Expert Urges Government To Raise Tax For Foreign Condo Buyers

[G_Money]

Many times told and still true to this day.

 

Don’t burn your bridges back home.

[chiang mai]

4 hours ago, timendres said:

 

I think there might be one other thing going on here.

 

The Thai government is getting quite desperate for revenues.

They are frantically looking everywhere for potential income (spelled tee aitch e ef tee)

 

To @chiang mai's point, I suspect the potential tsunami of money that would like to

escape China is also a concern. Not so much to protect Thai nationals, but to prevent

an unsustainable inflation that could jeopardize their banking system. I suspect that the

ghosts of the Tom Yum Kung crisis still haunt decision makers here.

 

Fear of those ghosts has been evident in many aspects of the Thai economy, ever  since the crash. Between 2000 and 2020, the government debt to GDP ratio was driven down to as low as 38%, it was only the appearance of covid that forced them to spend more. Even the IMF was telling them year after year that it's OK to run a sensible budget deficit but still they refused..

 

https://tradingeconomics.com/thailand/government-debt-to-gdp

 

Edited September 29 by chiang mai

[bbi1]

On 9/25/2024 at 8:39 AM, Mason45 said:

I have 3 properties all in my wife's name. There's been no problems so far and we've been married for 22 years. Thai women aren't the only ones who choose to take their husbands / partners to the cleaners.

I think you are confused. Your wife has 3 properties in her name. You have zero properties in your own name. She could sell it and the money is all hers.

[Johno57]

On 9/30/2024 at 3:38 AM, KhunHeineken said:

What floor is the condo on? 

off the plan 28 floor 34sqm 1bedroom huahin

[Johno57]

On 9/25/2024 at 8:39 AM, Mason45 said:

I have 3 properties all in my wife's name. There's been no problems so far and we've been married for 22 years. Thai women aren't the only ones who choose to take their husbands / partners to the cleaners.

i have no worries about my wife just the constant burocratic changes..

[oldcpu]

On 9/23/2024 at 5:39 AM, Johno57 said:

I am on the verge of buying a condo in Hua hin in my thai wifes name, as I am told this would cut down the the paper work & conditions down..but any more talk of taxes & racist conditions being made & I will simply rent &so will every body else...

 

Renting can be a good approach as long as rents don't sky rocket.  In the (foreign freehold) condo where I live (and purchased in 2016) typically monthly rents were 75,000 to 80,000 THB per month for a one year lease (year 2016).  During COVID years this dropped to ~55,000 to 75,000 THB per month.  The asking price today (year 2024), for a one year lease, for the same properties, is 120,000 THB/month.  That is a BIG increase.  Many renters simply moved out due to the price increase (and new renters with more money moved in).

 

I purchased a foreign freehold condo in the complex where I live in year 2016 and I am glad I did.  Asking prices then for a foreign freehold condo in my complex were about 18-million to 19-million THB. The CJPM/Committee have done a good job in maintaining the complex, and asking prices now are 23-million THB per unit. 

 

This is always the risk with real estate, and that is especially true in Thailand.  I know of condos in Thailand whose prices have fallen by 50% since their original offerings (by the developer) as the complex was never maintained well by the CJPM/committee management. Those owners of condos are disappointed at the price drop.  And I also know of condos (mine being one) where price has increased.  Its VERY difficult to foresee the future here.

 

Also, if buying a condo in your Thai wife's name, that means it will be a Thai freehold.

 

My experience is that the liquidity of Thai freehold (especially for luxury condos) is much less than the liquidity for foreign freehold.  If it was in your name, the condo would be a foreign freehold.  So if you and your wife want to sell a "Thai freehold" condo, it might be on the market for a long time before it sells. In contrast a foreign freehold on average sells much faster.

 

And I assume you have taken into account the risks that (1) if disaster should occur and your wife pass away, you have one year to sell the Thai condo (as a Thai freehold condo can not be owned by yourself as a foreigner), and after the 1 year if not sold the government will auction it off at a dirt cheap price, and (2) if another disaster, such as your wife and yourself having irreconcilable differences, then she could evict you from the condo.

 

So there are major risks with a foreigner having their Thai wife purchase a Thai condo in the Thai wife's name - and these are aspects that need to be considered as well.

 

 

[Johno57]

On 10/5/2024 at 10:13 AM, stevenl said:

Thanks for mentioning that. By sabotaging the iran deal trump destabilised the whole area.

 

On 10/5/2024 at 2:44 PM, billd766 said:

The money that was returned to Iran, actually belonged to Iran in the first place and was for military equipment ordered by the Shah of Iran and cancelled after his overthrow.

 

Any person who even did an internet search would know that. Obviously fools who have no idea and never research the story would not know that.

 

There are many links about that on the internet talking about that fact.

 

Here is one that has been fact checked which proves the story is false and misleading. No self respecting MAGA supporter would read it anyway.

 

https://www.factcheck.org/2024/05/posts-misrepresent-unfreezing-of-16-billion-in-iranian-funds/

 

On 9/23/2024 at 12:45 PM, JackGats said:

Then what is the point of not losing money to the Thai government if you are going to lose it all to a wife or ex-wife? Men think they are clever doing things "in my wife's name" while all they're doing is jumping out of the frying pan into the fire.

You obviously have been stung before mate but I got absolutely no fear of my wife ever crossing me... and even if she did 3 million baht spent would be a drop in the ocean to what I got overseas, and simply a goodbye present...

[norsurin]

On 9/23/2024 at 12:39 AM, Johno57 said:

I am on the verge of buying a condo in Hua hin in my thai wifes name, as I am told this would cut down the the paper work & conditions down..but any more talk of taxes & racist conditions being made & I will simply rent &so will every body else...

Then u have a choice..pay taxes or might loose it all the day she decides to throw u out.

I will never ever buy anything in Thailand.I dont take any chances.

I rent while staying there.Pay rent..and when i leave dont have to think about anything.

[Johno57]

Such a defeatest attitude you have, you are truly not an investor in any sense of the word..after five years if you own a condo you can resell & no capital gains or taxes are required as for saving on rent on that 5 year period or gaining rental income when not using the condo is another bonus..& as for the assumption my wife would ever try to take advantage just shows your stupidity of how our relationship would ever falter & if it did it would merely be a couple of million baht as a goodbye present which would not impact me in the slightest ...but it seems you are the opposite you poor sole...you must live a truly basic lonely   lifestyle with the future holding no hope or gain in  capital ...

Edited October 11 by Johno57