close company put condo in sons name

[Harveyboy]

hello looking for a little help ..advice i bought a condo 8 years ago in company name .each year i pay an accountant who just sorts out paperwork tax ect..even tho there is no company as such no income.. just trying to find a way to stop paying fees ...seemed ok but now with C19 and not being able to come to Pattaya regularly i live in the north ..its not such a good investment  must admit been good in the past and used by my family from Europe ..but now id like to close the company and put it in my Thai sons name  problem is he is only 3 years old .. can it be done if so how ?  selling at the moment is impossible as we all know but perhaps in the future who knows perhaps things might get better ...or not eh would it be easier to sell in Thai or company  name in the future ..being optimistic here ..thanks for any help

[AlfHuy]

Why you bought in the first place a "Condo" through a company???

[Peterw42]

If there is foreign quota available, why not transfer the condo to your name, no more company fees. Ultimately more sellable in the future.

 

Do you have the cooperation of the Thai person that owns the other 51% of the company ?

 

[Peterw42]

5 minutes ago, AlfHuy said:

Why you bought in the first place a "Condo" through a company???

People often buy through a company if the 49% foreign quota is full.

[Harveyboy]

1 minute ago, Peterw42 said:

If there is foreign quota available, why not transfer the condo to your name, no more company fees.

 

Do you have the cooperation of the Thai person that owns the other 51% of the company ?

 

no foreign quota last time i asked but that was a few years ago yes I've contacted them all is ok   just whether can put it in 3 year old name ..but saying that perhaps things have changed if foreigners have sold since this C19 perhaps maybe quota not sure how it works ..ill look into  looking for the best .. cheapest option  thanks mate if there is anything else you can  think of .. appreciate it 

[Harveyboy]

Just now, Harveyboy said:

no foreign quota last time i asked but that was a few years ago yes I've contacted them all is ok   just whether can put it in 3 year old name ..but saying that perhaps things have changed if foreigners have sold since this C19 perhaps maybe quota not sure how it works ..ill look into  looking for the best .. cheapest option  thanks mate if there is anything else you can  think of .. appreciate it .

 

[FritsSikkink]

Your 3 year old is going to buy the house from the company? 

[Harveyboy]

4 minutes ago, FritsSikkink said:

Your 3 year old is going to buy the house from the company? 

i want to transfer the chanot into his name  first close the company then put the condo in his name 

[Harveyboy]

48 minutes ago, Peterw42 said:

People often buy through a company if the 49% foreign quota is full.

only option quota was full  price was lower  

[samtab]

24 minutes ago, Harveyboy said:

only option quota was full  price was lower  

 

a very smart choice at first :-)

 

 

[BritManToo]

1 hour ago, Harveyboy said:

just whether can put it in 3 year old name

Yes you can.

beware the mother telling the land office not to do it.

 

[ThaidDown]

1 hour ago, Harveyboy said:

i want to transfer the chanot into his name  first close the company then put the condo in his name 

Believe you will have to 'sell' the company assets, ie the condo, to the son first before you can close the company.

Transfer taxes, based on the Land dept appraised value will need to be paid.

 

Also note that, without court permission, the son will not be able to sell the condo until he is 20 years old.

 

[jvs]

1 hour ago, BritManToo said:

Yes you can.

beware the mother telling the land office not to do it.

 

If the mother is the guardian she will be in charge until the son is 18?

Be careful.

Talk to a good lawyer.

[david555]

2 hours ago, BritManToo said:

Yes you can.

beware the mother telling the land office not to do it.

 

You could  in case of difficult mother .....threatening to sell it at any price and take the money at your own ..... if she has good hart for her son (and maybe for you ..????)    she should accept .

 

You might also declare yourself responsible for  maintenance fees and other obligations , as a 3 year old (or more...) minor can not be saddled with payments (????)

 

As others said , talk to a lawyer before steps...

[FritsSikkink]

13 hours ago, Harveyboy said:

i want to transfer the chanot into his name  first close the company then put the condo in his name 

That doesn't work, condo is an asset in the company, has to be sold before you want to close it down.

