Equity In Property

[FRM-BKK]

Dear all,

I have just responded to questions about the process of buying a condo in Bangkok as a foreigner.

That is all fairly straight forward...................................and this is a hypothetical question...........

but what happens in 5 years when I sell my current condo, with a profit and purchase another condo of higher value?

What do I show the land registry department for the gain in equity?

Anybody any experience with this?

FRM-UK

[pnustedt]

What do I show the land registry department for the gain in equity?

I understand that the difference between the buying and selling price is taxable.

It is not uncommon when buying a property in Thailand to declare one price to the land registry and pay a higher price to the seller.

[FRM-BKK]

What do I show the land registry department for the gain in equity?

<{POST_SNAPBACK}>

I understand that the difference between the buying and selling price is taxable.

It is not uncommon when buying a property in Thailand to declare one price to the land registry and pay a higher price to the seller.

<{POST_SNAPBACK}>

Thank you pnustedt for your response,

Paying the tax would not be a problem and I understand what you suggest, however, that leaves me with an unaccounted gain. Lets asume I bought a condo for 3 million thb and 5 years later sell for 4 million thb. Soon after that I buy another condo for 4 million. Go to land regisrty department. I can still show that the first 3 million were remitted from abroad. However, the extra million "made" in Thailand through equity in my previous property will not have the necessary paperwork from the bank to support remittance from abroad. Will the land registry department still transfer?

FRM-UK