Is it possible to actually buy real estate with Bitcoin now?
I'm particularly interested in the Asia region, like Thailand and Vietnam.
Can I make a purchase directly using Bitcoin, or will I have to convert it to fiat currency at some point?
I've seen real estate sites that let you buy with crypto, but I'm not sure how their process works.
Maybe they accept the BTC and then handle the conversion to fiat on their end, acting like an escrow service.
I'd really like to hear what people think about this.
Google does return real estate companies in Asia accepting Bitcoin, but it's very hard to tell whether any of them is actually legit.
I would better (also) ask the local communities:
* Thailand: https://bitcointalk.org/index.php?topic=567738.0
* Vietnam: https://bitcointalk.org/index.php?topic=60101.0
* Indonesia: https://bitcointalk.org/index.php?board=191.0
* Philippines: https://bitcointalk.org/index.php?board=219.0
Of course, exchanging to fiat should give you more options...
Procedural handling will be no different from transactions using fiat, but because it involves a large amount of funds then I would not trust online real estate agents without making sure they have a physical office.
Loyce has created an interesting thread about properties that can be owned for 1 bitcoin in several countries. Apart from that, you also have to have a reference to the legality of bitcoin in each country so that you don't face legal problems later.
Why not! As long as the seller is willing to accept it as a method of payment, you can use bitcoin to buy a property. otherwise, you will have to convert your bitcoins to local fiat and then use it for the same purpose. However, if the country doesn't have a framework available for cryptos or if it is not a legal tender, they may declare the purchase illegal. Like in India, crypto is not a legal tender, so I can't legally use cryptos to buy anything at all as it will be illegal in the eyes of law and the purchase will be declared illegal by the concerned department. So, I would request you to first enquire about this and then go ahead with your plan. I am sure you wouldn't want to find yourself in legal troubles.
Also, you can check this website,
https://bithome.ch/property/
But please do due diligence before using their services as I can't vouch for them.
It looks like you have to cross them both off your list:
Thailand Bans Use of Cryptocurrencies as a Method of PaymentAccording to "Regulation of Cryptocurrency Around the World":
- It might be slightly outdated!
If you also include the intermediaries and government agencies, then I don't think you can "directly" pay everything with BTCitcoin, but if you ever decide to do such a thing, make sure to have a lawyer who knows the rules for both sides!
In the UAE, buy real estate for cryptocurrencies. Cryptocurrency payments are not allowed, there are no problems with the exchange and there are no taxes up to certain amounts.
I do not advertise this company, but you can find some information on their website.
https://www.binayah.com/buy-sell-realestate-bitcoin-cryptocurrency/
You had made any trade yet.Because you created a post on April 18,already 7 days up.So you can make your transaction with the certain local boards.Once the people found ,you was legit one.You will get lot of offers from the local people.Then you can do many deals ahead.I had suggested you to go directly to the concerns place to have a look of property and then signs the deal for the safety.
Honestly, I am not sure. My country does not forbid it. But I have yet to meet someone who bought their house with Bitcoin here.
A lot of country's governments are very against the idea of letting people do as they want with their newfound financial freedom of having Bitcoin. This is why selling and buying with Bitcoin is becoming increasingly hard in those countries.
I do not understand the governments issues with understanding Bitcoin. If they accepted Bitcoin as payment for taxes then perhaps they would be more relaxed with the idea. Perhaps they fear people dodging tax responsibilities with Bitcoin? Seems unlikely they can do anything to stop money laundering with Bitcoin but to be honest it is easier to launder with cash.
Back in 2021, I've read that Bitcoin users can buy property in Thailand, but it's different now that the law is in 2022, it looks like you should read this news.
Thailand bans bitcoin, other crypto payments starting in April.
However, I don't know about the laws that apply in Vietnam, maybe they still have a place to buy property with crypto.
At a glance @NeuroticFish, has given you a local asia link, maybe if you are interested in asking where to buy property, you can discuss there.