[khunPer]

On 2/18/2021 at 5:06 AM, Harveyboy said:

but now id like to close the company and put it in my Thai sons name  problem is he is only 3 years old .. can it be done if so how ? 

Yes, a minor can own property under guardianship.

 

The company will need to "sell" the condo the your son; i.e. transfer out of the company's name; pay tax, stamps, and transfer fee; and thereafter closing the company.

 

In principle the money goes into the company, as the condo is a company asset, where-after you can legally close the company, and any remaining funds can be paid out to the shareholders (you probably don't own more than 49 percent). You need to consult a lawyer for details, and preferred method to close your company.

[Harveyboy]

On 2/18/2021 at 2:45 PM, david555 said:

You could  in case of difficult mother .....threatening to sell it at any price and take the money at your own ..... if she has good hart for her son (and maybe for you ..????)    she should accept .

 

You might also declare yourself responsible for  maintenance fees and other obligations , as a 3 year old (or more...) minor can not be saddled with payments (????)

 

As others said , talk to a lawyer before steps...

no problems with my wife willing to go along with  what i want to do  

[Harveyboy]

15 hours ago, khunPer said:

Yes, a minor can own property under guardianship.

 

The company will need to "sell" the condo the your son; i.e. transfer out of the company's name; pay tax, stamps, and transfer fee; and thereafter closing the company.

 

In principle the money goes into the company, as the condo is a company asset, where-after you can legally close the company, and any remaining funds can be paid out to the shareholders (you probably don't own more than 49 percent). You need to consult a lawyer for details, and preferred method to close your company.

yes 49%

[david555]

6 minutes ago, Harveyboy said:

no problems with my wife willing to go along with  what i want to do  

????

[Delight]

 Assuming that  this process was successful-then there will be 2 areas of cost.

 

1) Transfer from the company to a Thai citizen(i.e. your son) Transfer charges will apply. Probably about 6% of the appraised value of the  apartment.Maybe a bit less than 6% . The appraised value appears on the paper associated with the Condominium Title Deed. Chanotes only apply to land.

2) Closing down the company. This  part can be expensive. I hear costs of 100K Baht.

Others can probably provide more up todate info.

 

Then ,at the end of the day ,the condo ends up in a Thai name. If ,in the future the expectation is to sell the apartment to a foreigner -then being in a Thai name is the worst circumstance.

The new foreigner buying will typically have to set up a new company. 

So I suggest that you obtain an accurate cost of the process total -before you start.

[Harveyboy]

2 hours ago, Delight said:

 Assuming that  this process was successful-then there will be 2 areas of cost.

 

1) Transfer from the company to a Thai citizen(i.e. your son) Transfer charges will apply. Probably about 6% of the appraised value of the  apartment.Maybe a bit less than 6% . The appraised value appears on the paper associated with the Condominium Title Deed. Chanotes only apply to land.

2) Closing down the company. This  part can be expensive. I hear costs of 100K Baht.

Others can probably provide more up todate info.

 

Then ,at the end of the day ,the condo ends up in a Thai name. If ,in the future the expectation is to sell the apartment to a foreigner -then being in a Thai name is the worst circumstance.

The new foreigner buying will typically have to set up a new company. 

So I suggest that you obtain an accurate cost of the process total -before you start.

thanks mate   yes it deems there is s lot more to it than i thought that's why its good to be able to use TV and get some help ..so you think it would be harder to sell it ...if ever the day comes when people start to buy again if it on Thai rather than company ..i went to the office here today to ask if there is any foreign quota left   girl hadn't got a clue gave me a phone number ill call Monday ..any ideas  of cost if i can transfer to foreign..thanks for the help ..

[Delight]

2 hours ago, Harveyboy said:

thanks mate   yes it deems there is s lot more to it than i thought that's why its good to be able to use TV and get some help ..so you think it would be harder to sell it ...if ever the day comes when people start to buy again if it on Thai rather than company ..i went to the office here today to ask if there is any foreign quota left   girl hadn't got a clue gave me a phone number ill call Monday ..any ideas  of cost if i can transfer to foreign..thanks for the help ..

 When you say 'transfer to foreign' I assume that you mean transfer to yourself.

The cost of transfer is as I indicated before. 

