Money Flow / Property Ownership

[rcrux]

Hi - hope someone may be able to offer the benefit of their wisdom on one or two issues here.

Firstly I'm 50, English, have a stable relationship (not married) with a thai national - She is a business women and financially independent.

I have an amount of capital that I'm not quite sure how to use in this situation. I have been living in Bangkok for 6 months on a non imm 'O' 12 month visa which runs out in Jan.

I am wondering about trying for a retirement visa next and know I need to deposit 800,000 baht in a thai bank to get this . So far - no problem.

However, my partner has asked if she might be able to borrow about 40,000 gbp to tempoarily pay off the mortgage on one of her houses in order that she can refinance it in her own name following her divorce last year.

I must say that I do not seek advice on the wisdom of this move - I understand some people might consider that a risk, I do not, knowing her very well.

I merely need to know if it would be possible to a) lend her the money with no problem, or buy the house from her myself. It is in an area that is destined for skytrain access in a few years and would be an investment anyway - that is if a foreign national would be able to take advantage of that.

It would also help me to know how being married to her would affect the situation as this is something I am also considering.

I thank you in advance for any advice.

[moe666]

You cannot have land of any kind in your name. You can own the house but not the land under it. This probaly needs to go into the investment, housing forum.

You could form a company and then lease the property from said company but they have been cracking down on this ploy recently as wel

Six months in Thailand and you donot know about property ownership yet do some reserch on this forum and get educated before you buy anything. Do not take this as a slam .l.

Edited September 20, 2010 by moe666

[Benjie]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

[rcrux]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

[rcrux]

The banks here would easily allow her collateral or refinance on property if she so owned it.

... and if you'd bothered to read my post properly - they won't refinance it as at the moment it is in joint names with her ex husband, they need it to be paid off

[Benjie]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

Dude your on the internet asking for advice on giving your girlfriend 40,000 pounds, what exactly are you expecting?

Nothing to do with my ego, I'm not the one having to offer up 40,000 pounds to my girlfriend. If you want to keep that fact to yourself then I'd suggest that you don't start a topic about it on a public forum.

[rcrux]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

Dude your on the internet asking for advice on giving your girlfriend 40,000 pounds, what exactly are you expecting?

Nothing to do with my ego, I'm not the one having to offer up 40,000 pounds to my girlfriend. If you want to keep that fact to yourself then I'd suggest that you don't start a topic about it on a public forum.

i'm not a dude by the way.... and iI am not asking for advice on that at all - you just dont get it do you - If you are a senior member then this forum just lost my respect

[Benjie]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

Dude your on the internet asking for advice on giving your girlfriend 40,000 pounds, what exactly are you expecting?

Nothing to do with my ego, I'm not the one having to offer up 40,000 pounds to my girlfriend. If you want to keep that fact to yourself then I'd suggest that you don't start a topic about it on a public forum.

i'm not a dude by the way.... and iI am not asking for advice on that at all - you just dont get it do you - If you are a senior member then this forum just lost my respect

Give it 3 months and I'm sure we eill see a sob story starting with "I've been conned my new Thai girlfriend wanted to borrow 40,000 pounds, what could go wrong?"

[Maestro]

a) I know of no legal or regulatory restrictions regarding loans from a foreigner to a Thai national residing in Thailand.

I have seen posts about foreigners having a house built in their name and subsequently owning it, on land they leased or of which they were the beneficiary of a usufruct.

Does anybody know about a foreigner buying an existing house in his name?

[rcrux]

a) I know of no legal or regulatory restrictions regarding loans from a foreigner to a Thai national residing in Thailand.

I have seen posts about foreigners having a house built in their name and subsequently owning it, on land they leased or of which they were the beneficiary of a usufruct.

Does anybody know about a foreigner buying an existing house in his name?

many thanks Maestro for understanding my post and for responding as you have done.

I might add for others that my relationship is not a new one - i have known this woman many years - this is not relevant to my question.

[luckylarry]

a) I know of no legal or regulatory restrictions regarding loans from a foreigner to a Thai national residing in Thailand.

I have seen posts about foreigners having a house built in their name and subsequently owning it, on land they leased or of which they were the beneficiary of a usufruct.

Does anybody know about a foreigner buying an existing house in his name?

many thanks Maestro for understanding my post and for responding as you have done.

I might add for others that my relationship is not a new one - i have known this woman many years - this is not relevant to my question.

You are like all the rest if the Fools cant be told, why cant she go to the bank to pay back her Parteners half only about 1 mill, iff not wait for a few years she will have gone by then, good luck you nead it.

[monty]

a) I know of no legal or regulatory restrictions regarding loans from a foreigner to a Thai national residing in Thailand.

I have seen posts about foreigners having a house built in their name and subsequently owning it, on land they leased or of which they were the beneficiary of a usufruct.

Does anybody know about a foreigner buying an existing house in his name?

Point b is not too hard to do, but has to be started at construction time, i.e. the building permit has to be applied for in the foreigner's name.

Buying an existing house is much more complicated, as in most cases with Thai owners, the house and land are in the same name, and apparently separating that is not easy at all. I do not know, nor have I read any reports of a foreigner having done this successfully.

