Jump to content

A Property Question...


Recommended Posts

Could someone please advise me...

I am looking to buy a house, which is owned in a Thai company name..

Can i simply purchase the shares/voting rights from the current British owner, or would i have to set up my own Ltd company and transfer the property into it.

Any ideas what the tax / legal expenses are likely to be - the property is 4m B

Secondly, once i have the proprty in the limited company - if i buy a new condo - can i put the new condo into the ltd company name - or is it one property per limited company ??

Thanks in advance...

Link to comment
Share on other sites

  • Replies 88
  • Created
  • Last Reply

Top Posters In This Topic

Read the forum a bit and you find out that using nominee company is not advisable anymore as it is technically illegal and and could be the target of next crackdown any time.

There is other ways, just read and search the forum.

Link to comment
Share on other sites

the 3 or 4 developers we went to have 2 price lists - the Thai price (cheaper) and the Foreigner price...

They were all singing from the same hymn sheet and said that they could easily sell the Foreign quoter, but lowered the prices for the Thai side - but we could "get round this by setting up a Thai company"....

None would budge and sell at Thai price to a foreigner.....

if we decide to go down the Thai company route - does anyone know if we can put mre than one property into it ??

Link to comment
Share on other sites

post 2 - there is a huge diference in condo prices between foreign owned and Thai owned.....

OK you are the guy on the ground. It would help to know how much but maybe you would feel more comfortable expressing this as a % term.

However I have an alarming thought process that you may be penny pinching. You are also getting serious warnings from some excellent posters.

Do you absolutley have to have what you have your eye on? and where are you planning on buying (condo wise)?

Edited by pkrv
Link to comment
Share on other sites

Condo..

5.2m in foreign name - 4.2m Thai/company name...

Penny pinching ?? - whats 1m B amongst friends ??

That was one candid reply! Did you know you are the first person to openly post the price difference between the Thai and Farang quota on a condo?

I only understand Chit Lom Bangkok. That is where I have a home. I can however understand the cost difference and its implications - I personally would advise giving the guys here a location where you wish/may consider buying a (condo). You would probably get a more succinct answer. Thailand let alone Bangkok, is a big place!

Link to comment
Share on other sites

Condo..

5.2m in foreign name - 4.2m Thai/company name...

Penny pinching ?? - whats 1m B amongst friends ??

Could one not just purchase the condo under a Thai company then resell the condo to yourself before the developer had finished selling their foreign quota? Obviously you get hit with 3.xx% tax on the transfer, but sure beats paying 1M extra.

Edited by dave111223
Link to comment
Share on other sites

Condo..

5.2m in foreign name - 4.2m Thai/company name...

Penny pinching ?? - whats 1m B amongst friends ??

Could one not just purchase the condo under a Thai company then resell the condo to yourself before the developer had finished selling their foreign quota? Obviously you get hit with 3.xx% tax on the transfer, but sure beats paying 1M extra.

No - if sold under Thai quota it doesn't then become part of the Foreign quota by being sold to a Foreigner (even if the Foreign 'quota' is yet to be exhausted).

It's the developer's decision which units are registered as Thai or Foreign.

Edited by thaiwanderer
Link to comment
Share on other sites

Condo..

5.2m in foreign name - 4.2m Thai/company name...

Penny pinching ?? - whats 1m B amongst friends ??

Just for your consideration........

Worst case scenario - nominee Thai company - not be able to freely exercise your vote in the members decisions, lose the unit and therefore lose 4.2million, go to prison then if survive not be allowed back into Thailand.

However unlikely this might make spending a measly 1million look not so bad?

Edited by thaiwanderer
Link to comment
Share on other sites

the particular development is in Jontiem....

i thought once it was in a Thai company name - that was it ?

OK you are still getting some really really heavy duty warnings IMO correctly - I will be open here

The Pattaya property market seems to be in dificulties and the condo market in Thailand is tricky to say the least. In some and I repeat some, condo developments the Farang quota is indeed important, in other developments it is utterly irrelevant. Please take a look at the pinned thread. I think you need to make up your own mind.

Link to comment
Share on other sites

Could one not just purchase the condo under a Thai company then resell the condo to yourself before the developer had finished selling their foreign quota? Obviously you get hit with 3.xx% tax on the transfer, but sure beats paying 1M extra.

No - if sold under Thai quota it doesn't then become part of the Foreign quota by being sold to a Foreigner (even if the Foreign 'quota' is yet to be exhausted).

It's the developer's decision which units are registered as Thai or Foreign.

Are you sure about that?

I have a Farang friend that bought a condo from a Thai owner and registered it in his own name.

Edit: ALL the units are orignally in a Thai name (the developer's company) when they are built and prior to being sold.

Edited by PattayaParent
Link to comment
Share on other sites

I bought my condo from a Thai and the condo association provided documents saying they were well below the foreign ownership quota. The condo is in my name and there was no problem with the transfer. The Thai wanted to sell and I wanted to buy. He didn't care if I was a foreigner or a Thai.

It's possible that if the foreigner quota is sold out, the price may be higher for a farang owned unit.

I have no idea why anyone would risk owning anything here in Thailand through a bogus company. Why take a chance when you don't have to.

Edited by Gary A
Link to comment
Share on other sites

That was one candid reply! Did you know you are the first person to openly post the price difference between the Thai and Farang quota on a condo?

I thought that was common knowledge, at least to anyone that has enquired about buying in a new development.

Hi PattayaParent - yes it is common knowledge that there is a discrepancy however no one to my knowledge has ever posted the figures before 24 ish %, was a shock.

