Poll On Land Ownership Route

[JimmyGreaves]

Like to get an idea of how the forum members hold land in Thailand.

Any issues with the authorities on holding land through your selected poll?

[donx]

Since my wife owns our land, I have no concerns about the Thai authorities. I also don't have any concerns with it being in her name. My house in America is only in my name and is worth at least 10 times as much as our land in Thailand. Besides we have two kids and one on the way which hold dual citizenship and stand to inherit the land if anything happens to my wife.

[ilyushin]

Through Thai Relationship. 2 houses , 2 condos and a track of land. My name is attached to most of the financial documents and the children on the house reg.

[Sir Burr]

I've taken a 30 year registered lease on land my wife has in her name.

[Sing_Sling]

Houses under my wife's sister's (who is naturalised Thai) name. Hoping to buy some land soon as well.

[scotsman]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

[NotaNutter]

It would also be interesting to see a similar poll, with the same options, on the subject of "How I lost money due to buying land". I think the Top 2 percentage returns would be around the same (but the company route very low). In other words, I suggest that you don't buy land in your partner's name unless you can afford to lose it, or unless you are relatively certain that you'll be staying together. Just my two pennies worth, everyone's circumstances are different of course.

Edited February 20, 2006 by NotaNutter

[JimmyGreaves]

Very surprised how this poll is going so far. I would have thought that more people would have secured using the company route. Lease and company neck and neck at the moment.

Good response to the Poll.

Would be intersting to learn if anyone has lost out via the company or lease routes as we all know that the odd person has lost via a relationship.

[johnnyk]

Company route for me.

Too many gaping loopholes in the lease option for my taste.

Never in a hundred years would I buy through via romantic attachment.

[Gary A]

I have bought property in my wife's name. That was done for several different reasons. The first is that losing it wouldn't affect my life style financially. The second is that if our marriage would turn to sh!t I would have no interest in the land anyways. The third is that paying an accountant to pay taxes to the government for a company that is bogus does NOT appeal to me at all.

I do own a condo freehold in my name. The condo is worth more than the land. My vehicle is also in my name. My thoughts are NOT to spend more than I can afford to lose.

[JimmyGreaves]

I have bought property in my wife's name. That was done for several different reasons. The first is that losing it wouldn't affect my life style financially. The second is that if our marriage would turn to sh!t I would have no interest in the land anyways. The third is that paying an accountant to pay taxes to the government for a company that is bogus does NOT appeal to me at all.

I think the third point is related points 1 and 2. If your financial position was not that strong then maybe you would have considered a company or lease!

[dr_Pat_Pong]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

Smartest of the lot ( safest too )

[Morden]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

Smartest of the lot ( safest too )

What are the tax implications for a mortgage arrangement? I understand that rent is taxed on what it should be, not what it actually is. Perhaps it's the same for mortgage payments. That would mean, would it, that you are taxed on what your wife should be paying you? What would be the implications if the receipts were taxable but not declared to the authorities? Where would you stand in practical terms if your wife booted you out and refused to pay any more?

[Dragonman]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

How did your lawyer explain the situation regarding thai community property laws? You need to certify to the Land Office that the money for the property is either a gift or her own, and you have no claim. If you have a registered lien on the property surely this statement would be ultra vires.

[Morden]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

How did your lawyer explain the situation regarding thai community property laws? You need to certify to the Land Office that the money for the property is either a gift or her own, and you have no claim. If you have a registered lien on the property surely this statement would be ultra vires.

I think that Scotsman is saying that it is the house only that is mortgaged; the land is owned by his wife. The Land Office would require him to attest that the money used to purchase the land is his wife's and that he has no interest in it. As far as I am aware from my own experience, the Land Office is not interested in the house ownership in this sense although the owner's name does have to be registered. However, I think that he could own the house himself and a mortgage arrangement is not necessary.

With a mortgage in place, though, that still raises the tax issue that I mentioned earlier.

[otherstuff1957]

I bought a small lot in Nonthaburi in my wife's name. If things go belly up, well, it's hers and she can keep it. If we build an house there though, I'll want an Usufruct in case I outlive her.

