Thai wife buying condo in foreign quota

[HauptmannUK]

My wife is Thai and living most of the time in the UK at the moment.

She is intending to buy a condo in Thailand, the condo being currently in foreign ownership.

Our understanding is if all of the purchase money comes into Thailand from overseas then the condo can stay in the foreign quota.

Right now she has about 2M baht (equiv.) in a UK bank and about 1M baht in Bangkok Bank.

 

For simplicity I am thinking best if I lend her 1M thb equiv. here in the UK and she does a one-time transfer of 3M thb from UK to Bangkok Bank. All the  3M is then seen to come from UK and I am then not involved on the Thai side.

Then, once the purchase is complete, she transfers the 'thai' 1M currently sitting in her Thai account from her Bangkok Bank to my Bangkok Bank - to be used by me for living expenses etc.

Does this sound reasonable?

Also, are Transferwise transactions able to be certified as incoming foreign funds?

[Peterw42]

I think you will find If a Thai person buys a condo in Thailand its a Thai title, it wont be in the foreign Quota. The money does not have to come from overseas, its a Thai Condo, owned by a Thai in Thailand. 

[johng]

2 things
1:Does your wife have dual citizenship ? how can she buy in the foreign quota if she is Thai ?

2: buying in the Thai quota is normally cheaper so why buy in foreign quota ?

[wordchild]

 

1 minute ago, Peterw42 said:

I think you will find If a Thai person buys a condo in Thailand its a Thai title, it wont be in the foreign Quota. The money does not have to come from overseas, its a Thai Condo, owned by a Thai in Thailand. 

Exactly the case; the foreign quota is an ownership restriction that applies too the totality of the condo ie foreign owners cannot own more than 49% of the freehold of the entire condo; if a condo owned by a foreigner is purchased by a Thai then it simply no longer forms part of the foreign quota.

[HauptmannUK]

8 minutes ago, johng said:

2 things
1:Does your wife have dual citizenship ? how can she buy in the foreign quota if she is Thai ?

2: buying in the Thai quota is normally cheaper so why buy in foreign quota ?

1. My wife is Thai. Under Section 19 of the Condo Act, if a Thai married to a foreigner buys a condo (either solely or in joint name) then the condo is deemed to be part of the foreign quota because it is considered part of the marital assets.

 

2. If the condo stays in foreign quota it will be easier to resell.

[HampiK]

9 minutes ago, HauptmannUK said:

1. My wife is Thai. Under Section 19 of the Condo Act, if a Thai married to a foreigner buys a condo (either solely or in joint name) then the condo is deemed to be part of the foreign quota because it is considered part of the marital assets.

 

2. If the condo stays in foreign quota it will be easier to resell.

Are you sure about your point 1?

I think it stay in foreign quote only if you buy it in joint name. If she buys it alone, then it will not be in foreign quote. as your part of marital assets.. if she dies, you have like 1 year to sell the condo or if a foreign option is available then you could have it in your name :).

Same same I think as with the houses. But maybe someone with first hand Infos can give more detailed Infos.

 

About your number 2... in Bangkok mostly make no difference at all. It always depends, if the foreign quote is near the 49% or not.

[Peterw42]

9 minutes ago, HauptmannUK said:

1. My wife is Thai. Under Section 19 of the Condo Act, if a Thai married to a foreigner buys a condo (either solely or in joint name) then the condo is deemed to be part of the foreign quota because it is considered part of the marital assets.

 

2. If the condo stays in foreign quota it will be easier to resell.

Yes you are right but the "ownership" remains with the foreigner. 

 

"The Thai national spouse is therefore entitled to purchase a condominium unit in accordance with the entitlement of the foreign spouse and it shall be deemed that such condominium unit is "wholly owned" by that foreigner because the ownership in a condominium unit is indivisible and governed by section 19 bis."

 

https://www.samuiforsale.com/real-estate/ownership-of-a-condominium-unit-by-a-thai-married-to-a-foreigner.html

[HauptmannUK]

We're clear on the law, it will be foreign quota

 

In the case where a Thai national who has a foreigner spouse (whether legitimate or illegitimate) expends money which forms the community property or the jointly acquired property of husband and wife for the acquisition of the unit, whether the purchase is made in the sole name of that Thai national or jointly in the name of the foreign spouse as well, the acquisition shall be considerd be made by the foreigner. In this instance, the foreigner must be a foreigner within the meaning of section 19 Condominium Act:

• under 1 foreigners permitted to have residence in the Thailand under the immigration law,
• under 2 foreigners permitted to enter into Thailand under the investment promotion law, or
• under 5 foreigners or juristic person regarded by law as foreign who have brought in foreign currency into Thailand and exchanged and withdrawn Thai baht from the Thai baht account or foreign currency account), as the case may be.

The Thai national spouse is therefore entitled to purchase a condominium unit in accordance with the entitlement of the foreign spouse and it shall be deemed that such condominium unit is wholly owned by that foreigner because the ownership in a condominium unit is indivisible and governed by section 19 bis.

[OneZero]

What about the situation where there is no longer foreign quota available & a Thai quota unit comes up for sale. The foreigner is not allowed to purchase the Thai quota unit. Question: Is the Thai wife (married to foreigner) permitted to purchase a Thai quota unit, or would she be prevented from doing so by this aspect of the Condo act (ie, that the unit would be foreign owned, so sale purchase can not proceed because there is no foreigb quota available)?

[KittenKong]

Could you not just buy it in your name? It seems much simpler.

