Buying A Condo:Pros And Cons, Advice Appreciated

[PattayaParent]

Huawei: if there's no issue in a farang selling a condo and getting the money into a thai bank account, what prevents the beneficiary farang from later on transferring the funds overseas? (can be done in smaller chunks over several months).

Nothing.

You have to show the bank the amount of tax you paid at the Land Office and you can transfer out the total amount that tax was paid on.

If, as in a lot of cases, the declared sales value is less than the actual sale value, then you can uses the TT3/FETF to transfer out the balance.

However if you've inherited the property than you don't have the TT3/FETF so you have to be more creative in the remittance, or show them a work permit.

But Yabaaa's article seems to be suggesting that you have to send money in to be able to make the change of name from deceased to beneficiary at the Land Office?

Edited September 7, 2010 by PattayaParent

[huawei]

Huawei: if there's no issue in a farang selling a condo and getting the money into a thai bank account, what prevents the beneficiary farang from later on transferring the funds overseas? (can be done in smaller chunks over several months).

Nothing.

You have to show the bank the amount of tax you paid at the Land Office and you can transfer out the total amount that tax was paid on.

If, as in a lot of cases, the declared sales value is less than the actual sale value, then you can uses the TT3/FETF to transfer out the balance.

However if you've inherited the property than you don't have the TT3/FETF so you have to be more creative in the remittance, or show them a work permit.

But Yabaaa's article seems to be suggesting that you have to send money in to be able to make the change of name from deceased to beneficiary at the Land Office?

I have been through the process where a friend of mine died ( no will - very young), and his condo was transferred to his parents under Thai inheritance law.

There was no need to show any FETFs at the land office in Bangkok. To me that doesn't make sense.

The parents still own the property, but i can see an issue with any remittances which were not in the original purchasers name.

As pattaya parent quite rightly points out, there are creative ways. I earn Thai baht and yet had to show an FETF on purchasing, there are ways.

[Jingthing]

I have willed, in a Thai will, my foreign owned Thai condo to a foreigner. I also made him the executor. My lawyer said he would have to come to Thailand and go through some kind of court procedure to effect the will and get the condo. She didn't mention any other issues with transferring ownership, but I am not naive enough to assume that doesn't mean there aren't any!

[PattayaParent]

huawei, how was the transfer of your friends condo effected?

Just proof of relationship and proof of death?

Or more complicated?

And were any taxes charged on the transfer of name?

Edited September 7, 2010 by PattayaParent

[huawei]

huawei, how was the transfer of your friends condo effected?

Just proof of relationship and proof of death?

Or more complicated?

And were any taxes charged on the transfer of name?

Once confirmed by the probate procedure in court that they were the legitimate and rightful heirs,court papers plus all usual stuff, birth, death, marriage,(translated and notorized). were presented at the Land office Not complicated. No taxes, condo owned for 3 years.There is no differentiation between Thai and Farang in this process, but we all know obstacles can be placed in the process not in the court procedure, but later.Of course it was all handled by a lawyer.