Buying a condo with Thai wife what protection do I have

[karl2007]

Hi,

 

I am planning to buy a 1 bedroom condo. I am currently working and have saved up ~80% of the money, and my wife will put the other ~20%.

 

The 80% is coming from the money I have earned while living in Thailand. I have a work permit and an extension of my visa based on Marriage.

 

I am just wondering can I own any of the condo, or will it be all in my wife's name. My wife is ok with me owning 80% and her owning 20% if that is possible.

 

We don't have any children.

 

Many thanks for any advice on this

 

 

 

 

Edited February 20, 2019 by karl2007

[Dinobot]

How about you own the whole condo and she loans you the 20%?

Owning property in any proportion with a Thai always seems like a recipe for the foreigner getting screwed out of it down the road.

[Puchaiyank]

Put condo in your name...pay her back the 20%...keep receipts....

[bigginhill]

You can own outright the condo as long as there are not more than 49% sold in the building to foreigners already. 

Best in one name if you wanted to sell she could refuse to sign the sale. 

However.... I did read somewhere that anything bought after marriage would be divided, there are other threads on this. Also debts are divided I believe. 

[karl2007]

I would rather go with owning 80% and my wife owning 20%. As it seems fair as everyone is getting out what they put in.

 

However, I was wondering about the money that I am using to buy the condo, as it is money that I have earned from living in Thailand. It was my understanding that the money has to come from a foreign bank account and I can't use the money I have earned. Is this still the case?

 

The amount of foreign owners is less than 49%. 

Edited February 21, 2019 by karl2007

[Delight]

 The Condominium Title Deed only deals with People -not percentages.

If the condo is in the foreign quota then you each own 50%

If the condo is in the Thai quota and  both names feature on the Deed then the condo is Thai owned

If the Thai died -with no Thai family -then the Judge will more than likely grant ownership to the foreigner .

Conditional that the condo is sold within 12 months.

 

I would seek advice about putting the condo in a company.

 

Reference the FET

 

The money has to be officially seen as coming into Thailand

No legal way around it.

I understand that illegal ways exist.

Suspect that the FET is not required if a Thai company is employed.

That said I am not 100% certain about this

 

 

Edited February 21, 2019 by Delight
Added detail

[ozmeldo]

I'd put it in your name and create a will with her as beneficiary. Tell her it's half hers and to be happy with it. If not, she doesn't want a condo bad enough. I'm in a similar situation and would do this although I think all I can get out of her will be 500k to finish the condo because I want her to still have 500k+ cash on hand.

 

No receipts, while you are married and keep finances separate and it is a business deal, there's a level of trust you must demand. In the end she gets 50% upon divorce, but no need to tell her that.

 

I'm wondering if any banks might be *convinced* to write FET with tax history and work record. Curious if the government tracks the incoming transaction. It can't be cash correct?

 

I wouldn't use a company

Edited February 24, 2019 by ozmeldo

[dsj]

I would recommend that you borrow the 20% from your wife and just put only your name on the title (if it's under the 50% foreign quota)as it would give the option of selling it to a foreigner or Thai in the future, if it's in both or your names and the 50% quota has been reached for the building, then you would only be able to sell it to a Thai.

[Hummin]

 The condo marked is going to have a an adjustment soon, so I would wait. 2. I would save up for 100% financial payment myself, or make a bank loan for the rest of the payment in her name, but you pay. Get everything 100% in your name just for the simplicity of the whole situation if somethings goes wrong with the relationship or something happens to her or you for that sake. 

 

I thought the money have to come from abroad only matters if you are going to transfer the money out of the country one day? 

 

At the moment it is better to rent than buy, my two cents. Of course depends on where you want to buy and live. 

 

Keep investments and love seperated. Many girls just wait for getting that little power to keep you as hostage ???? 

[madmen]

17 minutes ago, Hummin said:

 The condo marked is going to have a an adjustment soon, so I would wait. 2. I would save up for 100% financial payment myself, or make a bank loan for the rest of the payment in her name, but you pay. Get everything 100% in your name just for the simplicity of the whole situation if somethings goes wrong with the relationship or something happens to her or you for that sake. 

 

I thought the money have to come from abroad only matters if you are going to transfer the money out of the country one day? 

 

At the moment it is better to rent than buy, my two cents. Of course depends on where you want to buy and live. 

 

Keep investments and love seperated. Many girls just wait for getting that little power to keep you as hostage ???? 

"The condo marked is going to have a an adjustment soon"

TV experts have been saying this for the last 20 years along with  " the baht will  implode"

They couldn't have got it more wrong!!