[Heng]

As Jack Donaghy (the fictional NBC executive on 30 Rock) once said, 'Buy real estate, it's the best investment there is.'

As Heng (myself) would say though, you don't really own it unless your name is on the chanote. There are exceptions, such as property owned by senior members of a family that allow property to be used for the benefit of the entire family, also there have been thousands of Chinese and Sikh immigrants who have allowed their 'local' better halves to own all the property when they weren't legally allowed to do so themselves and that seemed to work out pretty well.... but most folks aren't members of this type of family.

Second, you don't really own it until it's paid off or if it's purchased @ 100% equity (that's cash as they say on the street), and until that point, it's 'iffy' who benefits most.

So for your main questions: "can you lend someone money no problem?" and "can a foreign national benefit from such a situation?" The answer is a definite yes for both, although it probably will be no for both for most folks in your situation.

Edited September 21, 2010 by Heng

[lopburi3]

And this diatribe seems to have little, or nothing, to do with visas.

I would also caution that any loaning of money that could be proven to have been made to circumvent foreign land ownership laws of Thailand might bite.

[GuyDow]

As previously noted, most farangs here arrange a lease or usufruct on land and then build a house on it. The alternative is buying from a developer who has made his legal arrangements in such a way that foreigners can lease the land and buy the house as separate transactions. Such developments are plentiful in farang-popular areas like Pattaya and Hua Hin.

You really need to separate the house from the land if you want to buy. Leasing is a different story.

Being married or not makes no difference to your situation. You are still a farang.

Edited September 21, 2010 by GuyDow

[samran]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

Dude your on the internet asking for advice on giving your girlfriend 40,000 pounds, what exactly are you expecting?

Nothing to do with my ego, I'm not the one having to offer up 40,000 pounds to my girlfriend. If you want to keep that fact to yourself then I'd suggest that you don't start a topic about it on a public forum.

i'm not a dude by the way.... and iI am not asking for advice on that at all - you just dont get it do you - If you are a senior member then this forum just lost my respect

Wasn't there a song in the 90's called "hey dude don't call me dude.."

[oceano]

RCRUX in a forum you can get unswers from normal people, nobody of us is a lawyer.

We see one more farang that want give money to a thai lady, she work, she dont need your money, she independent she is... ok perfect, give to her you money, do you want an advice or do you want talk about whit us that you WANT give to her?

We see all this from our point of view.

For us if you know her long time or not is ininfluent, many of us know our girlfriend or wife for long long time...many of us loosed money in that way.

So she is a rich lady, you are a rich guy, why ask to us and dont use a layer, there are in the advice of thaivisa many very good that can aswer to you.

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month, sure you know is an extension, but you said 12 month...if you have one non O are 3 plus 12 of extension so 15 month...I think you write somethings about you dont know..can explain that?

I mean, you are not married, you dont have thai child, you are not retired....just courios about.

Pace and love

ROberto

[rcrux]

RCRUX in a forum you can get unswers from normal people, nobody of us is a lawyer.

We see one more farang that want give money to a thai lady, she work, she dont need your money, she independent she is... ok perfect, give to her you money, do you want an advice or do you want talk about whit us that you WANT give to her?

We see all this from our point of view.

For us if you know her long time or not is ininfluent, many of us know our girlfriend or wife for long long time...many of us loosed money in that way.

So she is a rich lady, you are a rich guy, why ask to us and dont use a layer, there are in the advice of thaivisa many very good that can aswer to you.

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month, sure you know is an extension, but you said 12 month...if you have one non O are 3 plus 12 of extension so 15 month...I think you write somethings about you dont know..can explain that?

I mean, you are not married, you dont have thai child, you are not retired....just curious about.

Pace and love

ROberto

Thanks Roberto,

I may be stupid enough to post on a forum, but I'm certainly not stupid enough to do anything as serious as this without consulting a lawyer. I posted merely to get some indication if there were any known obstructions to transferring monies. I have received one or two good points here which have fostered further research, so in effect it was worth the ridicule some people have chosen to inflict upon me. If others have been duped and subsequently developed such a jaundiced view of thai women, then I am sorry for them/you - maybe they should have asked the sort of question that I asked.

In my view - to ask a question is not a sign of stupidity - it is a sign of intelligence.

I can assure you that I do possess a non imm multi entry (90 day alllowances) category O which has a period of validity of 12 months - I'm looking at it now in my passport - clearly in red ink and scrutinised by more than one thai immigration official.

No - not married - no children

[H2oDunc]

RCRUX in a forum you can get unswers from normal people, nobody of us is a lawyer.

We see one more farang that want give money to a thai lady, she work, she dont need your money, she independent she is... ok perfect, give to her you money, do you want an advice or do you want talk about whit us that you WANT give to her?

We see all this from our point of view.

For us if you know her long time or not is ininfluent, many of us know our girlfriend or wife for long long time...many of us loosed money in that way.

So she is a rich lady, you are a rich guy, why ask to us and dont use a layer, there are in the advice of thaivisa many very good that can aswer to you.

