Buying Cash 4-5M Under Gfs Name

[SoFarAndNear]

Hi,

I am planning to buy a condo in Bangkok. Price will be around 4-5m Baht. I want the full procedure under my Thai GFs name. (I have my reasons)

If she is going to buy a condo for that big amount of money in cash. but just have a job with around 12k baht salary in the last years, will there be any problems or questions about the money background at land transfer?

Cheers

Edited April 6, 2013 by SoFarAndNear

[thaicbr]

Hi,

I am planning to buy a condo in Bangkok. Price will be around 4-5m Baht. I want the full procedure under my Thai GFs name. (I have my reasons)

If she is going to buy a condo for that big amount of money in cash. but just have a job with around 12k baht salary in the last years, will there be any problems or questions about the money background at land transfer?

Cheers

Nope. They will just presume your GF has lucked out.. probably will ask her if you have any equally rich (and dumb) brothers.

PS. They may insist you sign the documents detailing the money is a gift.

Sent from my i-mobile i-STYLE Q6

[SoFarAndNear]

The thing is that I won't present at the land transfer. So don't want someone even know that there is a rich ( and dumb ) farang in the background.

[eric747]

The thing is that I won't present at the land transfer. So don't want someone even know that there is a rich ( and dumb ) farang in the background.

If i wear Wig long black hair and wear a short mini skirt can you buy me a condo also

I would get a 30 year lease on that after you done the deal for your own protection

[Langsuan Man]

Thailand is a cash economy. Not an eyebrow will be raised by the Thai GF purchasing a condo for that amount

[thaiwanderer]

The thing is that I won't present at the land transfer. So don't want someone even know that there is a rich ( and dumb ) farang in the background.

you aren't in the background in any way the land office is interested in

you are paying for the condo unit not buying it

there is no useful attempt at an approximation of any sort of beneficial ownership or use by you of the condo unit

...or anything else

[Maestro]

...I am planning to buy a condo in Bangkok. Price will be around 4-5m Baht. I want the full procedure under my Thai GFs name. (I have my reasons)...

You won't be buying a condo in your friend's name. You will give her four to five million Baht as a gift with no lien and she will buy a condo in her own name. There is nothing illegal about this as long as she gives a truthful answer if the land registration office asks her about the provenance of the money. From a legal point of view she will be free to spend or invest the money as she pleases.

Sent from my Android tablet

[mav000]

Highly recommend you go with the lady to the office. I met a fellow who handed the money over to a lady for same type of transaction. He waited just outside of office in a cab. After an hour or so, he went inside to see what was going on. Lady had slipped out another door, never to be seen again.

Oh yeah, the 5 million baht was never to be seen again as well!

Buyer Beware: Think with your BRAIN not another organ!

[meatboy]

just be careful,how long have you known her,do you know anything about her family, 4-5million is not a great amount to us maybe but its a sum that most thai girls dream about.as its been sugested why dont you take out a lease.

if you read tv.you will know there are many stories about the brother so has she sugested that the condo must have 2 bedrooms

are you a lucky person

[SoFarAndNear]

Hi,

thanks for the answers (and warnings). So gifting a high amount like this is no problem? No gifting tax or something?

P.S to all comments and warnings, I know exactly what I am doing. I know her family for many years and have a very good relation to them. They respect me in the same way like I respect them. In fact is that my GF the one who is more worried then me, because she knows what the word "Taxes" means. And her (and my) dream is not to own big money to show it is a safe place for us and our new family member to rise.

[worgeordie]

SoFarAndNear, report back in 6 months ,will be interesting to see if the respect is still there,

You sure like living dangerously, unless you have earned your money very easily.

Good Luck regards Worgeordie

[meatboy]

yes good luck to you after being involved with thailand for over 30yrs.i can honestly say if you can afford to lose it go ahead,it took me 3yrs.to learn about the ups and downs,heartbreaks and heartaches and there will be a few on the way.then 2yrs to know my wf.all the next 22yrs of married life has been something you can only dream about,retirement is bliss.

[rayongchelsea]

What are these reasons..not rational ones...educate us please..forums like this are useful to help others make decisions , what you are doing is basically financial suicide..investing in something that you can own out right ( rare in Thailand) yet you are willing to give this away..maybe if she was your wife..even then..no kids..why?

[Maestro]

...No gifting tax or something?...

Under the title "2.1 Assessable Income" no specic mention of gifts is made on this web page of Thailand's Revenue Department: http://www.rd.go.th/publish/6045.0.html, but it looks like gifts fall under "(8) any other income not specified in (1) – (7)". the linked web page of the Revenue Department also gives information about the tax rate.

2.1 Assessable Income

Income that must be included for the purpose of PIT computation is called “assessable income”. Besides cash, assessable income includes in-kind benefits such as a rent-free employer-provided homeand the amount of tax paid by the employer on behalf of the employee.

(1) income from personal services rendered to employers such as salaries, wages, employer-provided stock options, work-related compensation and fringe benefits;

(2) income from contract for hire, positions or services rendered;

(3) income from goodwill, copyright, franchise, patent, annuity, or income in the nature of annual payments derived from a will, juristic act, or judgment of the Court;

(4) income in the nature of dividends, interest on deposits with banks in Thailand, shares of profits or other benefits from a juristic company, juristic partnership, or mutual fund, payments received as a result of the reduction of capital, a bonus, an increased capital holdings, gains from amalgamation, acquisition or dissolution of juristic companies or partnerships, and gains from transferring of shares or partnership holdings;

(5) income from lease of property, breaches of hire-purchase contracts, and breach of installment sales contracts;

(6) income from liberal professions such as law, medicine, engineering, architecture, accountancy and fine arts;

(7) income from construction and other contracts of work whereby the contractor provides essential materials other than tools;

(8) income from business, commerce, agriculture, industry, transport or any other income not specified in (1) – (7).

The website of KPMG has this rather vague comment:

Gifts

Gifts may be taxable income to individual except gifts (at reasonable value) made in a ceremony or on occasions in accordance with established custom.

Source: http://www.kpmg.com/global/en/issuesandinsights/articlespublications/taxation-international-executives/thailand/pages/income-tax.aspx

[reiltin]

When I was young I thought money was the most important thing in the world,now that I'm old I know that it is.

[cooked]

I think the Op has taken leave of his senses. Sorry about that.