Is it possible to gift a condo to someone? (tax free)

[speedtripler]

If i want to give a condo to my nephew , could I give it to him for free just by changing the title ? 

 

If not Could I give it to my Thai wife for free and she could give it to him etc? 

[baansgr]

Transfer fees/taxes still due. Thai parents can gift property to their offspring at reduced rates which depend on the land office you are dealing with. Hua Hin was a flat rate of 0,5%. As always check with the department in your area. 

[cardinalblue]

I don't think a Nephew counts as offspring....

 

yes there is is a transfer/sales tax but who knows about how income tax works here...

[Time Traveller]

Why do you need to gift it to them if it's a family member? Just let them live in it for free.

Otherwise, once they have title they can just sell it and spend the cash on meth or gambling or whatever other addictions they have. 

But if you just want to the give them cash, then it's better to give them cash.

I've found most people who acquire assets for free after being gifted to them, never maintain them. Expensives gifts like cars and homes require regular maintaince and insurance payments, and you can be sure they either don't have the capacity to afford the upkeep, or they treat the gift as a freebie and trash it. 

 

And besides, why give the government extra money in taxes and transfer fees if you don't have to? 

Edited January 8, 2018 by Time Traveller

[MaeJoMTB]

Why not just make a will?

No need to give stuff away when you're alive.

[jkcjag]

If someone were to transfer a condo to me for free, I would find a way to pay the fees I think...quite an incentive.

Check this website for info on fees:  https://www.cbre.co.th/media/service_sub_lang_file/124/PropertyTax.pdf

 

[1FinickyOne]

1 hour ago, MaeJoMTB said:

Why not just make a will?

No need to give stuff away when you're alive.

not a matter of need sometimes but want... a gift like that can bring security... of course, only if you can afford it and it does not take security from the giver or is given with any expectations in return... and hopefully if someone has assets they have the good sense to have a will in place already... 

[mikiea]

On 1/7/2018 at 7:41 AM, baansgr said:

Transfer fees/taxes still due. Thai parents can gift property to their offspring at reduced rates which depend on the land office you are dealing with. Hua Hin was a flat rate of 0,5%. As always check with the department in your area. 

or i am available for your generosity  , and i will pay all fees and all the san mick light you can drink  for a few days  , my friend ....

[speedtripler]

3 hours ago, MaeJoMTB said:

Why not just make a will?

No need to give stuff away when you're alive.

I just don't need it anymore 

I'd rather not trust a lawyer and a will when I can give a few stuff away myself 

 

[Delight]

 Given that you and the intended beneficiary of the condo are both foreigners then a FET is required

 

So ,as an exampke,if the condo has an appraised value of say 3million Baht-then the beneficiary has to bring 3 Million Baht into Thailand

 

In the intended way this has to happen with you dead or alive.

 

This is quite seperate of transfer fees

[speedtripler]

16 minutes ago, Delight said:

 Given that you and the intended beneficiary of the condo are both foreigners then a FET is required

 

So ,as an exampke,if the condo has an appraised value of say 3million Baht-then the beneficiary has to bring 3 Million Baht into Thailand

 

In the intended way this has to happen with you dead or alive.

 

This is quite seperate of transfer fees

Could I give  it to a Thai wife and they "sell"   it to him for a token fee of $1 + transfer fees  etc.... 

[Delight]

1 hour ago, speedtripler said:

Could I give  it to a Thai wife and they "sell"   it to him for a token fee of $1 + transfer fees  etc.... 

 

If it ends up in the name of  a  foreigner then a FET is required. Plus transfer fees somewhere in the process,

 

As I detailed in a different post there is  a work around

 

This involves ensuring in your will that the beneficiary and the administrator is the same person.

 

So the name of the administrator is added to the Condo title deed beyond your death

 

It can stay in this position for years and years

 

When the beneficiary decides to sell then he instructs the administrator to organise the sale

 

The new buyer will need the FET

 

My lawyer advised me of this work around

 

However he did say that not all Land  Offices will accept it.

 

The ony other way to solve your problem is to put the condo into a Company.

 

This will involve transfer fees but no FET. Plus the cost of the Company set up

 

With this in place then transfering control of the Company (thus the condo)  to another foreigner is  a simple  and low cost matter.

 

Thailand is very un friendly to foreigners who wish to transfer ownership to another foreigner.

 

The Country does not really want foreigners -just their money..

 

Another alternative

 

Sell the condo and give the money away