[scotsman]

At the moment I am not legally married only by the buddha. The land & house is on a mortgage that our solicitor did for us. The paper work is in my name as the lender and its a 20 year mortgage at 10,000 baht a month but my wife never pays any money. The wife has the paper work that has her as the mortgagee all at the land office. I dont know of any tax that is due for this type of land ownership. I know that when we get married legally this year I will be asked to sign the paper to say that its my wifes money but I dont worry about that as we have been together now for over 6 years and are very happy so if it ended then so be it.

[scotsman]

The land is in my wifes name with a morgage for the house in my wifes name and me as the lender.

Smartest of the lot ( safest too )

What are the tax implications for a mortgage arrangement? I understand that rent is taxed on what it should be, not what it actually is. Perhaps it's the same for mortgage payments. That would mean, would it, that you are taxed on what your wife should be paying you? What would be the implications if the receipts were taxable but not declared to the authorities? Where would you stand in practical terms if your wife booted you out and refused to pay any more?

There is no tax payable for getting your own money back over 20 years as you dont make any profit. The reason why we did it this way was so we did not have all the expense of setting up a company and that if my wife was to boot me out then she would have to pay me the 10,000 baht a month. My wife does not have that kind of money every month for 20 years and if she rufused to pay then my solicitor would have her removed from the property and I would have to find someone to take over the mortgage or we could both agree to sell it and I would get back my money back. but as you can see from my other post I dont realy care about that now as we are very happy together.

[Morden]

Thank you for the information, Scotsman. That's interesting.

We have followed much the same course as you with similar thoughts in my mind. However, the house, which is not yet quite finished, is in my wife's name. We have done the amphur bit as well as the traditional wedding so some of the considerations are just slightly different from yours. I had not taken the mortgage option but I can understand your point about security should you survive your wife. If mine didn't have to pay me and there's no tax on the payments that I would otherwise have received, then it seems to be a sensible way to ensure that I could stay put as a widower. I think that there is another way and that's for the wife to bequeath the land and house to her husband but then the land might have to be sold on. I shall look at both options a bit closer when we have finished with the builder and can apply some time to it. The information may well be tucked away somewhere on this website.

Thanks again.

[scotsman]

Thank you for the information, Scotsman. That's interesting.

We have followed much the same course as you with similar thoughts in my mind. However, the house, which is not yet quite finished, is in my wife's name. We have done the amphur bit as well as the traditional wedding so some of the considerations are just slightly different from yours. I had not taken the mortgage option but I can understand your point about security should you survive your wife. If mine didn't have to pay me and there's no tax on the payments that I would otherwise have received, then it seems to be a sensible way to ensure that I could stay put as a widower. I think that there is another way and that's for the wife to bequeath the land and house to her husband but then the land might have to be sold on. I shall look at both options a bit closer when we have finished with the builder and can apply some time to it. The information may well be tucked away somewhere on this website.

Thanks again.

When we get married this year legally then the mortgage ownership will not protect me anymore as your wife is not aloud to buy land & house with money borrowed from a foreigner in a mortgage. If my wife was to die before me then I have 1 year to sell the property or I could change it to a company or 30 year lease or transfer it to another thai persons name. At the moment we dont have any children but my brothers daughter & son are half thai so I could put it in there names.

[Dragonman]

Thank you for the information, Scotsman. That's interesting.

We have followed much the same course as you with similar thoughts in my mind. However, the house, which is not yet quite finished, is in my wife's name. We have done the amphur bit as well as the traditional wedding so some of the considerations are just slightly different from yours. I had not taken the mortgage option but I can understand your point about security should you survive your wife. If mine didn't have to pay me and there's no tax on the payments that I would otherwise have received, then it seems to be a sensible way to ensure that I could stay put as a widower. I think that there is another way and that's for the wife to bequeath the land and house to her husband but then the land might have to be sold on. I shall look at both options a bit closer when we have finished with the builder and can apply some time to it. The information may well be tucked away somewhere on this website.

Thanks again.

When we get married this year legally then the mortgage ownership will not protect me anymore as your wife is not aloud to buy land & house with money borrowed from a foreigner in a mortgage. If my wife was to die before me then I have 1 year to sell the property or I could change it to a company or 30 year lease or transfer it to another thai persons name. At the moment we dont have any children but my brothers daughter & son are half thai so I could put it in there names.

