Condo In Thai Name

[alyx]

Hey

Before anyone asks I have been in a relationship with my partner (with whom I have entered the equivalent of a Civil Union Partnership - not recognised by the Thai authorities) for almost two decades.

We intend to buy a condo which doesn't fit the foreigner's quota category.

Whatever happens as long as we are both alive is not a problem but in case I remain behind, we do not want this property to fall to the Thai side.

How can we manage that?

1) Can we ask the land department to make a note of it or write both names on the deed, although it is doubtful considering that there will not be an oversea's transfer?

2) Is a Will enough? Of course we would do it by the books

3) Any suggestions?

Thanks

Edited April 10, 2012 by alyx

[endure]

If the condo is in someone else's name then you have no legal recourse. Why don't you buy a condo that you can own legally and leave it to your partner in a will?

Edited April 10, 2012 by endure

[alyx]

Ok

Then I assume that what can be done one way can apply to a will in my favour, can't it?

Edited April 10, 2012 by alyx

[PattayaPhom]

If the condo is in someone else's name then you have no legal recourse. Why don't you buy a condo that you can own legally and leave it to your partner in a will?

Because he wants to purchase in Thai name.

[PattayaPhom]

Ok

Then I assume that what can be done one way can apply to a will in my favour, can't it?

Depends on the foreign quota...dont forget you would be inheriting Thai name condo.

[alyx]

I forgot to mention that we have a company but I am a bit wary about taking this path

[alyx]

Ok

Then I assume that what can be done one way can apply to a will in my favour, can't it?

Depends on the foreign quota...dont forget you would be inheriting Thai name condo.

I get that part but then I would be allowed to sell it though, won't I?

Or live in the premises without being bothered?

Edited April 10, 2012 by alyx

[PattayaPhom]

Ok

Then I assume that what can be done one way can apply to a will in my favour, can't it?

Depends on the foreign quota...dont forget you would be inheriting Thai name condo.

I get that part but then I would be allowed to sell it though, won't I?

Or live in the premises without being bothered?

Your not married

[alyx]

Ok but what is the will for then?

[endure]

If you buy a condo in a building that allows farang to own condos because the quota isn't yet full then you would legally own a condo in your name only. You make a will so that if you die your partner gets the condo. If your partner dies before you then there's no problem because you own the condo legally anyway.

[alyx]

Thanks

The point is that we cannot buy this place under the quota

[mrbojangles]

If you buy a condo in a building that allows farang to own condos because the quota isn't yet full then you would legally own a condo in your name only.

Is it easy enough to do that? A mate asked me that question a few days ago but never having bought a condo myself, I didn't have an answer for him.

[JohnnyGray]

Rent. Save the money you would have spent on the Condo and leave it to your partner in your Will.

[alyx]

Yes it is very easy

Just have the money transferred over here in Thailand, with the purpose of the purchase in your name

Go to the land department and you name will be a happy owner within a couple of ours

Now back to the oq.....

Edited April 10, 2012 by alyx

[alyx]

Rent. Save the money you would have spent on the Condo and leave it to your partner in your Will.

I am not asking whether we should own or rent...although this makes sense but rather how to do it.....the other way round from a Thai to a non national

[endure]

If you buy a condo in a building that allows farang to own condos because the quota isn't yet full then you would legally own a condo in your name only.

Is it easy enough to do that? A mate asked me that question a few days ago but never having bought a condo myself, I didn't have an answer for him.

Yes - if the quota hasn't been filled and it's a condo that has a farang quota there's no problem. I'm not sure if there are condos all over Thailand that have a farang quota but I have an English friend that's bought 4 condos (3 of which he still owns) in CM without problems.

[endure]

Thanks

The point is that we cannot buy this place under the quota

I think you have a bit of a problem then.

[Ijustwannateach]

A note for discussion here: as far as I'm aware, the ONLY way for a non-citizen to own a residence here- assuming that you are not one of the very few especially entitled to the 'one-rai of land' by special permission, etc., etc.- is for it to be a condo according to the foreigner quota rules. Furthermore, the money for the condo MUST have been brought in from outside, specially denoted for that purpose in the transfer- if you haven't earmarked it with official paperwork, it still isn't legal. You cannot legally own a condo with money you have made in Thailand or that has not been brought in the right way unless you have official permanent resident status. In any case, I recommend careful consultation with a good lawyer before considering anything like this. And good luck.

[ballbreaker]

Buy the condo in Thai partners name and then have that person give usufruct in your name till death. It will be recorded on chanote. This gives you complete and uncontestable control of property but not ownership. Your partner can will property to whomever upon their death but new owner must accept usufruct. It remains property under your control till your death.

A will giving you condo is option but if foreign quota is still full then you must sell within one year.

[alyx]

Hey

Thanks. At last a precise, concise and useful response answering directly in line with my question

Thank you for reading the message....

One question though: If the quota is not full, then the land department HAS to record my name on the deed regardless of the fact that the money doesn't originate from overseas? Correct?

Edited April 11, 2012 by alyx

[alyx]

As I have mentioned it we have a (small) company (for more than ten years)

Would it be an easier alternative to the usufruct knowing that we are both on the board and that we both have the signature?

What kind of duty (tax/declarations...) would that create

[samran]

As I have mentioned it we have a (small) company (for more than ten years)

Would it be an easier alternative to the usufruct knowing that we are both on the board and that we both have the signature?

What kind of duty (tax/declarations...) would that create

I would have thought the company could own the condo?

[ballbreaker]

Hey

Thanks. At last a precise, concise and useful response answering directly in line with my question

Thank you for reading the message....

One question though: If the quota is not full, then the land department HAS to record my name on the deed regardless of the fact that the money doesn't originate from overseas? Correct?

Appears to be a hassle but you can read link and decide for yourself.

http://www.thaivisa.com/forum/index.php?app=core&module=attach&section=attach&attach_id=123234

[ballbreaker]

As I have mentioned it we have a (small) company (for more than ten years)

Would it be an easier alternative to the usufruct knowing that we are both on the board and that we both have the signature?

What kind of duty (tax/declarations...) would that create

Who are the other members of the Thai company board?

I don't think you can beat usufruct because easy and cost very little.

[alyx]

Hey

Thanks. At last a precise, concise and useful response answering directly in line with my question

Thank you for reading the message....

One question though: If the quota is not full, then the land department HAS to record my name on the deed regardless of the fact that the money doesn't originate from overseas? Correct?

Appears to be a hassle but you can read link and decide for yourself.

http://www.thaivisa.com/forum/index.php?app=core&module=attach&section=attach&attach_id=123234

Quite an interesting article putting things in a new perspective

Actually, from that article, I will have to take further step to insure that hesitance from mine to the Thai side will be done properly

I am now hesitant and might look into the company's rights

If anyone has some ideas....thanks

Only two of us as members of the board

Edited April 11, 2012 by alyx

[ballbreaker]

I am now hesitant and might look into the company's rights

If anyone has some ideas....thanks

Only two of us as members of the board

I should have asked how many share holders of company because if one of you two dies what happens to company?

[alyx]

M'y goodness, this path is taking me much farther than expected....well seven I guess but will check

I hadn't planned for this one