Retiring

[mynot]

I've read all the relevant threads regarding retiring in Thailand and now have some queries. Can someone offer advise.

My wife (who is thai) and I are hoping to retire to Thailand in the next 6 months. I am 54 , so I qualify for the retirement visa with enough funds. the fact that I am also married to a Thai, qualifies me as well. We also own a condo in Pattaya and plan to live there.

My wife mentioned that even though we are retiring over there, she wants to buy condos, do them up and resell them.

I know that there will be a problem if I buy and sell condos. But providing that everything is in my wife's name. Can anyone foresee this causing any problems with authorities.

Thanks.

[Sojourner]

So you have three choices as far as I can see. First is to qualify for a "retirement visa", second a "marriage visa" and third an "investment visa". If you buy condos with offshore money they can be in your name exclusively. I am not sure why you would have a problem buying and selling condos in the eyes of the Thai Government unless you, personally want to keep from paying taxes on the sales. This may be necessary if you are on a retirement visa, but it may be possible if you have an investment visa or marriage visa. Check with a trusted Thai law firm. Obviously if the condos are in your wife's name there is risk. She will also be liable for any taxes on the profits when the units are sold, so I don't see what the gain is doing it that way. Perhaps more knowledgable members can enlighten us.

[mynot]

I was under the impression that I was not to work under any circumstances. If I transfer money to Thailand and buy and sell condos, aren't I up for higher tax rate as a foreigner. My wife and I are not trying to bypass any taxation. Just want to be sure that we can buy and sell without any probs.

I will look into the Investment Visa.

Appreciate the advise.

Edit: If my wife bought and sold, then she could sell to a Thai national, whereas, I would have to make sure that I was under the 49% foreign owned rule.

[astral]

The marriage visa should be the simplest for you.

Your wife can buy and sell Condo's without too much difficulty.

Buying is simple and as an ordinary person, selling is also straight forward.

There are some property taxes, based on how long you have owned the

property.

However if a company buys and sells the property then there will be a tax in the

company, for the profit.

As far as I understand it you (a farang) can only buy a new condo, and there

are limits on 49% ownership in the block, etc.

Makes its quite a complicated deal.

Hope this helps.

[PeaceBlondie]

I doubt I'd buy a condo, although I could (esp. if my present landlord made a good offer on the used condo I'm in now, but that's doubtful, too).

Anyway, I run into enough farang who aren't married to a Thai, and they might want to buy. So, are you saying that foreigners can only buy NEW condos, perhaps in developments that are 51% Thai owned?

[mynot]

The Condo I bought, is not new. Its approx 7 years old. But we bought it last year off another farang, who already had the proper "foreign owned" title. So I was told by the Real Estate ppl that it would be better if the Condo was in my name only.As it would then be easier to sell later on to another farang.