In my building I am sure that any arrangement such as you describe would result in the unit magically being counted as part of the Thai quota, some other farang converting a company-name unit to his own name, and the JPM pocketing an envelope.

[HauptmannUK]

2 hours ago, KittenKong said:

Could you not just buy it in your name? It seems much simpler.

In my building I am sure that any arrangement such as you describe would result in the unit magically being counted as part of the Thai quota, some other farang converting a company-name unit to his own name, and the JPM pocketing an envelope.

Its my wife's money so we would both like to have it in her name. In the event that she died before me I would make sure it went to her family. 

I don't think the JPM would have a lot of say in allocating condos to the quotas. I think it would the land office that would oversee the transfer.

[HauptmannUK]

2 hours ago, OneZero said:

What about the situation where there is no longer foreign quota available & a Thai quota unit comes up for sale. The foreigner is not allowed to purchase the Thai quota unit. Question: Is the Thai wife (married to foreigner) permitted to purchase a Thai quota unit, or would she be prevented from doing so by this aspect of the Condo act (ie, that the unit would be foreign owned, so sale purchase can not proceed because there is no foreigb quota available)?

I think purchase of a Thai quota condo unit could go ahead but the foreigner must sign a declaration that he/she has no interest in the condo.

[KittenKong]

I don't think the JPM would have a lot of say in allocating condos to the quotas. I think it would the land office that would oversee the transfer.

The JPM maintains the document that details how each unit is owned. The Land Office takes his word for it. An unbelievably stupid idea that is open to most appalling abuse? Too right.

[PMZ]

I had understood, perhaps mistakenly, that is was not a specific unit within a Condo block that is designated a 'Foreign Quota', but that any unit in a block can be Foreign Quota, provided there is no more than 49% at any one moment.

Edited April 23, 2018 by PMZ
Spelling

[KittenKong]

I had understood, perhaps mistakenly, that is was not a specific unit within a Condo block that is designated a 'Foreign Quota', but that any unit in a block can be Foreign Quota, provided there is no more than 49% at any one moment.

That is correct.

[HauptmannUK]

17 hours ago, KittenKong said:

The JPM maintains the document that details how each unit is owned. The Land Office takes his word for it. An unbelievably stupid idea that is open to most appalling abuse? Too right.

My wife spoke with the Land Office today and they told her that they maintain a record of ownership (Thai & Foreign) of all condos. That would take precedence over anything held by another party.

[gaff]

Whatever is the law, I think it is not so smart to put a condo in a Thai name if you have a chance to put it in your foreigner name...

 

 

[gaff]

19 hours ago, HauptmannUK said:

Its my wife's money so we would both like to have it in her name. In the event that she died before me I would make sure it went to her family. 

I don't think the JPM would have a lot of say in allocating condos to the quotas. I think it would the land office that would oversee the transfer.

 

 

Some foreigners are really looking for problems...

 

 

[johng]

 
 
Some foreigners are really looking for problems...
 
 

A good example of
"farang think too mutt"

[baansgr]

With present XE on Sterling, I would be inclined to hold off. After Brexit woes there could be a 20% or more upswing. Worth thinking about

[Korat88]

On 4/22/2018 at 7:30 PM, HauptmannUK said:

We're clear on the law, it will be foreign quota

 

In the case where a Thai national who has a foreigner spouse (whether legitimate or illegitimate) expends money which forms the community property or the jointly acquired property of husband and wife for the acquisition of the unit, whether the purchase is made in the sole name of that Thai national or jointly in the name of the foreign spouse as well, the acquisition shall be considerd be made by the foreigner. In this instance, the foreigner must be a foreigner within the meaning of section 19 Condominium Act:

• under 1 foreigners permitted to have residence in the Thailand under the immigration law,
• under 2 foreigners permitted to enter into Thailand under the investment promotion law, or
• under 5 foreigners or juristic person regarded by law as foreign who have brought in foreign currency into Thailand and exchanged and withdrawn Thai baht from the Thai baht account or foreign currency account), as the case may be.

The Thai national spouse is therefore entitled to purchase a condominium unit in accordance with the entitlement of the foreign spouse and it shall be deemed that such condominium unit is wholly owned by that foreigner because the ownership in a condominium unit is indivisible and governed by section 19 bis.

 

Thank you for starting this thread HauptmannUK. I am also interested in buying a flat in a new condo development, am British, and have been married to a Thai national for over 20 years. I work in BKK, have a work permit, pay Thai taxes, and have savings that I have accumulated in BKK over 10 years employment in my account. From reading the above it would seem I am unable to use my savings to purchase and must bring all the money from the UK when I had only intended to bring 50% of the funds from my UK account. Would someone more experienced in these matters please clarify what I am able to do please? Thank you.

[SheungWan]

21 minutes ago, Korat88 said:

 

Thank you for starting this thread HauptmannUK. I am also interested in buying a flat in a new condo development, am British, and have been married to a Thai national for over 20 years. I work in BKK, have a work permit, pay Thai taxes, and have savings that I have accumulated in BKK over 10 years employment in my account. From reading the above it would seem I am unable to use my savings to purchase and must bring all the money from the UK when I had only intended to bring 50% of the funds from my UK account. Would someone more experienced in these matters please clarify what I am able to do please? Thank you.

You might consider sending savings back to the UK and then transferring back to Thailand for the property purchase. Exchange losses permitting.

[Korat88]

I appreciate your reply SheungWan. That is what I was hoping to avoid and there seems to be a lot of conflicting information out in the public domain about all aspects of this process as can be proved per this other thread on the matter (including differences on what can be done or not with regards to sending and receiving funds in accounts):