Recent Macro

• GDP contracted in 2020, due to the Coronavirus pandemic, but 2021 has seen a positive start, with growth up 4% from 2020
  
  
• Thailand ranked 21st in the World Bank’s Ease of Doing Business Index
  
  
• The Gross Domestic Product per capita in Thailand was last recorded at US$ 7,809 in 2019
  
  
• GDP per capita in Thailand averaged US$ 2,126 from 1960 until 2019 (source: World Bank)

Key Info

Currency

• Currency of Thailand is the Thai Baht (THB)

Climate

• Tropical monsoon climate with high humidity
  
  
• Mean annual temperature of 27℃ (82°F)
  
  
• 3 distinct seasons: Hot season March - May; Rainy season June - October; Cool season November - February 

Tax

• Withholding tax rate is set progressively based on the appraised value and years of ownership
  
  
• Stamp duty of 0.5% is paid by the seller at point of sale of property

Hospitality

• Travel & Tourism in Thailand grew by 6% in 2019 to an industry revenue of US$ 62bn
  
  
• Number of international tourist arrivals to Thailand in 2019 reached 39.7 million people, up 4.2% from 2018
  
  
• The average revenue per user (ARPU) currently sits at US$167
  
  
• Chinese tourists enjoy travelling there and account for 27% of all international arrivals

Property

• Property prices between 2009 and 2021 had an average growth rate of 5.8%
  
  
• Foreigners may own condominium properties as freehold provided 51% of units in the condominium are available to local ownership
  
  
• Foreigners cannot own land but may purchase a leasehold interest in it for 30 years which is then renewable
  
  
• Legal fees tend to be a fixed cost (up to 2%) and stamp duty is paid by the seller