London, England.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 inReply to
Colin ******
Reply
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!
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 🤣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.Reply to
Mikki ***********
Reply
Graham *******
@Jo *********
Its not an American thing its global! Thats why its called "common" *******************************************************
Neil ******
@Graham ******
CRS is not FATCA. And a condo may or may not require reporting. It depends if it fits within the reporting requirements.Jo **********
@Neil *****
finally a smart commentNeil ******
@Jo *********
there are a lot of trash comments in these groups.Jo **********
@Graham ******
Its purpose is to combat tax evasion. The idea was based on the US Foreign Account Tax Compliance Act (FATCA)Jo **********
@Graham ******
FACTA is an American thing. and it’s ridiculous a Witch huntReply to
Jo **********
Reply
Roberto *********
Does it generate income on which you pay tax?
Reply to
Roberto *********
Reply
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