Questions about buying a condo in foreign ownership quota

[beautifulthailand99]

I just need some clarity on buying a condo in foreign ownership quota. Firstly I have a Thai wife of 14 years standing so I don't need any replies about insurance/ or protecting myself, thankyou - that said these are the questions ;

 

1. My wife has dual nationality UK/Thai can she buy and own in foreign name ?

2. Can both our names be on the chanote ?

3.If I die first what happens to ownership if she isn't regarded as 'foreign' ?

4. Are there any other tax liabilities over and above the normal ones on transfer as opposed to owning on the Thai side at chanote ?

5. All things being equal what is the perceived foreign ownership premium over Thai/company name ? 

6. Any other thing I haven't thought about !

 

Many thanks in advance for any help you can give me on this. 

 

P.S This seems to be a good link

https://www.cbre.co.th/guides/bangkok-condo-ownership-law

 

UK Stamp Duty Liability 

 

I note in particular as you must include with the foreign exchange transfer the purpose of the transfer that such an act can then have Stamp Duty Implications for the UK . And I would assume the UK transferring bank informs HMRC when a currency transfer occurs for the purchase of an overseas property. 

 

https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

 

You must pay the higher SDLT rates when you buy a residential property (or a part of one) for £40,000 or more, if all the following apply:

it will not be the only residential property worth £40,000 or more that you own (or part own) anywhere in the world
you have not sold or given away your previous main home
no one else has a lease on it which has more than 21 years left to run

 

So when I come to sell my main UK property and downsize in 2/3 years at current rates I would be liable for an extra 3%. 

 

 

Edited November 23, 2019 by beautifulthailand99

[Matzzon]

1. Yes she can, but they rather sww that she use her Thai nationality.

2. Yes they can.

3. Do not have to worry about that. You are married as you say. Then everything bought during the marriage belong to you 50/50. Even without two names as owners.

[beautifulthailand99]

I'm answering my own questions here. The pertinent points for me taken from the CBRE link above are ;

 

• All the money used to purchase a condo by a foreigner must be remitted to Thailand as foreign currency.
• Foreign purchasers need to obtain a "Foreign Exchange Transaction Form" certificate for each payment from the beneficiary bank all these certificates must be shown to the Land Department in order to register the condo.
• When the money is sent to Thailand, a foreign purchaser needs to include in the transfer instructions that the purpose is to buy a condo unit.
• A foreigner who has Thai baht in his non-resident bank account or who has foreign currency bank account in Thailand may withdraw money from such account for the payment of the condo unit. In this case, a withdrawal slip and bank certificate issued by the bank is needed confirming that the funds were withdrawn from those accounts to buy a condo. These documents will be required to be shown at the Land Department.
• Foreigners with Thai spouses who are buying a condo jointly must comply with foreign ownership regulations and transfer all funds to purchase a condo from overseas.

https://www.gov.uk/government/news/hmrc-warns-its-time-to-declare-offshore-assets

Edited November 23, 2019 by beautifulthailand99