Delight
-
Posts
2,050 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by Delight
-
-
15 hours ago, AndyAndyAndy said:
Older thai house in thai name going to wife's name.
Very Simple . You will just have to pay transfer fees
-
Just out of curiosity.
Is the house:-
A new build
B In a Thai name
C In a Thai company name i.e controlled by a foreigner
-
Just a point of interest .
My friend of many years died last June
He died in a public hospital.
My interest at the time was to obtain a death certificate. He had left a UK will. His ex -wife wanted to pursue probate in the UK.
As I was not family ,obtaining this certificate proved to be impossible.
I was advised that as Pattaya has no facility to store bodies- his body (along with his passport) was shipped to Bangkok.
For certain I know that the British Embassy were advised.
Given that no family members visited Thailand to claim the body.
I assume the body was simply cremated in Bangkok.
End of story.
As an aside the hospital bill (350,000 Baht) remains unpaid.
-
1
-
-
The only method that suits most of your requirements is to set up a Thai company the joint directors with 50% ownership will be your wife and 18 year old.
The ownership will pass to the serviving party.
Also you may be able to include the 5year old -at the start.
That is the justification for using a company
That is my initial thoughts.
That said -the only true solution is for you to seek professional advice.
I would approach an accountant -not a lawyer.
Accountants are experts in company law.
Lawyers-as I would see it-are expert in laws associated with land ownership.
Maybe speak to both.
Possibly you could purchase life insurance to cover the event of your early death
-
1
-
-
How is the essential issue of a FET (Foreign Exchange Transaction) to be dealt with.
I assume that the condo in question is in the foreign 49% allocation.
Also how did A buy the condo in the first place without a bank account.
Cannot be done I think.
It looks dodgy to me. Could it be that A nd B have a scam going.
As a first stage I would ask A to provide you with a view of the Condominium Title Deed.
A's name will be written in Thai-however it will be easy to translate
No Deed -then A has nothing to sell.
-
If I were you I would seek help from the Condo Building Manager or the Juristic Person Manager.
If she is threatening to destroy anything -then she could represent a threat to the building.
That threat should get interest from the Condo Management.
BTW -apartments within condos do not have a chanote. Chanotes only relate to land.
She is threatening to destroy the Condominium Title Deed.
Such documents get lost is the regular way of life. The land office local to you will help you obtain a replacement.
For certain the woman is not your friend!
-
1
-
-
It is the price that surprises me.
They ship from factory(or wholesaler) in China to my door in Thailand for 38 Baht.
I think that we have to thank the Chinese government for this.
About 12 months i bought 4 -off remote transmitters direct from the factory in China (Lazada had stopped supplying ). Each remote was priced at $4 . Post -$14
I still had to wait.
I prefer the 38 Baht.
-
2
-
-
It is a sizeable apartment (approx .105 M ). It is also in a company name. The Thai owner(builder) took it in part exchange for a new house.
The outstanding debt is 200,000 + Baht
The owner has used the asset of the apartment as collateral for some other loan.
Also the email correspondence has ceased.
I would like to know the required stage by stage process in order that the issue can be resolved to the satisfaction of the condo.
The building is 15 years old and in a good area.
-
22 hours ago, bradiston said:
I'd love to know what big concessions were given to Russian tourists as part of the agreement.
Russian tourists operate differently.
All other tourists -assuming that they fly in -use Suvarnabhumi Airport-in the main.
Russians use U-Tapao airport near Rayong.
Further they fly in using Russian aircraft.
This means that a Russian tourist can buy a classic package holiday i.e. Flights, Hotels ,Transfers as a single purchase.
Hotels in the village of Cozy Beach have been built to accommodate them.
Pattaya is also popular destination.
This concession is somehow tied to the purchase of oil from Russia.
-
1
-
-
You cannot bring cash into Thailand and expect to get a FET.
When I say cash I mean folding money brought in on your person.
I would separate the term 'Cash' from the term 'Mortgage'
So in that sense most foreign buyers pay 'Cash'
-
I only dink Decaf tea(and coffee)
I purchase Tetley decaf from a UK supplier
Decaf coffee I obtain locally
Of course they supply regular tea.
Website
-
On 5/23/2022 at 3:25 PM, Berti said:
To my knowledge, land can be leased for 30+30 years by a foreigner and the lease can (or must) be registered at the land office. It is legal that a foreigner builds a house on leased land.
The Thai law only allow 30 years for a land lease.
All other arrangements rely on the land owner to sign . This signature gives legal permission to extend.
No signature -then no extension.
If a house has been built during the first 30 years then without the signature all goes to the land owner.
-
The most important feature of a will (assuming that all the necessary details are present) is the choice of the administrator or equivalent.
This person has only one client (i.e. the deceased)
The determination of this person to ensure that the wishes of the client are satisfied -cannot be overstated.
Essential that a will exists for each country where the deceased had assets.
Also several original wills can be created. They must be identical. Historically wills have been mislaid/lost. Copies have no legal value.
A living will is a must.
-
3 hours ago, Peterw42 said:
Think of it in terms of a thai person owns a block of land and you go and pitch a tent on that land. The tent isn't covered by any land title, its just a structure that you own, placed on someone else's land. No FET or Thai nationality required to buy a tent.
