September 24, 2023
koh samui real estate

When moving to a new country, renting your new home is the obvious choice at first. However, if you’re planning to move to new place  for a quite sometime, there are a few factors that should motivate you to evolve a houseowner as soon as you arrive, or quite quickly property for sale koh samui.

Advantageous property taxation

One of the prime reasons for buying your own home is that the taxation of primary residence property is favorable.

Fixed notary fees for the investment of the main home

When purchasing a a possessions, consumers must pay notary expenses when signing the act of investment with the notary . These costs, known as registration fees, amount to 7% of the property price, of which 6% are registration fees and 1% transcript. To encourage the purchase of a main home.

This tax reduction applies to a maximum of 285,714 euros for a single person or 571,428 euros for a couple. This represents a tax credit of up to €20,000 per person or €40,000 for a couple. The condition for obtaining this tax gift is that you personally live in your new home for more than 2 years. If you leave the accommodation before the required 2 years, you will be obliged to return the money. However, nothing prevents you from renting the property beyond these two years, without this tax advantage being called into question.

Reduced VAT for main residence

In the case of construction or renovation work on a dwelling intended as a main residence, the government uper-reduced VAT rate of 3% instead of 17%. Nonetheless, this tax pause cannot be beyond 5000 euros per dwelling. A previous proposal must be earned to the metropolis where the housing is found. Any buyer of a new home to be used as a primary residence will be eligible for this reduced VAT rate.

Property tax is a tax levied on The amount of tax paid by the municipality is calculated on built and unbuilt properties. The rate is determined by each municipality and is charged on the basis of the unit value of each property, whether it is a primary residence, rental property or undeveloped land. The unit value is specified to the owner through a bulletin sent by the Property Appraisal Division.