 

 I have friends that missed incredible buying opportunities when I bought lower sukhumvit  thirteen years ago after buying into the TV bar stool annalists... Now they have been completely priced out of the market as the sales boom continues as prices are pushed up to multiples of what I paid. They now stuck in the rental merry go round

[BobbyL]

On 2/21/2019 at 3:05 PM, Delight said:

Reference the FET

 

The money has to be officially seen as coming into Thailand

No legal way around it.

 

 

 

Is that true even if you're married to a Thai and live here with a valid visa and WP.

 

For example, say we're putting down 1M deposit on a condo that we intend to buy together, then that money even though it is earned and saved in a joint account here isn't accepted?

 

Or am I confusing the situation. 

[Hummin]

27 minutes ago, madmen said:

"The condo marked is going to have a an adjustment soon"

TV experts have been saying this for the last 20 years along with  " the baht will  implode"

They couldn't have got it more wrong!!

 

 I have friends that missed incredible buying opportunities when I bought lower sukhumvit  thirteen years ago after buying into the TV bar stool annalists... Now they have been completely priced out of the market as the sales boom continues as prices are pushed up to multiples of what I paid. They now stuck in the rental merry go round

I said it dependes where you want to live. Impossible to miss that point. Most other places do experience stagnation now, impossible to sell, prices have been almost half down to less than 50 000,- m2, and still unsold for years. 

 

In the middle of BKK or central Pattaya, yes, go ahead, since when you invest it is all about location location and location. 

 

The most important is do you have the money to invest? 

[SOTIRIOS]

...you ask for advice....yet...you know better....???

 

...oh well....you will lose your shirt soon enough....

[Snow Leopard]

Thai wife. Buying after marriage. It's 50/50 no? So she gets the 30% balance if it goes wrong on the numbers on the split you mentioned. On the positive side, you get to live rent-free for however many number of years. Work out the difference and you should come close to an answer. 

[weegee]

In answer to the Heading of your Post.....NONE !!!

[Fairynuff]

On 2/21/2019 at 3:05 PM, Delight said:

 The Condominium Title Deed only deals with People -not percentages.

If the condo is in the foreign quota then you each own 50%

If the condo is in the Thai quota and  both names feature on the Deed then the condo is Thai owned

If the Thai died -with no Thai family -then the Judge will more than likely grant ownership to the foreigner .

Conditional that the condo is sold within 12 months.

 

I would seek advice about putting the condo in a company.

 

Reference the FET

 

The money has to be officially seen as coming into Thailand

No legal way around it.

I understand that illegal ways exist.

Suspect that the FET is not required if a Thai company is employed.

That said I am not 100% certain about this

 

 

If the money has been earned legitimately via a work permit it can be used

Edited February 26, 2019 by Fairynuff

[Pilotman]

Here we go again, someone asking advice from all the 'legal experts' on TV.  There are a few practical options for joint ownership of property in Thailand, including for condo purchase.  For goodness sake, just go talk to a reputable Thai law firm and get the right answer.   There are a few that you can trust to give you the right advice, but I would stay clear of the many 'one man bands' operated by farangs in LOS, or visa agents posing as lawyers.

[bkk6060]

Rent!

[xylophone]

56 minutes ago, Snow Leopard said:

Thai wife. Buying after marriage. It's 50/50 no? So she gets the 30% balance if it goes wrong on the numbers on the split you mentioned. On the positive side, you get to live rent-free for however many number of years. Work out the difference and you should come close to an answer. 

As I understand it, assets acquired after marriage are split 50/50 upon divorce, but your wife may deem it ok that you work out your own arrangements as to who gets what.

[YT3k72Em]

58 minutes ago, Fairynuff said:

If the money has been earned legitimately via a work permit it can be used

Only if you have PR.  Without it you require foreign currency.

[newnative]

2 hours ago, dsj said:

I would recommend that you borrow the 20% from your wife and just put only your name on the title (if it's under the 50% foreign quota)as it would give the option of selling it to a foreigner or Thai in the future, if it's in both or your names and the 50% quota has been reached for the building, then you would only be able to sell it to a Thai.

    I thought the information you have given to be true until just recently. My Thai partner and I bought a condo in Bangkok.  We bought the condo from the developer in foreign quota and the contract only had my name on it (foreigner).  However, when we went to closing, the developer (one of the largest in Bangkok) said my Thai partner could have his name on the Chanote, as well as mine.  The foreign quota is preserved and if one of us should die, the other can continue to use the condo or sell it in foreign quota.  Had we known this, we would have put my Thai partner's name on a condo we bought earlier in Pattaya, which is in foreign quota but just under my name on the Chanote.

[Snow Leopard]

2 hours ago, xylophone said:

As I understand it, assets acquired after marriage are split 50/50 upon divorce, but your wife may deem it ok that you work out your own arrangements as to who gets what.

Okay but worst case would be 50/50

[BritManToo]

On 2/20/2019 at 2:41 PM, karl2007 said:

I am just wondering can I own any of the condo, or will it be all in my wife's name.

