Larkin

2 hours ago, Delight said:

 This is 100% the case.

Given that  there is no actual sale then the amount of money which has to be brought in to Thaialnd  has to at least equal the appraised value. I referred to the appraised value in my earlier posts.

 

So your plan will involve your bringing into Thailand potentially alot of money (to obtain the FET )and then having to pay transfer fees.

 

I assume that you have a very strong motive!

 

This is very helpful, thanks.

Let me see if I have this right.  For the sake of argument, let's assume my wife and agree that I will buy the condo for a nominal sum of 100 baht.    

Irrespective of our private agreement, when it comes to making the legal transfer at the Land Transfer Office (apologies if i have the terminology wrong), the officials will always look at the higher level of either the sale price or the appraised value, in this case, say, 8m baht.

Now, I get that any transfer fees / taxes would be assessed on that higher value - no problem with that.

Are you also saying that I would need to go through the process of transferring that 8m baht to Thailand, regardless of whether it's being used in the transaction or not?  

If so, that's interesting.   It could be done, but Id need to assess the merits of whether it's worth it.

You ask about motives.  Good question.  Nothing too complex; just a rebalancing of relative marital assets based on another property purchase in Thailand last year.

Thanks for the helpful input.  I have a call with a guy from Siam Legal tomorrow.  He has mentioned another option:  a pre-sell and pre-purchase agreement with an assignment clause to a (yet unknown) future buyer option.    He is suggesting that would preclude the need for any funds transfer and/or tax and fees issues right now.

4 hours ago, YT3k72Em said:

You will also need to show proof of bringing the amount foreign currency into Thailand equal to the sale value.

Thanks, but there will be no 'sale value.'   It is a simple transfer of ownership from her to me - no money will change hands.

Thanks Peter.   Just to clarify further:  when you say an 'extra tax' of 3.3%, what is that extra to?  Could you expand please?

She has owned it more than five years and it has been her principle residence during that time, so I am assuming she would not be liable to any additional tax when transferring it to me.  However, what tax would she be liable to, if any.  We are proposing a straight transfer to me:  not a sale.

My wife owns a decent condo in Sukhumvit.   According to similar condos in the same building for sale it's worth around 8-8.5 million.

For a variety of reasons too complicated to go into, she will be transferring ownership to me this year.  There are no issues re the allocation of foreign owned units in the building, so that's not a worry.

My question is this:  If i wanted to sell the condo, are they any issues i need to be aware of regarding transfer fees or taxes which make it more expensive for me as a foreigner, rather than selling it while it's still in my wife's name?

The only POTENTIAL thing i can think of (and I may have this wrong) is that property sold within 3 years of acquisition seem to incur a higher property tax than those held from over three years.  Is that correct, and if so what's the difference?  I don't think the nationality of the owner impacts that, though

Is there anything else I need to be aware of?

thanks

I posted last week about a pending house and land purchase in Jomtien and got some very helpful information.

Another issue.

The house and land being bought is clearly going to be in my wife's name.  We have been married for a long time and I'm comfortable with that.

However as it is land, I understand I will need to sign some kind of waiver saying i have no right to the land, even though the money is coming from me.

Now, the issue is this:  while my wife is in Thailand, I've been working overseas for a couple of years and of course can't currently get back to Thailand easily to sign any such waiver.  How does this waiver get signed?  Does anyone have any experience in this regard?

Thanks all.  The calculator was very useful and while there are some variables I’ve had to assume the fee came to around 330,000 in total, which we are sharing.  
 

does that sound about right?  
 

The agents estimated around 300,000 and I was wanting to check if that was accurate or not.  

My Thai wife and I are in the process of buying a house in Jomtien for retirement purposes.  The price is 6.2m baht. 
 

The vendor and I will split transfer costs 50/50.  
 

Could someone in the know give me a sense of what those likely fees are - both in terms of specific different fees and an educated assessment of how much they are likely to amount to?

This is a personal transaction - ie not through a company structure and ownership will be in my wife of 15 years’ name. 

Thanks in advance for any input.