Foreigners can own houses, (the physical structure) but the ownership isn't covered by a title deed. Its not different to owning a caravan and parking it on someone else's land.
Your analysis /statements only apply when illegal acts are committed i.e occupying someone else's land without permission
-
On 5/19/2022 at 4:40 PM, Peterw42 said:
3)Houses (structures) dont have titles, its just ownership like a car etc. No requirement for an FET as its not property/real estate.
I struggle to understand your statements reference assets with titles
However-suspect the main reason for not requiring a FET in relation to house purchase is that foreigners cannot own land -therefore cannot own houses.
-
My English friend of many years died last year.
He died in a public hospital. He had no assets expect the 800,000 Baht (Visa money).
He managed to get this transferred to a female friend of his.
Pattaya has no where to store bodies (the hospital advised).
To my knowledge only 20,000 Baht was paid of a 330,000 Baht hospital bill.
The body with the passport was shipped to Bangkok
The passport ended up at the British embassy.
His UK based next of kin were advised. They have no spare money.
Suspect that the body was cremated.
End of story.
-
Many good things have been stated on this post.
I would add 3 more
1 You can have as many originals as you like. They simply need to be identical.
So as a minimum you may consider originals for:
yourself
your lawyer
the beneficiaries
2 The most important person in the process -post death -is the administrator.
The local amphur is not the administrator.
3 Many Farang give their ATM card plus PIN to their partner.-just prior to the death.
if the partner uses the ATM post the death -then technically this is illegal. The partner has no legal permission to use the ATM. A joint account solves this problem.
-
I was tempted and purchased a new Galaxy S9 . Low price
I received a pre owned S7
The seller referred me to the text in the advert which stated -Variant S7.As I stated at the time there is no such thing as a S7 variant of a S9
The entry was fairly obscure.
There never was a new one S9 -just an old S7.
Initially Lazada rejected my claim.
They did relent and gave me my money back.
Very difficult.
Lazada is full of con men -when it comes to cheap phones and
tablets etc.
I
-
1
-
1
-
-
Given that the foreign allocation is used up -and you do not wish to buy it in a Thai name -then the only option that I can think of is to put it into Thai company.
Pros
Very cheap when selling-no transfer fees.
Much simpler and much lower cost should you wish to bequeath the apartment to a foreigner
Cons
The company has to be audited ever year . About 10,000 Baht
Will the government outlaw the practice?
I attach a document giving more detail of the procedure
-
On 5/5/2022 at 7:11 AM, Sparktrader said:
No farangs can only own up to 49% of the units.
Not quite understand this statement.
Just to clarify - 49 % of the saleable area in a condo can be freehold in a foreign name.
The remaining 51% can only be sold to Thai people.
Historically some of this 51% can be also owned by a company. A foreigner has control of this Thai company.
I say historically because this arrangement is not cast in stone.
Local land officers can refuse to accept this arrangement.
I believe that this company route is not acceptable when a new house/land is involved.
Which I assume will increase the prices of existing houses. Houses which are company owned
-
Good selection of tea and many other items-Britshop
-
1
-
-
Definition of Inflation (home grown)
Inflation is caused by an expansion of money which represents an expansion of wealth that does not exist -resulting in higher prices.
Thailand has not been expanding the money supply in the system.
If anything the money supply has been reducing.
Therefore there is no home grown inflation in Thailand.
However imports from areas of the planet that are inflating could cause CPI to increase.
-
Could it be that these plots of land are only of interest to foreigners.
Or maybe that's the way that Thai landowners see it.
Given that (which may or may not be true) then silly high prices will be the norm.
Thai sellers are never in a rush to sell.
For a bubble to occur then buying has to occur at a rate much higher then normal.
Q -to OP . Is this excessive buying actually happening?
-
On 4/9/2022 at 4:30 AM, scubascuba3 said:
About 15k a year some won't consider that low cost. Tax due if selling out of company could be expensive as cost depreciates annually in accounts
A thai company condo can be sold directly to a foreigner in foreign quota, that's how i bought mine
You have not read my input correctly.
The 'low cost' refers to the admin to transfer 'control of a company ' from one foreigner to another foreigner. My friends who have done this state that it is about 10000 to 12000 baht as a one off transaction.
Also-I never referred to transferring a condo from company to foreign allocation
So how does my Thai wife get access to money in my UK HSBC account when i die ?
in Jobs, Economy, Banking, Business, Investments
Posted · Edited by Delight
added detail
I suspect that withdrawing income post his demise could be illegal.
Not making the account 'joint' will inhibit that process.
The incomes are for him -not the widow.--unless special provisions have been made.
That said she will never be prosecuted from the UK end.
Convincing his UK income providers that he has passed-could prove difficult.
I have the same issue.
The easy one is the UK state pension. The British Embassy based in Bangkok will sort out his UK pension. As for the rest-maybe that could follow through and his bank will freeze any withdrawals which his bank can clearly define as income.
Suggest that any other monies which are not regular income relate -are transferred to Thailand.
When you die -so do your pensions!