Purchasing Phuket property means investing money to gain never-ending profit. Actually, people can invest their money to buy properties in business areas. However, they have to calculate the possible profit that they can get. Owning property in areas for holiday such as Phuket is more beneficial rather than in business areas.
When people have already travelled around Asia, they will find that Phuket is one of the most amazing places to go for holiday. People all over the world are willing to stay for awhile in this place to release the stress from daily activities. That becomes the reason Thailand government has commitment to develop its most popular tourism object continuously. For the times being, abundance first-class hotels are built and the numbers will be increasing. The development is influenced by nature in Phuket. This place has a lot of beautiful beaches and seas to diving in which becomes the most favorite tourism destination.
Besides, the living cost in Phuket is much cheaper rather than tourism destinations in Europe. Therefore, most of European people are not doubt to invest their money to buy Phuket property. For some reasons, they want to have the property in this place. The most common reason is that they want to prepare their old age in this quiet natural place. On the other side, some investors invest their money for business. They know that this is one of the most desired tourism objects in Asia, so they want to gain profit by renting their property.
As growing area, Phuket has been improving some infrastructures and services instead of focusing on promoting the tourism objects. To attract people to visit and invest their money in this place, some infrastructures like hospitals and schools are enhanced. Improvement is not just like a play. For the time being, two hospitals have been certified based on international standard. So, the quality service in terms of healthcare is undoubted. Besides, international schools are provided with either American or British curriculum. It is held to ensure people to buy the property and live in Phuket for better life.
Of course, better investment climate in Asia recently especially in Thailand makes foreign people consider more about shifting their money to purchase the Phuket property. However, the investors need to understand the law in Thailand in advance. It is strongly recommended to hire a good lawyer to do the jobs related to investment. In fact, the foreign nationals are not allowed to have freehold land and or more than 49% of shares in a Thailand company which has freehold land. On the other hand, they can purchase a unit in a registered Condominium or a building district.
Another most essential element is tax. The investors might not notice about tax when they buy property. In fact, it is usually not mentioned. Sometimes, it will be very surprising since they need to spend abundance budget. In terms of tax, they have to aware of two kinds of property tax. The first is land tax. It is a tax which has to be paid every year. When they purchase a property held by a company, it is possible that the tax will high significantly. The place to pay the tax is at the local government office. The second type of tax is structure usage tax. It has been reported before that each investor has different aim to purchase the Phuket property. This latter tax applies for a property which is used for business. If the investor buys the property in Phuket for rental, they must pay this tax.
Overall, the investors have to know well about the requirement about investment rule in Thailand. The property bought through the company will make them pay more expensive tax. For foreign people, it is most-recommended to convert their money into Thai Baht. The conversion should be held in Thailand as well. It is required to make the process of purchasing simpler. When they transfer the fund from their country, a Foreign Exchange Transaction Form will be issued by the receiving bank. The form confirms transaction for individual inward transfer which is more than $20,000. In short, purchasing Phuket property is highly promising to gain profit. However, the investors will lose their financial when they don't learn and consider requirements about investment in the most favorite tourism destination in Thailand.