Add foreigner to Thai condo ownership ?need send money to Thailand

[JOHN CHAN]

I hold UK passport and on retirement visa renewed annually.

My Thai wife has a condo under her sole ownership. She is willing to add my name in the title deed as a second owner. The condo is fully paid and not on any bank mortgage own. My question is: in this case, there is no such thing as send money into Thailand and get the necessary documents before my name can be added as opposed to a foreigner buying a new condo. Is this scenario feasible.

My second question is: if my wife "gives" her condo to me as a present, do I need to send money from outside to Thailand as there is no actual buy-sell involved?

Many thanks for your time and opinion.

[Delight]

 What is your motive for such a move.?

 

 

[JOHN CHAN]

22 hours ago, Delight said:

 What is your motive for such a move.?

 

 

To obviate the necessity of sending funds from a foreign country into Thailand to buy a condo which may incur a loss in exchange rates, etc.

 

[Delight]

 I think that you need to speak to the land office.

 

Adding your name to the condo title deed will not give you any benefits.Maybe the LO will disagree with that statement.

 

If there is space in the foreign 49% then the condo can be transferred. You will pay transfer costs. 

 

My Earlier Q about motives related to your motives about adding your name -not about efficient money transfer.

In relation to your 2nd Q .The' no actual buy-sell ' is irrelevant, There is a transfer. All transfers attract transfer costs.

 

 

 

 

 

 

[JOHN CHAN]

On 7/5/2018 at 5:23 PM, Delight said:

 I think that you need to speak to the land office.

 

Adding your name to the condo title deed will not give you any benefits.Maybe the LO will disagree with that statement.

 

If there is space in the foreign 49% then the condo can be transferred. You will pay transfer costs. 

 

My Earlier Q about motives related to your motives about adding your name -not about efficient money transfer.

In relation to your 2nd Q .The' no actual buy-sell ' is irrelevant, There is a transfer. All transfers attract transfer costs.

 

 

 

 

 

 

Thanks for information. I am OK with transfer wholly or partly costs. What I do not want is the need to transfer money from overseas into Thailand to buy the condo or own part of it as I do not have any account in an overseas bank nor do I have any relative overseas.

 

[Delight]

5 hours ago, JOHN CHAN said:

Thanks for information. I am OK with transfer wholly or partly costs. What I do not want is the need to transfer money from overseas into Thailand to buy the condo or own part of it as I do not have any account in an overseas bank nor do I have any relative overseas.

 

Section 19/5 of the condo act  states that you can qualify for the necessary FET in 2 ways

Option 1-Evidence that the money has been received by a Thai Bank based in Thailand

Or

Option 2 Evidence that the money has been withdrawn from your overseas bank account

 

From what you state you do not qualify with either option.

Even the laborious process of returning to your homeland with the single purpose of opening a suitable bank  account-then transfer out and transfer back is likely to be a non starter as you may have difficulty in transferring the funds out.

You cannot transfer funds out of Thailand unless you can show official evidence of how you received the funds in the first place.

You need a friendly and accommodating bank manager