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Condo Purchase - Company Asset Or Personal?

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Hi,

I'd appreciate if anyone could advise of the benefits or disadvantages to owning a condo under my company or holding it personally?

I'm looking at buying a condo in the Thong Lor area and would appreciate some suggestion in the best protocol for owning .

Thank you in advance,

RC

Hi,

I'd appreciate if anyone could advise of the benefits or disadvantages to owning a condo under my company or holding it personally?

I'm looking at buying a condo in the Thong Lor area and would appreciate some suggestion in the best protocol for owning .

Thank you in advance,

RC

Buy it in your own name if you are possibly able. Unless your company is able to get tax advantages from it.

when I bought my first condo, I bought it under my company cause I needed a mortgage (I didnt have all cash to pay for the whole price)....the bank lent funds to my company and I guaranteed it personally.....so I guess the advantages of a company are that you might be able to get a local housing loan (depending on your personal credit rating/capacity) but it costs about B15,000 or so per year to maintain the company.....in the future I might transfer the title to my own name or just keep the company structure for future purchases of a townhouse or house when I get older and want a backyard with trees and/or a frontyard with a water view (hope-hope) :o

for my second condo, I had the cash so I just put it under my own name... :D

  • Author

Thanks for the help, particularly Trajan. Feel more comforable with this now.

RC

If you buy the condo within the 49% allowable for foreigners you can buy in your own name or in the name of an offshore company( BVI, HK) this also qualifies as a "foreign person". Then inheritance and transfers and tax is easier if you have kids/wife who may inherit without an actual change/transfer of the title.

Note that if you plan to live in the condo, and it is a company asset, you will have to pay rent on it to the company. Either that, or you will have to declare an amount equal to a reasonable rent as a "housing allowance" from the company, and pay tax on it as if it was part of your salary.

There is no tax calculation if it is an offshore company. It does not do business in Thailand, no business registration. It is exactly like a person owning something. If it were a HK company, for instance, there is no tax in HK as it is not doing business in HK. If it were a Thai company, you are probably correct. The tax I was referring to above was on sale or death.

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