condo company name ..options

[Harveyboy]

hello folks first of all im going to tell you all ive not got a clue about this subject so for the more knowledgeable please excuse me   Ok so I bought a condo 7 years ago in company name now my wife's not to happy with the fact she could be burdened with the problem if anything happens to me ie yearly maintenance payments .. accountants fees ect ect.                     Options (1) sell it .not as easy at the moment even if i wanted to nothing seeling                      i bought the condo for me and my teenage kids in Europe to be able to come stay pre marriage to my thai wife.. in reality its theirs so would like them to have some type of legal standing with it                                (2) could i close the company transfer the condo into my wife's name and add my kids by the way of s userfruct i also have a 4 year old son here thai could i put it in his name and and somehow add my other kids ..              ( 3) is it possible just to transfer to your wife or son or does money have to actually change hands .. i know there are a few people here that will read this and think what the hell is he talking about but as i said if i knew i wouldn't be asking   thanks in advance for any help  if you don't know perhaps you know  someone that does ..would be appreciated

[sanuk711]

Just Curious Harveyboy........What made you go to the expense of forming a company just to buy  a Condo .

[Yellowtail]

Out of quota? 

 

Perhaps the company is a going concern? 

[yeahbutif]

If the company is yours And you have the most shares......you can do what you like... I had a company at one time I added my son  to take over the company if I died..but was on the details When j took company out..... ask be the person who set up the company .you may find something to was a miss..and you been tricked into buying it in a company name...but the share holders have the power and not you

 

[blackcab]

The first thing you need to do is contact the building management and find out what is the ownership ratio of Thai citizens to non Thai citizens.

 

Once you know that you can start to make an informed decision.

 

What I would say is that as the condo was purchased before your marriage then your wife currently has no claim against it should you divorce.

 

Let us know what the ratio is and we can further advise you.

[Harveyboy]

9 hours ago, sanuk711 said:

Just Curious Harveyboy........What made you go to the expense of forming a company just to buy  a Condo .

pushed by the agents no foreign name units for sale all taken and a hell of a lot cheaper  learn as we go eh  

[Harveyboy]

Just now, Harveyboy said:

pushed by the agents no foreign name units for sale all taken and a hell of a lot cheaper  learn as we go eh  

also the company eas paid for by the agent didn't cost me anything.. carrot in in front of the donkey eh

[Harveyboy]

22 hours ago, Yellowtail said:

Out of quota? 

 

Perhaps the company is a going concern? 

its never traded i just pay me yearly accounts..

[Harveyboy]

6 minutes ago, Harveyboy said:

its never traded i just pay me yearly accounts..

yes correct no foreign quota left .if i could change it now to foreign i wouldn't id never think of selling i approached the company who run the condo they say no foreign quota  now i know many farangs have sold up here many pre covid and id say the majority of clients now thai..thats all i see there so would this have freed up foreign places ..if so why don't they let me change ..this is just an assumption but as i said thais moving in all the time

[Harveyboy]

21 hours ago, blackcab said:

The first thing you need to do is contact the building management and find out what is the ownership ratio of Thai citizens to non Thai citizens.

 

Once you know that you can start to make an informed decision.

 

What I would say is that as the condo was purchased before your marriage then your wife currently has no claim against it should you divorce.

 

Let us know what the ratio is and we can further advise you.

ok mate will do i did ask the agent before Christmas while i was there they said no free foreign quota..true or not only they know eh

[Harveyboy]

Just now, Harveyboy said:

ok mate will do i did ask the agent before Christmas while i was there they said no free foreign quota..true or not only they know eh

i bought thru a company called matrix best not to say to much on here !!!!!!!

[scubascuba3]

If a divorce is impossible you could transfer it into thai name, your wife. You'll need to pay tax at land office, approx 6% of land office value

 

to be on the safe side I would just keep it in company name, pay the 12k+ annual accounts\audit fees

[Harveyboy]

21 hours ago, blackcab said:

The first thing you need to do is contact the building management and find out what is the ownership ratio of Thai citizens to non Thai citizens.

 

Once you know that you can start to make an informed decision.

 

What I would say is that as the condo was purchased before your marriage then your wife currently has no claim against it should you divorce.

 

Let us know what the ratio is and we can further advise you.

its my wife that wants rid of the condo said to sell it give the money to my kids in Europe if not just to find another way to get it out of company name ...if you have any ideas id like to hear them tks 

[BritManToo]

47 minutes ago, Harveyboy said:

yes correct no foreign quota left .if i could change it now to foreign i wouldn't id never think of selling i approached the company who run the condo they say no foreign quota  now i know many farangs have sold up here many pre covid and id say the majority of clients now thai..thats all i see there so would this have freed up foreign places ..if so why don't they let me change ..this is just an assumption but as i said thais moving in all the time

Up to the land office not the condo company or management or agent.

You have to go to the land office and ask, they keep the records.

