iew Talay 2A condo transfer

[Spaniel]

I have owned a condo in VT 2A for many years and now would like to transfer ownership to my 29 year old dual national (Thai/American) son.    How is this done?    I will be giving it to him, not selling. 

[ThomasThBKK]

U can just gift it to him on his thai passport. You prolly have to pay taxes on the landoffices valuation tho, which isn't much.

 

There's no gift tax in this case if it's under 20 mio THB worth.

 

Quote

Immovable property or rights of occupation of immovable property (excluding when such property or rights are given to a legitimate son or daughter without compensation and are worth less than 20M THB)

 

 

You don't need contracts or anything, thais do this all the time afaik.

Edited December 16, 2019 by ThomasThBKK

[baansgr]

Its possible for Thais to gift children property with a transfer fee of 0.5%. As a Foreigner you may not have the same rights as Thai nationals. Also, you would be transferring to a Thai National so he would loose the foreign ownership element. Land office in Pattaya will confirm what you can do

[Spaniel]

16 hours ago, baansgr said:

Its possible for Thais to gift children property with a transfer fee of 0.5%. As a Foreigner you may not have the same rights as Thai nationals. Also, you would be transferring to a Thai National so he would loose the foreign ownership element. Land office in Pattaya will confirm what you can do

Our son has dual nationality, Thai/American.     I am hoping I can give the condo to him as a foreigner so he can maintain the foreign ownership status.

[Delight]

4 hours ago, Spaniel said:

Our son has dual nationality, Thai/American.     I am hoping I can give the condo to him as a foreigner so he can maintain the foreign ownership status.

  In that case it will be classed as a straight sale.Foreigner to Foreigner.

All transfer fees apply.

It being Father to son is irrelevant.

Your son will require a FET

[Henryford]

19 hours ago, Delight said:

  In that case it will be classed as a straight sale.Foreigner to Foreigner.

All transfer fees apply.

It being Father to son is irrelevant.

Your son will require a FET

Yes he will need to bring in funds equal to the value of the condo from abroad, even though he pays nothing.

[John Sutherland]

On 12/17/2019 at 8:46 AM, Spaniel said:

Our son has dual nationality, Thai/American.     I am hoping I can give the condo to him as a foreigner so he can maintain the foreign ownership status.

When in Thailand your son only has Thai nationality.  Also in America, he only has American nationality. In the rest of the world he is a dual national.

[URMySunshine]

On 1/9/2020 at 12:10 AM, John Sutherland said:

When in Thailand your son only has Thai nationality.  Also in America, he only has American nationality. In the rest of the world he is a dual national.

I live for part of the time in VT2A , you choose well way back when - the foreigner quota has long been full but they rarely sell unless they are keenly priced in this market. You can transfer from foreign quota to Thai quota with no issues and the difference in value now without foreigners queuing up to buy won't be much I would have thought. 

Edited January 15, 2020 by URMySunshine