Cost For Land Transfer

[Nepal4me]

I would like to transfer my land to my Thai wife and shut down my company. I'm wasting money paying accounting every year, easier and safer having the land in my wife's name.

And yes, I trust my wife completely, married many years, have kids together, lived in Thailand 12 years, both very happy so no need for the "you shouldn't trust your Thai wife posts".

Can somebody advise the cost per transfer of land to my wife. Also the cost to shut down my company, which is simply a nominee company used for the purposes of allowing a foreigner to buy land (and also yes, I am well aware of the legality issues so no need to belabor that point either. thanks).

[InterestedObserver]

Transfer Fee - 2% of the registered value of the property

Stamp Duty - 0.5% of registered value. Only payable if exempt from business tax

Withholding Tax - 1% of the appraised value of the property

Business Tax - 3.3% of the appraised value of the property if selling within 5 years.

Cost to close the company will depend on outstanding debts and fee charged by lawyer/accountant.

Edited August 29, 2011 by InterestedObserver

[Nepal4me]

Cost to close the company will depend on outstanding debts and fee charged by lawyer/accountant.

Thanks for that. Can an accountant actually do that? i.e. shut a company down?

Also any idea what a lawyer/accountant would charge to shut the company down? I would need a lawyer (I believe) to do the transfer to my wife and there would then be a lawyer fee for each transfer of land.

[stgrhe]

Good move OP. However, if you do not already have a will go to a lawyer tomorrow and have one drawn up for yourself and one for your wife. Secondly, do register a usufruct or a superficies for life once the land transfer has been completed. Both of the will ensure that you can remain living on the property in the unfortunate event of your wife's passing before you.

Good luck!

[Langsuan Man]

I have seen it reported here on TV that closing a company can cost anywhere from 25 to 50,000 Thai Baht and yes you will need a lawyer to close it down legally

[Langsuan Man]

dup

Edited August 29, 2011 by Langsuan Man

[stgrhe]

I have seen it reported here on TV that closing a company can cost anywhere from 25 to 50,000 Thai Baht and yes you will need a lawyer to close it down legally

Well, if the company hasn't paid the yearly 12.5% tax for year than that sum can easily be multiplied by a factor ten or more. What many "owners" of companies, and who lives in the company owned house, do not know is that there is a yearly tax of 12.5% to be paid on the rental income, even fictive rental income, or a value set by land office, whichever is the highest.

[Nepal4me]

I have seen it reported here on TV that closing a company can cost anywhere from 25 to 50,000 Thai Baht and yes you will need a lawyer to close it down legally

Well, if the company hasn't paid the yearly 12.5% tax for year than that sum can easily be multiplied by a factor ten or more. What many "owners" of companies, and who lives in the company owned house, do not know is that there is a yearly tax of 12.5% to be paid on the rental income, even fictive rental income, or a value set by land office, whichever is the highest.

As mentioned, this "company" is simply a company for the purposes of buying land. There is no house, there is no rental income.

I just want to transfer the lands to my wife and shut my company down. I therefore wonder if there are any lawyers on here that can give me some indication on prices for 1. transferring the land and 2. closing the company.

[beamer]

I paid approx 80,000 baht to close a company by a Lawyer on a piece of land that the developer never completed

That also included 2 yrs of outstanding tax that I had not submitted since I was in a legal wrangle with the Developer over Land seperation for Lands Dept

[Sunbelt Asia]

Assuming your accountant has done annual audits and kept all tax responsibility up to date the process to close a company may take 3-6 months depending on how long the company has been in operation, the amount of assets that need to be liquidated, the amount of liability that needs to be settled and whether its books were properly maintained and tax returns filed as required by law. Without knowing any details an accurate quote for closing a business would be hard to give. Please feel free to contact us for a free consultation.

[sunbelt][/sunbelt]