If there's spaces it's first come gets it at the land office.

[Harveyboy]

1 hour ago, BritManToo said:

Up to the land office not the condo company or management or agent.

You have to go to the land office and ask, they keep the records.

If there's spaces it's first come gets it at the land office.

ok mate thanks id been led to believe when i e asked both at the condo offices and the main company office that they had the say  ..learn each day eh 

[Harveyboy]

1 hour ago, scubascuba3 said:

If a divorce is impossible you could transfer it into thai name, your wife. You'll need to pay tax at land office, approx 6% of land office value

 

to be on the safe side I would just keep it in company name, pay the 12k+ annual accounts\audit fees

not sure about the divorce bit.we are not spitting up she just wants the company thing gone ..so you are saying if i close the company ..then transferred it into my wifes name there would be about 6% tax to pay..any other expenses  ..if transferred to her could i add one or more of my kids or myself in the form of a userfruct did it here when we built this house..any info appreciated

[Harveyboy]

1 hour ago, BritManToo said:

Up to the land office not the condo company or management or agent.

You have to go to the land office and ask, they keep the records.

If there's spaces it's first come gets it at the land office.

can i contact them direct or go via the condo or matrix tks

[scubascuba3]

2 minutes ago, Harveyboy said:

can i contact them direct or go via the condo or matrix tks

ask the condo office what the thai quota \ foreign quota split % is, it's easier than going to the land office. foreign quota is very likely to be full otherwise they wouldn't of sold you thai quota.

 

Foreign quota can become available when a condo is subsequently sold to thai quota or perhaps a thai wife inherits the foreign quota. To find out that you need to keep close to the office and committee, it's likely they prioritise who to give it to

[Delight]

As I understand your post -it is your wife who is worried -should you die before her.

The condo in a company name - it has nothing to do with your wife,

Currently -assuming that she lives with you-the her status is that of a guest.

If the condo were to be transferred to her name -and the company closed down (expensive) -then  she would be liable for all costs associated with the condo.

As things stand -if you were to die tomorrow -she could just carry on living there-free.

There is no provision -in Thai law-for dealing with this circumstance.

 

Thai law does not recognise  the company route.

If your will  states that your wife will inherit all your Thai assets-then maybe she will also inherit your Thai liabilities.

The major benefit of using the company route relates to inheritance.

To obtain this benefit then remove your name as MD and replace with the name of your offspring.

You may be able to use more than one name -I am not certain about this point.

The cost for this change of names is typically about 10,000 Baht.

The land office are not involved

Your beneficiary has now to pay maintenance fees and audit fees.

 

[blackcab]

3 hours ago, Harveyboy said:

if so why don't they let me change

 

The building management company has no control over who owns what. However, you cannot just change your condo unit from Thai owned quota to foreign owned quota. The only way to do this is to change the ownership of the condo unit via a sale or deed of gift at the land office.

 

This is why I suggested you ask the building management company what the current ratio of Thai to Foreign owned units is. Without this information you will be operating in the dark.

 

The correct answer from the building management company will be a percentage, for example 10.9 per cent or 47.6 per cent. Anything else is not the correct answer.

[BritManToo]

2 hours ago, Harveyboy said:

ok mate thanks id been led to believe when i e asked both at the condo offices and the main company office that they had the say  ..learn each day eh 

They only have a say when the building is new and the condos are first sold.

After that it's up to the land office.

[Yellowtail]

20 hours ago, blackcab said:

 

The building management company has no control over who owns what. However, you cannot just change your condo unit from Thai owned quota to foreign owned quota. The only way to do this is to change the ownership of the condo unit via a sale or deed of gift at the land office.

 

This is why I suggested you ask the building management company what the current ratio of Thai to Foreign owned units is. Without this information you will be operating in the dark.

 

The correct answer from the building management company will be a percentage, for example 10.9 per cent or 47.6 per cent. Anything else is not the correct answer.

If the the ratio allows for more foreign ownership, because it's registered to the company, could he/the company not just sell it to himself, or his foreign children? 

[blackcab]

9 minutes ago, Yellowtail said:

If the the ratio allows for more foreign ownership, because it's registered to the company, could he/the company not just sell it to himself, or his foreign children? 

 

Owning a property via a company is normally done so that the property falls into the Thai quota, as nearly all Thai companies must be majority owned by Thai people.

[Harveyboy]

21 hours ago, BritManToo said:

They only have a say when the building is new and the condos are first sold.

After that it's up to the land office.

hello mate we called the land office direct yesterday they told us nothing to do with them direct must go thru the agent M......x .so called them also and to my surprise No Quota left ... now i know for certain many foreigners have sold here more than likely bought in foreign in name condo owners or renting here now mostly thai so that should have freed up quota i would have thought..now i also know that some condos have not yet been sold could the company be keeping back foreign quota as a way of possibly seeling those and refusing them to people like myself who have already bought...had my money why care ...maybe totally wrong just a thought