Transfer Of House From Company Ownership To My Wife.

[DaddyCool]

Would like to transfer the ownership of my house which is currently an asset of my limited company to my wife (Thai)

Just wondered the best way to go about it? Plus any costs involved.

Thanks for any info.

[torrenova]

Presumably the same as from one Thai to another as the company is itself Thai. You would then be left with the costs of closing the company presumably.

[manarak]

Depending on the motivation behind the transfer (fear of crackdown vs. generous feelings), it could be a good idea to have your company grant an usufruct to you before making the transfer.

... umm... strike that, it would be a good idea in any case.

[churchill]

Assuming you have other assets in your company I would think that you would have to transfer the house and land ? via a sale to your wife at the land office incurring tax and land office fees /

[stgrhe]

A minuted and signed protocol form a board meeting will be required before the land office accepts the transfer.

[DaddyCool]

Depending on the motivation behind the transfer (fear of crackdown vs. generous feelings), it could be a good idea to have your company grant an usufruct to you before making the transfer.

... umm... strike that, it would be a good idea in any case.

A usufruct definately sounds like a smart move.

Motivation.....dont want to waste 40,000 Baht each year on tax!

[happylarry]

When I had my previous house it was in my companys name and I investigated doing just what you are thinking of...but...when I checked with my lawyers the cost of closing down the company together with the tax you have to pay to the land office put me off the idea completely.

I have now sold the company complete with the house and moved to Isaan and the new one is in her name so its all sorted now.

But check it out first before you go to far.

HL