jimbbc Posted October 6, 2005 Share Posted October 6, 2005 I'm considering loaning money on a condo and using the condo as security. Will I need a work permit? What about the guys that rent out their own condos. Do they need a work permit? Link to comment Share on other sites More sharing options...
Digger Posted October 6, 2005 Share Posted October 6, 2005 I'm considering loaning money on a condo and using the condo as security. Will I need a work permit? What about the guys that rent out their own condos. Do they need a work permit? <{POST_SNAPBACK}> I take it you mean your lending money to someone, assume a farang to buy a condo and that you will then hold the title deeds as security until the loan is repaid? There is probably nothing wrong at the outset, but could get very sticky if the guy defaults and you need to lay claim to the condo - not sure how that would work through in reality - too many gray areas for my liking and not enough definative back-up if things go wrong. Many farang rent out condo's again all is good at the outset - problems again can occur when things go bad - unless you are declaring the income, you really would not want to bring too much attention to yourself - a fact that many renters are well aware off. Also you would need to be paying 12.5% of the rent as a rental tax to the local district where the condo is located. Link to comment Share on other sites More sharing options...
Heng Posted October 6, 2005 Share Posted October 6, 2005 I'm considering loaning money on a condo and using the condo as security. Will I need a work permit? What about the guys that rent out their own condos. Do they need a work permit? As long as you have a spouse who can be a "front" for you, rental property is great, no WP required. As for money lending, it's probably not a good idea unless you have a pawn shop in the family. Apart from banks and finance companies, it's the only business (that I know of) that can charge interest on collateral. Gold shops and used car dealers do it all the time as well to great profit as well, but they aren't really protected by the law in that area as far as I know. Link to comment Share on other sites More sharing options...
Firefan Posted October 7, 2005 Share Posted October 7, 2005 Heng; why the need for a spouse to front? Cheers! Link to comment Share on other sites More sharing options...
Heng Posted October 7, 2005 Share Posted October 7, 2005 Heng; why the need for a spouse to front? Cheers! Well, when it's a Thai national running the biz, you can start at 8am tomorrow for one thing, instead of having to deal with the various gov't hoops departments. It also attracts less attention. Link to comment Share on other sites More sharing options...
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