 

Reference ease of sale. Most foreigners will prefer to buy an apartment  in an existing company as distinct from  Thai owned. No new company to set up.No transfer fees. Easy and cheap.

If an apartment has been in  a company for years and all the audits are up to date-then to my mind it is very stable . 

If around  49% of the apartments are in foreign name -then I would leave it in a company. If -however -over the years- the condo has become -for example-75% Thai and 25% foreign -then I would transfer to my own name. Transfer charges still apply -however the apartment will have the higher commercial status -and no audit fees.

 

I can see no case to transfer into a Thai name-marital issues aside. 

 

Keep pressing the office girl for an answer. It is a simple calculation. If only 25% (of the total  area) is in foreign names then 24% (of the total area) can be transferred to foreign ownership.  Clearly this possibility is only available to a foreigner.

 

If that fails then approach the Juristic Person Manager. If no action from  that approach then attend the next AGM.

Thai people are only motivated if there is something in it for them -in the immediate short term.

JPM's are not different.  If he/she (JPM) is stalling  -suspect that they are looking for a  bribe. 

Give them one!

[the green light]

On 2/17/2021 at 11:06 PM, Harveyboy said:

hello looking for a little help ..advice i bought a condo 8 years ago in company name .each year i pay an accountant who just sorts out paperwork tax ect..even tho there is no company as such no income.. just trying to find a way to stop paying fees ...seemed ok but now with C19 and not being able to come to Pattaya regularly i live in the north ..its not such a good investment  must admit been good in the past and used by my family from Europe ..but now id like to close the company and put it in my Thai sons name  problem is he is only 3 years old .. can it be done if so how ?  selling at the moment is impossible as we all know but perhaps in the future who knows perhaps things might get better ...or not eh would it be easier to sell in Thai or company  name in the future ..being optimistic here ..thanks for any help

first you cannot put the condo in your son ..He is minor and they cannot own property.

secondly you can close the company and buy the property yourself.it will cost you a  good bht30k to close the company >you can work the detail to transfer the condo unto your name.

if you cannot ..sell the condo and buy another one the market is down..

[Harveyboy]

19 hours ago, Delight said:

 When you say 'transfer to foreign' I assume that you mean transfer to yourself.

The cost of transfer is as I indicated before. 

 

Reference ease of sale. Most foreigners will prefer to buy an apartment  in an existing company as distinct from  Thai owned. No new company to set up.No transfer fees. Easy and cheap.

If an apartment has been in  a company for years and all the audits are up to date-then to my mind it is very stable . 

If around  49% of the apartments are in foreign name -then I would leave it in a company. If -however -over the years- the condo has become -for example-75% Thai and 25% foreign -then I would transfer to my own name. Transfer charges still apply -however the apartment will have the higher commercial status -and no audit fees.

 

I can see no case to transfer into a Thai name-marital issues aside. 

 

Keep pressing the office girl for an answer. It is a simple calculation. If only 25% (of the total  area) is in foreign names then 24% (of the total area) can be transferred to foreign ownership.  Clearly this possibility is only available to a foreigner.

 

If that fails then approach the Juristic Person Manager. If no action from  that approach then attend the next AGM.

Thai people are only motivated if there is something in it for them -in the immediate short term.

JPM's are not different.  If he/she (JPM) is stalling  -suspect that they are looking for a  bribe. 

Give them one!im going to the main office here tomorrow at Matrix.. honestly the people in the office  not got a clue ..ive been asking when the next  meeting is they said will send e mail Nope never had one ..as far nothing changes as far as shareholders..got a meeting this week my accountant wants some cash ill ask her she runs business services  might be able to help   

 

[Harveyboy]

12 hours ago, the green light said:

first you cannot put the condo in your son ..He is minor and they cannot own property.

secondly you can close the company and buy the property yourself.it will cost you a  good bht30k to close the company >you can work the detail to transfer the condo unto your name.

if you cannot ..sell the condo and buy another one the market is down..

what about the quota here if no % left for foreign ..then cannot put in my name or can i ..selling yes i would but market not  good  to sell even tho i think its a fairly well sought after condo here ..or was before C19  thanks for the feed back mate