For me alarm bells are ringing – Why? Because most condos are sold to Thais - If Thais are not buying in a particular development and only the Farang quota has sold it could signal a serious problem.

And yes we can talk about shifting the units to leasehold plus loads of other stuff - but the overwhelming fact is that Thais are by far and far away the biggest buyers of condominiums. We Farangs are almost insignificant in the market (except perhaps at the high end).

If in Pattaya you can't find a freehold condominium in the Farang Quota is not something seriously amiss? The guy is not talking about elite stuff here, that seems to start at about 15m.

Link to comment
Share on other sites

Seems this condo unit is a 'Must Have' beauty... :) to be willing to pay 20+% more when over 20 other developments are begging you to buy theirs, and at the same time, many farangs are looking to offload their units.

trogers that was not 20% more, it was 20% (ish) less - that was the problem - Stay awake - :D -PKRV ];-)

Link to comment
Share on other sites

Seems this condo unit is a 'Must Have' beauty... :) to be willing to pay 20+% more when over 20 other developments are begging you to buy theirs, and at the same time, many farangs are looking to offload their units.

But the others are all selling to Farangs at 20%++ more also.

Link to comment
Share on other sites

For me alarm bells are ringing – Why? Because most condos are sold to Thais - If Thais are not buying in a particular development and only the Farang quota has sold it could signal a serious problem.

And yes we can talk about shifting the units to leasehold plus loads of other stuff - but the overwhelming fact is that Thais are by far and far away the biggest buyers of condominiums. We Farangs are almost insignificant in the market (except perhaps at the high end).

I thought that's why a lo of condos actually start off as 'condotels' so the developer can let out the unpurchased Thai quota as a hotel business.

Link to comment
Share on other sites

For me alarm bells are ringing – Why? Because most condos are sold to Thais - If Thais are not buying in a particular development and only the Farang quota has sold it could signal a serious problem.

And yes we can talk about shifting the units to leasehold plus loads of other stuff - but the overwhelming fact is that Thais are by far and far away the biggest buyers of condominiums. We Farangs are almost insignificant in the market (except perhaps at the high end).

I thought that's why a lo of condos actually start off as 'condotels' so the developer can let out the unpurchased Thai quota as a hotel business.

I think I already answered your question - but you are very specifically talking about Pattaya is that not true?

Link to comment
Share on other sites

Sure? I do not see such dual pricing in developments in Bangkok.

Seems this condo unit is a 'Must Have' beauty... :) to be willing to pay 20+% more when over 20 other developments are begging you to buy theirs, and at the same time, many farangs are looking to offload their units.

But the others are all selling to Farangs at 20%++ more also.

Link to comment
Share on other sites

Condo..

5.2m in foreign name - 4.2m Thai/company name...

Penny pinching ?? - whats 1m B amongst friends ??

Could one not just purchase the condo under a Thai company then resell the condo to yourself before the developer had finished selling their foreign quota? Obviously you get hit with 3.xx% tax on the transfer, but sure beats paying 1M extra.

No - if sold under Thai quota it doesn't then become part of the Foreign quota by being sold to a Foreigner (even if the Foreign 'quota' is yet to be exhausted).

It's the developer's decision which units are registered as Thai or Foreign.

I bought my condo from a Thai. It doesn't seem that the units themselves are set as a "Thai" unit, or "Foreign" unit (at the land department), but just depends how many other units are registered to foreigners at the time of the transfer?

So let's say you bring your condo deed to the land department to transfer it from your Thai company to your own name, wouldn't they just look in the book and see "Ok, 35% of this building is currently registered to foreigners" and then proceed with the transaction? Or can the developer pre-register the foreign quota at the land department as "foreign owned" even though the units are still actually owned by the developer (so are not actually foreign owned)?

Link to comment
Share on other sites

For me alarm bells are ringing – Why? Because most condos are sold to Thais - If Thais are not buying in a particular development and only the Farang quota has sold it could signal a serious problem.

And yes we can talk about shifting the units to leasehold plus loads of other stuff - but the overwhelming fact is that Thais are by far and far away the biggest buyers of condominiums. We Farangs are almost insignificant in the market (except perhaps at the high end).

I thought that's why a lo of condos actually start off as 'condotels' so the developer can let out the unpurchased Thai quota as a hotel business.

I think I already answered your question - but you are very specifically talking about Pattaya is that not true?

Yes, my experience with condo buying and searching has been based in Pattaya, I can understand that Thais would be more likley to purchase in Bangkok and there may not be the same quota problem.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Topics

  • Latest posts...

    1. 0

      UK Police Officer Arrested on Suspicion of Terrorism Offence Linked to Hamas Support

    2. 0

      Special Counsel Jack Smith Plans Early Retirement to Sidestep Trump’s Inaugural Power Move

    3. 0

      Houthis Missile Attack on 2 U.S. Destroyers in Bab el-Mandeb Strait, Pentagon Confirms

    4. 0

      Ottawa Teens Arrested Over Alleged Bomb Plot Targeting Pro-Israel Rally

    5. 0

      A Police Visit on Remembrance Sunday Reveals the Reality of Our Two-Tier Justice System

    6. 0

      CNN Faces Major Layoffs as Mark Thompson Plans Cost-Cutting Shake-Up Amid Ratings Slump

    7. 0

      Community Shaken by Display of Hate Outside Michigan Theater’s “The Diary of Anne Frank”

    8. 0

      Misogynistic Attacks Against Women Surge on Social Media Following Trump’s Election Win

  • Popular in The Pub


×
×
  • Create New...