Spaniel Posted December 16, 2019 Share Posted December 16, 2019 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. Link to comment Share on other sites More sharing options...
ThomasThBKK Posted December 16, 2019 Share Posted December 16, 2019 (edited) 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 1 Link to comment Share on other sites More sharing options...
baansgr Posted December 16, 2019 Share Posted December 16, 2019 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 1 Link to comment Share on other sites More sharing options...
Spaniel Posted December 17, 2019 Author Share Posted December 17, 2019 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. Link to comment Share on other sites More sharing options...
Delight Posted December 17, 2019 Share Posted December 17, 2019 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 1 Link to comment Share on other sites More sharing options...
Henryford Posted December 18, 2019 Share Posted December 18, 2019 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. 2 Link to comment Share on other sites More sharing options...
John Sutherland Posted January 8, 2020 Share Posted January 8, 2020 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. 1 Link to comment Share on other sites More sharing options...
URMySunshine Posted January 15, 2020 Share Posted January 15, 2020 (edited) 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 1 Link to comment Share on other sites More sharing options...
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