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[travelman]

Hi

I have Non(O) Immigrant visa. My Thai wife wants to start a business in her name and borrow approx. 400000 Baht from me. I have no objection over it. Only the big problem is the security of funds. Is there a legal way of monitoring and securing funds that will be used in her business. Please note: I will not be getting any return but the installments on monthly basis. I also don't want to get myself victimized over 50:50 rule in case of separation/divorce.

Requesting an appropriate answer.

Cheers

[craigt3365]

This is more related to business and investments. So let's move this topic over to that forum.

Topic Moved.

[jpinx]

http://www.thaivisa.com/forum/topic/656066-security-of-funds-in-thailand/#entry6647840

[Mario2008]

No, any contract between you and your wife can be voided within 1 year of divorce. She simply tells the judge she doesn't agree with the contract anymore and that is that.

On the otherhand, the 50-50 rule only goes to possessions acquired during the marriage. If you had the 400,000 befor the marriage there is no split of that, while the new business of your wife could be split up as it is a gain during the marriage.

[AnotherOneAmerican]

Under Thai law no contract between a husband and wife is enforceable.

You have two choices.

1) Give her the money.

2) Don't give her the money.

Why not just lie and say you haven't got it, your money is tied up in investments until next year, etc.

Alternatively just give her 400k as a gift, it's not a big amount ($13k)

Edited July 25, 2013 by AnotherOneAmerican

[Issangeorge]

I believe it is against the law to write bad cheques, so perhaps you could have your wife write you post dated cheaques and then if one bounced you could take her to court.

Sent from my i-mobile IQ 6 using Thaivisa Connect Thailand mobile app

[Jasun]

You might be able to offer up the security on a loan for her.

[yoshiwara]

You want advice re taking your loving wife to court?

[travelman]

Thanks for the valid information by the respective members.

Cheers

[varun]

I would refrain from using terms such as 'borrow'.

If you expect that money to be returned, then good luck.

As mentioned earlier, either you i) Give her the funds, and don't expect to get a penny back ii) Don't give her the funds

I'd go with ii) if I was on retirement.

[handSumMan]

If you cant afford to lose it you dont front it. not even to ya mamma!

[Dork]

All Thai banks will make a cash secured loan. I think they charge about 1-2%/PA for that. You would need to put 400K on deposit with them, sign a personal guarantee and they will then extend the loan to your wife.

It's the same risk for you but this way it will be the bank calling if repayments stop, rather than you.

[jpinx]

All Thai banks will make a cash secured loan. I think they charge about 1-2%/PA for that. You would need to put 400K on deposit with them, sign a personal guarantee and they will then extend the loan to your wife.

It's the same risk for you but this way it will be the bank calling if repayments stop, rather than you.

True - but bear in mind that if the borrower just disappears into deepest Issan, the bank will revert to the guarantor pretty quickly.

I've been - at various times and in different countries - both lender and borrower, and there is no such thing a "security" - especially in a foreign land. As I suggested earlier - the most likely to give practical security is to put something of the borrowers into your name - like the car or a condo which can legally be owned by a farang.

[AnotherOneAmerican]

Just had a rather nasty thought.

400k is the amount the OP has in his bank account to secure his 'marriage extension'.

She's seen it, and she wants it!

Am I right?

Edited July 25, 2013 by AnotherOneAmerican

[transam]

My first impression on this topic is that it is a troll topic. If it is not, then OP back out of the suggestion from her. The risk of failure is yours and zillions of farangs are smarting.

[swissie]

Under Thai law no contract between a husband and wife is enforceable.

You have two choices.

1) Give her the money.

2) Don't give her the money.

Why not just lie and say you haven't got it, your money is tied up in investments until next year, etc.

Alternatively just give her 400k as a gift, it's not a big amount ($13k)

Travelman, take AOA's advice.

Of course, there is an army of Thai-Lawyers that love to draw up all kinds of pseudo-legal-papers for the Farang. For a hefty fee, of course. In the end, none of that hocus-pokus will "hold water", when it comes down to the "nitty-gritty". (court-proceedings).

Cheers.

[SantiSuk]

Give her 100,000 baht as a present and ask her to borrow the rest locally. You'll be far better off that way in the long run!

[ykatz0]

To the topic: There is no way for a farang to legally secure this or any other note in Thailand. The reason is there are so many ways for you to lose the funds. If you want to understand what would be a reasonable method to secure funds from old business that has been running for years on end interview someone who has taken black market loans and paid them back (or still paying as is usually the case). These loans are also secured by assets, plus other means which I will not go into here. But this is the way they can run that loan business in Thailand. The banks in Thailand will rarely loan money unless it is backed by grants and bonds and so forth and there are multiple layers of business levarage (large businesses).

Bottom line (in my opinion):

1. Give her the 400K if you want to and can afford it.

2. Call it a loan (is up to you)

3. Don't believe you will receive that stream of payments on time for the entire period you signed up for, many "things" will happen.

4. Don't kid yourself!

Best regards!

[meatboy]

Under Thai law no contract between a husband and wife is enforceable.

You have two choices.

1) Give her the money.

2) Don't give her the money.

Why not just lie and say you haven't got it, your money is tied up in investments until next year, etc.

Alternatively just give her 400k as a gift, it's not a big amount ($13k)

thats right aoa.2choices,thais know the meaning of the word to borrow but not the meaning

to pay it back.

[55Jay]

[travelman]

I appreciate your comments

My first impression on this topic is that it is a troll topic. If it is not, then OP back out of the suggestion from her. The risk of failure is yours and zillions of farangs are smarting.

[travelman]

Sounds good.

Thanks

All Thai banks will make a cash secured loan. I think they charge about 1-2%/PA for that. You would need to put 400K on deposit with them, sign a personal guarantee and they will then extend the loan to your wife.

It's the same risk for you but this way it will be the bank calling if repayments stop, rather than you.

[gk10002000]

Just had a rather nasty thought.

400k is the amount the OP has in his bank account to secure his 'marriage extension'.

She's seen it, and she wants it!

Am I right?

Certainly seems possible given the amount quoted. This has all the bell ringers of something to walk away from. But, we don't know the couple, their relationship, how long they have been together etc. But all the negative warnings posted by others should be strongly considered.