Maybe this is what you're looking for which is found while stumbling on google.
https://cryptorealestate.cc/property-city/asia/
But I tend to agree with NeuroticFish above, be specific on which Asia countries you want to find and post it on in the local community here in the forum.
Many local members will help you to find a legitimate site that truly deals with real states using Bitcoin to purchase.
Or each country seeks a lawyer for this further information that didn't violate the law.
Many forum members suggest you to prove some of the loyal transaction with other forum members.Some had guide you to publish on the local board for the more efficient and effective.But you had not taken any stand of this two.Instead,you was not replying to forum members comment.So it will create the doubt to the forum members and it leads to negative impacts to your deals.So make some good move.
op seems to have left this thread, and did not provide further reviews on how he has made a transaction or not.... but basically an offer will come if someone takes the initiative to make the transaction in a local forum.... because there are many entrepreneurs who can accept bitcoin crypto payments behind the hands due to government legal constraints
Only their website support can tell you the exact news. Or, if someone from this community has already done a deal before, they may help you in this case. I am from one of those countries and I can say that I have never seen such a service here yet.
I don't think a multinational forum is an ideal place to discuss such things because you need to know:
- The legal status of Bitcoin in that country.
- The possibility of using Bitcoin to make payments.
- Will the judge/registration office register a contract in a currency other than the local currency?
- The fluctuation in the price of Bitcoin will make the possibility of buying the property limited.
- We are in a bear market, Bitcoin is not a hot topic and there is talk of inflation and other issues meaning that many will prefer cash to Bitcoin.
The best solution is to sell bitcoin and then you can buy as you like.
I don't think in mutual agreement there would be any major problem in buying property in exchange of bitcoin, only problem I see here is the problem with registration of this property generally in such cases of property transfers the consideration that is involved is fiat and which is noted in the records and is also used to calculate various taxes and duties, if we are saying that bitcoin will be used for the exchange you will have to note this thing as consideration but how much is the legal validity of bitcoin as a consideration this is a really big question in itself.
Yes, it is possible in Dubai if I am not wrong because I had seen lot of ads regarding properties which also accept crypto payments and generally Dubai is the best place for investing on the real estate because it is the city that keep growing too fast in very short time. However you need to check the legal process for registering even you are allowed to buy with bitcoin'.
Dubai is the world trade center and they always welcome any innovative idea or technology.
It is easy to buy a property with crypto in Dubai principally if it is Bitcoin but most of the property sellers do their service through OTC.
I think that countries that will have businesses and financial transactions in bitcoin are countries that already have the status of bitcoin as legal there because if it is not that , the government will go against such violations. In this case what is the legal status of bitcoin in Dubai ? From this we can understand that it is a business not done without knowledge of the government. For now on what I read, the legal status of bitcoin in Dubai is unclear because I think such information will be tied to government control.
Thailand's tax policy is now becoming more stringent.
I read some news and now it turns out that the 180 day rule does not work. If you pay taxes in your home country, you are also required to pay income tax in Thailand.
If we talk about purchases of any property, now the tax office will be able to check the payment of taxes
____
https://thethaiger.com/news/business/thailand-tightens-tax-rules-on-overseas-income-from-2024
Thailands tax policy, as declared by the Revenue Department, recently stipulated that an individual spending up to 180 days a year in the country and earning income from overseas will be liable for personal income tax.
This decision, governed by Section 48 of the Revenue Code, is expected to primarily influence three groups: individuals involved in foreign stock market trading via overseas brokerages, cryptocurrency traders, and Thais who have previously utilised a tax loophole to bring foreign income into the country tax-free after holding it in an offshore account for over a year.
A source from the Finance Ministry, preferring to remain unidentified, revealed
The principle of tax is that you must pay tax on income you earn from abroad no matter how you earn it and regardless of the tax year in which the money is earned.
I'm not really sure if you are aware about Elwar and his Seasteading. And you can search for other news and articles and see how it turns out.
I lived in the Philippines but I'm not sure if there is one, although I might be wrong. Might be better though if you really wanted to settle or retire on one of those places then just convert your money to their local fiat, in my opinion.