Foreigners can legally rent out their Thai property. Some banks may allow you to open a rental income account. Rental income is taxable at income tax rates ranging from 0-37% (property-related expenses can be used as a tax credit; in the case of a detached house, up to 30% of rental income can be used as a tax credit). Property tax is levied only on rental properties at a flat rate of 12.5% of annual rent, payable annually.
If you buy property in the name of a company, the corporate income tax and capital gains tax rate is 20%.
Once the property is sold, the gain can be taxed at the income tax rate or at capital gains tax up to a maximum of 20%.
Although there is no estate tax nor donation tax, property acquired through inheritance or donation is subject to capital gains tax.