I'm glad you are fully aware of the ownership situation, particularly with regard to mortgages. You have obviously had some good advice. The only thing you don't mention is you both writing wills when you get married. Essential

[scotsman]

Thank you for the information, Scotsman. That's interesting.

We have followed much the same course as you with similar thoughts in my mind. However, the house, which is not yet quite finished, is in my wife's name. We have done the amphur bit as well as the traditional wedding so some of the considerations are just slightly different from yours. I had not taken the mortgage option but I can understand your point about security should you survive your wife. If mine didn't have to pay me and there's no tax on the payments that I would otherwise have received, then it seems to be a sensible way to ensure that I could stay put as a widower. I think that there is another way and that's for the wife to bequeath the land and house to her husband but then the land might have to be sold on. I shall look at both options a bit closer when we have finished with the builder and can apply some time to it. The information may well be tucked away somewhere on this website.

Thanks again.

When we get married this year legally then the mortgage ownership will not protect me anymore as your wife is not aloud to buy land & house with money borrowed from a foreigner in a mortgage. If my wife was to die before me then I have 1 year to sell the property or I could change it to a company or 30 year lease or transfer it to another thai persons name. At the moment we dont have any children but my brothers daughter & son are half thai so I could put it in there names.

I'm glad you are fully aware of the ownership situation, particularly with regard to mortgages. You have obviously had some good advice. The only thing you don't mention is you both writing wills when you get married. Essential

Yes I know we will have to do that thanks for the info

[Sydney_Tom]

If you are buying "Big Stuff" then you can get the Board of Investment involved. You need to set up a controlling company, but after that, its reasonably simple.

[astral]

We are a trusting lot, aren't we.

I am surprised how many have put the property in a Thai name.

I remember the story in late 80's of a foreigner who bought a house and

placed it in his wife's name.

A few short months later he was found dead, at the bottom is a well.

Mother-in-law had had him murdered!!

It was reported in the Bangkok Post at the time.

[Maigo6]

Land and House in my wifes name.

I have a house up-country, if our relationship ended and it was in a company name, what would I do with it, sell it?

Who's gonna buy it?

Ever tried selling an expensive house up country, away from the city?

Would I want to stay in the same village as my ex-wife and all her family, knowing that I have still my lovely house whilst she is having to stay with her Family?

Would I want to have to worry about my house being in the name of a company that is only used as a front to skirt Thailands Laws, laws that can be changed at anytime?

Toyota Fortuner in my name, at least I could drive away from HER property with some dignity if it all went wrong, can you imagine having to leave your car too and catch the bus?

Mind you, if I was not working, I may have done things different, if things go wrong, it will most likely be me that does the wrong doing, so I think she deserves some security in her life, I have enough security of my own.

[JimmyGreaves]

Thanks everyone for a good response.

My own thoughts before I started the poll was that the company route would have come out on top, but it looks like there are some strong relationships out there, which is good news.

Would have been nice to know the length of time that everyones answers related to. i.e. Are all the company/lease/relationship set-ups recent or have they been operational long term.

Choc Dee

[bino]

I own a condo freehold in my name.

No option for this in the poll, so I didn't vote.

[anilorak]

Hi,

Not so many of you have chosen the 30year lease. But for those of you who have I have a question: Have you all "bought" your house from a foreign developer / company?

I see ads in the newspaper every day here in Sweden offering houses in Pattaya, Pae Pim, Hua Hi etc for 2,5 million bahts to 5 million bahts (house approx 100 sqm, 2 bedrooms, 2 bathrooms) with a distance from the beach of 0,5-2,5 km. This is the route most Swedes chose when buying their house in Thailand.

But, of course these Swedish companies make a lot of money and I would prefer (if safe and possible) to buy it directly from a thai developer / company at a lower price. Is that possible or should I avoid it? How have you chosen to do?

/Lina

[johnnyk]

But, of course these Swedish companies make a lot of money and I would prefer (if safe and possible) to buy it directly from a thai developer / company at a lower price. Is that possible or should I avoid it? How have you chosen to do?

The only one who can answer properly is the developer/builder. I am sure some will be willing to offer you a price discount for dealing directly.

[Colonel_Mustard]

Land and houses are in wife's name and condo's in my name.

We have a strong relationship but if anything went wrong, I'd happily let her keep the land and houses anyway so it wasn't really that big a decision.