Putin's Nuclear Threats: Rhetoric or Reality?

[sethian]

Hello,

Just returned from first bkk. My wife is thai and lives in the usa with me. She is an airline hostess but no longer works.

We would like to buy a house/condo in Thailand. It would be in her name obviously. She says she can not obtain financing because she can not show employment.

I make $120k salary. Can somebody give me advice the best way to purchase through my wife? Should i simply have her walk into a bank with 30%? Should i provide the bank with my personal american finances?

Thanks

[patekatek]

Good luck. My wife and I tried using my U.S. assets to finance a new house. I showed them my S.S. income, my stock portfolio and my retirement IRA balances. Combined over $750,000 balance. Did not make a dammm bit of difference. I ended up paying cash for the majority of my house and land and my brother in law created an income statement for my wife for his business so that she could get a measly 2.3 million baht mortgage from the bank. The answer was the same at every bank we tried to get a mortgage at. "NO".

I wish you best of luck and perhaps there is an institution that I missed and they will consider your U.S. based assets.

[PattayaPhom]

As you both live in the USA its unlikely even with a large deposit, your only option would be a new development off plan. If you choose to, be careful as some developers do not complete.

[sethian]

Ok, so it seems it's true that if a Thai citizen does not hold employment in Thailand, they can not receive financing for a home. Regardless their personal / martial finances. Sounds very 3rd world.

Anyway, so lets play by the rules and go down the route of creating employment for my wife in Thailand.

Technically she can live in the USA and work for a Thai company (here in the USA we call that Telecommute). Does anybody here actually own a Thai company and what is the process involved for creation / payroll / taxes / etc? I'm assuming I can simply create a Thai business in her name, pay her through her own company, pay the Thailand taxes, and have her show a significant income. Yes?

Creation of a S-Corp in the USA is about $350 and payroll done through a 3rd party is usually about $50/employee. I can't wait to see what this will be like in Thailand.

Thanks,

Mike

[sethian]

I found a great site with excellent leads to banks that will finance

http://www.siam-legal.com/realestate/thailand-property-financing.php

[sethian]

Ok, I found the information I'm looking for:

All about and lists of banks:

http://www.siam-legal.com/realestate/thailand-property-financing.php

A bank that does financing:

http://www.uob.com.sg/personal/loans/property/uob_international_home_loan_thailand.html

[yoshiwara]

If you borrow on an apartment in your (foreigner) name then there is an asset which can be assigned to the lending bank. The same will not as easily apply to a Thai ownership asset. Do you really want to get into a situation where the actual mortgage is assigned against your US property?

[fletchsmile]

It' possible for a Thai person to get finance in Thailand if they have zero income if the loan is guaranteed by someone else.

Specifically, I can confirm that a Thai spouse who has no income can get a mortgage in the Thai spouse's name, guaranteed by the foreigner if the foreigner can show income in Thailand. Having no income and being married to a foreigner are not the main issues for your wife. The main problem you have is neither of you live here and neither of you have any earned income in Thailand. This will make it difficult for you to obtain a THB loan with a local bank.

If you happen to have the funds to make private banking level criteria (eg $1mio up of net assets) there are reputable foreign banks that will lend you the money from offshore in foreign currency that can be transferred in to Thailand to purchase condos etc.

Fletch

[cocopops]

If you borrow on an apartment in your (foreigner) name then there is an asset which can be assigned to the lending bank. The same will not as easily apply to a Thai ownership asset. Do you really want to get into a situation where the actual mortgage is assigned against your US property?

If the OP owns property in the US, then borrowing against it would be the cheapest option by a *very* large margin, no?

Edited March 9, 2013 by cocopops

[samran]

Ok, so it seems it's true that if a Thai citizen does not hold employment in Thailand, they can not receive financing for a home. Regardless their personal / martial finances. Sounds very 3rd world.

Anyway, so lets play by the rules and go down the route of creating employment for my wife in Thailand.

Technically she can live in the USA and work for a Thai company (here in the USA we call that Telecommute). Does anybody here actually own a Thai company and what is the process involved for creation / payroll / taxes / etc? I'm assuming I can simply create a Thai business in her name, pay her through her own company, pay the Thailand taxes, and have her show a significant income. Yes?

Creation of a S-Corp in the USA is about $350 and payroll done through a 3rd party is usually about $50/employee. I can't wait to see what this will be like in Thailand.

Thanks,

Mike

It is very Bank World, not third world.

I was working in Thailand on a very good salary. Australian passport holder. Do you think any Australian bank would touch me with a barge pole to buy a property in OZ without extortionate pre-conditions? No.

Best bet is if you want to by an off the plan condo. A deposit and it seems banks tend to be a bit more flexible...

[Soutpeel]

Ok, so it seems it's true that if a Thai citizen does not hold employment in Thailand, they can not receive financing for a home. Regardless their personal / martial finances. Sounds very 3rd world.

Anyway, so lets play by the rules and go down the route of creating employment for my wife in Thailand.

Technically she can live in the USA and work for a Thai company (here in the USA we call that Telecommute). Does anybody here actually own a Thai company and what is the process involved for creation / payroll / taxes / etc? I'm assuming I can simply create a Thai business in her name, pay her through her own company, pay the Thailand taxes, and have her show a significant income. Yes?

Creation of a S-Corp in the USA is about $350 and payroll done through a 3rd party is usually about $50/employee. I can't wait to see what this will be like in Thailand.

Thanks,

Mike

It is very Bank World, not third world.

I was working in Thailand on a very good salary. Australian passport holder. Do you think any Australian bank would touch me with a barge pole to buy a property in OZ without extortionate pre-conditions? No.

Best bet is if you want to by an off the plan condo. A deposit and it seems banks tend to be a bit more flexible...

Best bet would be to raise a loan in us and buy cash in Thailand.....one suspects the op will have little chance getting a mortgage in Thailand...as doesn't live here and income is in the us so, one could understand why a Thai bank would decline a loan under such circumstances, although the OP has provided links of banks who will provide loans to farangs, what is written on paper is vastly different from what happens in practice. another option would be for his thai relatives in Thailand to get the loan in Thailand and he pays the mortgage every month