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Posted

Foreigners can only buy 49% of any condo block, "the foreign quota". If a condo is already owned by a Thai person, its in the 51% thai owned half of the block. It would depend if there is foreign quota available (less than 49% already foreign owned) if you could purchase it as a foreign quota condo. If quota available in the block, its a straight forward normal sale.

 

Transfer fees and taxes are around 2-5% (depending on seller circumstances) and usually shared 50/50, buyer seller.

Posted

Given that the foreign allocation is used up -and you do not wish to buy it in a Thai name -then the only option that I can think of is to put it into  Thai company.

Pros

Very cheap when selling-no transfer fees.

Much simpler and much lower cost should you wish to bequeath the apartment to a foreigner

Cons

The company has to be audited ever year . About 10,000 Baht

 

Will the government outlaw the practice?

 

I attach a document giving more detail of the procedure

property via company - no third parties.docx

Posted
17 minutes ago, Delight said:

Given that the foreign allocation is used up -and you do not wish to buy it in a Thai name -then the only option that I can think of is to put it into  Thai company.

Pros

Very cheap when selling-no transfer fees.

Much simpler and much lower cost should you wish to bequeath the apartment to a foreigner

Cons

The company has to be audited ever year . About 10,000 Baht

 

Will the government outlaw the practice?

 

I attach a document giving more detail of the procedure

property via company - no third parties.docx 11.25 kB · 0 downloads

Quite a big con if you sell the property out of the company, the cost is written down every year so when you sell there's much greater profit which you pay tax on

Posted
On 5/12/2022 at 11:30 AM, scubascuba3 said:

Quite a big con if you sell the property out of the company, the cost is written down every year so when you sell there's much greater profit which you pay tax on

How does a company profit by selling an asset for the same or less than the book value? 

Posted
3 hours ago, Yellowtail said:

How does a company profit by selling an asset for the same or less than the book value? 

Because there is depreciation applied each year of ownership.

Look up thai withholding tax, its a complex formula that involves years owned, depreciation etc.

Posted
8 minutes ago, scubascuba3 said:

what's your definition of book value?

The value of the asset as listed in the company's book. 

 

For example, is a company buys an asset, it is listed with the rest assets at the full cost. The next year, the value would change to the cost minus one year's depreciation, and the year of depreciation could be deducted as an operation cost. 

Posted
3 minutes ago, Yellowtail said:

The value of the asset as listed in the company's book. 

 

For example, is a company buys an asset, it is listed with the rest assets at the full cost. The next year, the value would change to the cost minus one year's depreciation, and the year of depreciation could be deducted as an operation cost. 

Right so the cost would reduce each year, it's likely the sales proceed would be greater but if not you lose either way

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