Short answer: Yes, foreigners who own property in Thailand must pay applicable taxes. There is no standard annual property tax for personal residential condos unless the unit is being rented out or used for commercial purposes.
Yes, foreigners who own property in Thailand must pay applicable taxes. There is no standard annual property tax for personal residential condos unless the unit is being rented out or used for commercial purposes. If the property is used for income-generating purposes, it falls under the Land and Building Tax Act, with tax rates depending on the usage type and property value. Rental income is subject to personal income tax and must be reported.