Yes and No.

You have to decide if it's in the foreigner owned or Thai owned 50% of the condo.

It can't be in both.

[4MyEgo]

On 2/21/2019 at 6:40 PM, karl2007 said:

I would rather go with owning 80% and my wife owning 20%. As it seems fair as everyone is getting out what they put in.

You ask the question, then you answer your own question.

 

On that, I will not provide you with no more than this:

 

1) Once had a mate buy a townhouse in his and his wife's name, not sure of the split, maybe it was a 50/50 split, a few years later he went back to his own country after they split up, she remained in the townhouse till he could sort things out, she got his name taken off the title and sold it, i.e. anything is possible in Thailand, and he had no recourse, so only invest as much as your prepared to lose, in your case 80% it would appear.

 

2) I built the wife a big house, purchased a new car in her name, we have kids, been together for 12 years, so what I have invested is 10% of my worth, the other 90% is back in the old country, so if things went sour, all I would have to do is catch a flight back to the old country, she would get the 10% that I invested here, now that's what I call fair, nothing weighing me down to go through lawyers and courts.

 

Do the maths, keep your finances separate and if things went sour, you could leave without having to go through any financial stress, and let's face it, property prices in Thailand are not going anywhere soon, so why not rent for a while, a long long while, as rents are cheap, so I am told.

Edited February 26, 2019 by 4MyEgo

[4MyEgo]

50 minutes ago, Snow Leopard said:

Okay but worst case would be 50/50

That's 30% more to her for 20% down, not bad for being a "B", so naturally any female wouldn't mind him paying for 80%, come collect day, it's 30% more to her ????

 

This is a bad mathematical position for any bloke to be in, in my opinion.

 

Marriages must be looked at like business transactions, i.e. you wouldn't give your business partner more than what he/she is legally entitled to now would you. So why give your wife 30% more of what she would put down in the business deal, the maths doesn't add up, e.g. hey honey want to put down 20% (I love you) and then tomorrow when she says (I don't love you anymore) I want to sell and get my 50% "legally".

 

Please don't tell me that you would take her word that she wouldn't do such a thing, because what you would be doing in essence is handing over to her 30% more "legally", and you have no recourse of action to challenge the law as it states it's 50/50 regardless of what you put down and what she put down.

 

Why not loan her 30% of the funds, so she has 50%, the lawyer can draft up a document with a repayment plan, when she signs, you can hand the money over at settlement, and I will bet my left one she won't go for it. If she does, you can call me a mug ????

 

 

 

Edited February 26, 2019 by 4MyEgo

[Snow Leopard]

8 minutes ago, 4MyEgo said:

That's 30% more to her for 20% down, not bad for being a "B", so naturally any female wouldn't mind him paying for 80%, come collect day, it's 30% more to her ????

 

This is a bad mathematical position for any bloke to be in, in my opinion.

 

Marriages must be looked at like business transactions, i.e. you wouldn't give your business partner more than what he/she is legally entitled to now would you. So why give your wife 30% more of what she would put down in the business deal, tha maths doesn't add up, e.g. hey honey want to put down 20% (I love you) and then tomorrow when she says (I don't love you anymore) I want to sell and get my 50% legally. Please don't tell me that you would take her word that she wouldn't do such a thing, because what you would be doing in essence is handing over to her 30% more legally, and you have no recourse of action to challenge the law as it states it's 50/50 regardless of what you put down and what she put down.

 

Why not loan her 30% of the funds, so she has 50%, the lawyer can draft up a document with a repayment plan, bet my left one she won't go for it. If she does, you can call me a mug ????

 

 

 

Relationships. What can I say? I said that he would be handing her 30% for some free rent.  

[4MyEgo]

1 minute ago, Snow Leopard said:

Relationships. What can I say? I said that he would be handing her 30% for some free rent.  

#22

 

You said: "Okay but worst case would be 50/50"

[Snow Leopard]

3 minutes ago, 4MyEgo said:

#22

 

You said: "Okay but worst case would be 50/50"

Yes on the proceed split. 

[xylophone]

1 hour ago, Snow Leopard said:

Okay but worst case would be 50/50

Ostensibly yes, however there may be cases where the farang wants to go back home (for example) and willingly hands over ownership of the condo to his wife.

 

Similarly when I was divorced in the UK, I handed over much more than my wife was due, because I wanted her to have a good start in her "new life".

 

Surely it all depends upon the circumstances of the breakup. 

 

But having said that the OP was concerned about his "protection" so the 50/50 scenario is indeed the worst case scenario.

[Fairynuff]

5 hours ago, YT3k72Em said:

Only if you have PR.  Without it you require foreign currency.

I have a friend whose experience is different WP no PR