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month, sure you know is an extension, but you said 12 month...if you have one non O are 3 plus 12 of extension so 15 month...I think you write somethings about you dont know..can explain that?

I mean, you are not married, you dont have thai child, you are not retired....just courios about.

Pace and love

ROberto

I too have a 12 month Non immigrant O visa. It allows multiple entries for a period of 12 months giving me 90 days each time I use it. If I utilise this option just before the 12 month's are up I can get 15 months from it. I think it is you that has trouble understanding English so maybe you can explain that

[Chunky1]

By buy the property did you mean for more than the previously stated 40K gbp because you can't even buy the land a shack is built upon if it is in very close proximity to a skytrain station for that amount of money.

Edited September 21, 2010 by Chunky1

[stgrhe]

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month...

A Non-Immigrant Visa Type O is always valid 12 month from the date of issue and that is what the OP refers to I suppose. Permission to stay in Thailand is another thing and with "O" one gets 90 days on each entry during the validity time of the visa provided it is a visa that allows for multiple entries.

[oceano]

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month...

A Non-Immigrant Visa Type O is always valid 12 month from the date of issue and that is what the OP refers to I suppose. Permission to stay in Thailand is another thing and with "O" one gets 90 days on each entry during the validity time of the visa provided it is a visa that allows for multiple entries.

Guys...I dont have trouble.

The non imm o is only for 3 month stay from the day you enter in Thailand.

The EXTENSION is for 1 YEAR and every 3 month you must report to the immigration OR

You have a multiple non imm o visa, each stay is 3 month than you have to go outside Thailand when expire after 3 month from the date that you enter in Thailand.

NO ONE VISA, VISA, have validity for stay in THailand from the date that you enter 1 YEAR WHITOUT EXIT FROM THE COUNTRY.

PS...dont start all the time whit the story about my english...also our stupid that we know a little bit english we can understand if we read carefully.

Thank you

[oceano]

PS what kind of non Imm O have you? First dont exist one Non Imm O VISA of 12 month...

A Non-Immigrant Visa Type O is always valid 12 month from the date of issue and that is what the OP refers to I suppose. Permission to stay in Thailand is another thing and with "O" one gets 90 days on each entry during the validity time of the visa provided it is a visa that allows for multiple entries.

NO, no visa permit to you stay in Thailand 12 month whitout exit every 3 month, like the multiple visa, the EXTENSION is one year.

Sorry but in 15 years in Thailand married whit child i never listen visa like you said...if exist please can give the link of the law??

Some moderator can please clear this point?

[rcrux]

The information that I required , I have received - many thanks to those who offered clearcut knowledge.

The rest of the assumptions, and judgemental comments both of me and of thai women it seems to me are a reflection (and perhaps bitter confession) of the contributors own sad circumstances and poor choices.

I am sorry if my post has allowed them to expose this, so I suggest this thread be closed down.

[Benjie]

I guess that was directed to me, I'm perfectly happily married to a Thai and have been for 5 years - living in Thailand for 10 years, love the Thai people in general but I'm not foolish enough to assume that giving a lady 40,000 pounds for some reason isn't likely to end in misery.

Thai banks are very good, it wouldn't be very hard at all for them to transfer ownership/status of the house between them unless she can't afford the mortgage or there is some other reason.

[KamnanT]

NO, no visa permit to you stay in Thailand 12 month whitout exit every 3 month, like the multiple visa, the EXTENSION is one year.

Sorry but in 15 years in Thailand married whit child i never listen visa like you said...if exist please can give the link of the law??

Some moderator can please clear this point?

Not true. A Non-Immigrant "O-A" (retirement) grants a 12 month permission to stay on each entry. Note that this is not the same as a Non-Immigrant "O" visa issued for other purposes (e.g. to those married to a Thai national or visiting friends in Thailand), for which the standard 90 day non-immigrant permission to stay period applies. A multi-entry Non-Immigrant "O-A" could therefore allow for a stay of almost two years (with a single exit and return just before the Valid Until date) before an extension of stay application was required.

Link to the Royal Thai Embassy London's page on Non-Immigrant "O-A" visas.

http://www.thaiembassyuk.org.uk/newversion/visa/visa_retirement.html

Edited September 21, 2010 by KamnanT

[scotinsiam]

How is she 'financially independent' if she's asking to borrow 40,000 pounds to pay off a mortgage?

The banks here would easily allow her collateral or refinance on property if she so owned it.

BTW what sort of girlfriend thinks it's OK to ask her boyfriend for 2 million baht or so?

well thanks for nothing..

I said I did not want any advice on this - - none of your business

why is it some people see this forum as a way of boosting their own egos?

Dude your on the internet asking for advice on giving your girlfriend 40,000 pounds, what exactly are you expecting?

Nothing to do with my ego, I'm not the one having to offer up 40,000 pounds to my girlfriend. If you want to keep that fact to yourself then I'd suggest that you don't start a topic about it on a public forum.

i'm not a dude by the way.... and iI am not asking for advice on that at all - you just dont get it do you - If you are a senior member then this forum just lost my respect

Dude just give the chick the money and enjoy yourself, the implications are you may get f*cked over whether married or not and whether in Asia or the West - good luck Dude