Buying a house without a work permit

[Bitterend]

Why don't you directly do a deal with the landlord and pay him 50k per month without a loan. I know of people's that have bought in this way houses in Thailand but I have to be honest that the landlord was not in a hurry to sell it. On top of that you can pay 20% of 2.9 million Baht in cash as a down payment and you would come on almost 580,000 Baht as a down-payment.

After 2 years the amount you would have paid him would be 1.78 million Baht.

there could be more to this than meets the EYE. if he's desperate to sell at that price,for a house in a mooban in bkk.then there could possibly be a repossesion pending and a loan against it.you and your wife without legally working income are not going to get anywhere.very easy to rent but with 6cats this will be a problem.

as the saying goes, 2.9million bht.for a house on a mooban in bkk.is tooooooooooooooooooooooooo good tooooooooooooooooo be TRUE.

TREAD CARFULLY.

I'm not that out of it! 2.9 million is what we want to borrow, the house sells 3.5 million and it's 9 years old. Read all the previous posts and you'll see that such arrangement with the landlord is not possible as the bank is the owner, not him (he's on a loan).

Thanks anyway for all your answers, we might have found a solution now.

[F4UCorsair]

The personal loan would be from your wife to family member for the 20% down payment - you would then have them buy the house based on them having employment and income and you would provide the funds for monthly payments having a lease agreement to protect yourself from them taking over the house.

Sounds like a scheme that could well end in tears.

The more people involved, and stages in the scheme, the greater the potential for it to go tits up.

[lopburi3]

The personal loan would be from your wife to family member for the 20% down payment - you would then have them buy the house based on them having employment and income and you would provide the funds for monthly payments having a lease agreement to protect yourself from them taking over the house.

Sounds like a scheme that could well end in tears.

The more people involved, and stages in the scheme, the greater the potential for it to go tits up.

But then again just about everything we do in life has its risks. Pay cash is not an option and even then the home would not be owned by him. Was suggested only if other paths could not be found.

It seems an arrangement has been agreed upon. Be aware of tax when house is sold and who will pay what.

[theguyfromanotherforum]

Here is the best piece of advice you will get.

You can not get a loan in Thailand. Period.

However, every civilized country has private lenders that will give you a loan on overseas property.

I know I could go to one in Canada to buy a condo in Thailand. Private lenders usually charge higher interest, but it would still be lower than what I would pay a Thai bank.

The only question is.... are you paying tax. If not, kiss your dream of buying the house goodbye.

[Daniel Boon]

Vendor will not consider 'vendor finance' ... where you pay interest on the loan amount and pay it off ... of course I don't know if they have caveats in Thailand; however, if you had a deposit the vendor is happy with and thy changed the title over with them having a mortgage over the property. If you pay the equivalent of a bank interest, it's a better return than would get otherwise ...

[mihalis]

Tried any foreign banks, you say your freelance worker where is tax paid, what about UOB bank..

[bluuskii]

Try UOB..

They gave the wife a loan (she doesn't work ) with me as guarantor (don't work in Thailand, thus have no work permit)..We paid 20% down..

[mankondang]

When banks etc lend anyone money they want a guarantee that they will under any circumstances get their money plus interest back. That means whoever borrows money from them has the equity to borrow the money on. That maybe in you already borrowing the money with guaranteed income to cover the repayments, and a further guarantee that in any unforeseen circumstances, such as loss of income from being made unemployed or in the event of the borrower's death. If you already have assets, such as a existing property you own, or someone you know who will take the gamble to be your gaurantor has assets, such as existing property whos value is equal to or more than the amount borrowed then that will be suffice. If your employed and earn enough to saisfy the bak, then you will have to take out life insurance and make regular payments for that, and which has an output paiment enough to cover the amount you owe the bank.

My tgf has a excellent government job which pays her enough to satisfy the bank for the amount she borrowed to build her house, but she still had to take out life insurance to satisfy, and pays the bank if she dies.

Banks are big business and are in business to make money. Too much in my opinion.

Sorry to shatter your dream but I don't think your in the best situation to get a bank loan. Best of luck.

Edited November 26, 2015 by mankondang

[gandalf12]

As has been said you need to have the full amount of cash readily available. We, my wife and I, bought a house and she wasnt working but we did pay cash so there was no problem

[PaDavid]

Well no job and it's definitely hopeless. What about you paying her a salary. And she comes up with an idea for a job. You mentioned the "friends" having the sales stalls. What's stopping your wife doing something similar? You have to think outside the box!

Of course she could do that, the only problem is that the landlord wants to sell the house by January, we have the priority since we rent it and live inside at the moment, but if all banks refuse us the credit then we're **ed and will have to leave (other persons are interested in buying the house).

Opening a clothes stall now would be of no utility since banks ask at least 6 months of incomes (all the incomes in her bank statement show they come from bank tranfers every month, actually MY bank...).

[PaDavid]

Well no job and it's definitely hopeless. What about you paying her a salary. And she comes up with an idea for a job. You mentioned the "friends" having the sales stalls. What's stopping your wife doing something similar? You have to think outside the box!

Of course she could do that, the only problem is that the landlord wants to sell the house by January, we have the priority since we rent it and live inside at the moment, but if all banks refuse us the credit then we're **ed and will have to leave (other persons are interested in buying the house).

Opening a clothes stall now would be of no utility since banks ask at least 6 months of incomes (all the incomes in her bank statement show they come from bank tranfers every month, actually MY bank...).

Could you employ her as your secretary and pay her the 30,000 or whatever it is she needs to earn. If you are self-employed, you could probably set your self up as a limited company with you as sole director and her as company secretary. Would that work?

[Bitterend]

Try UOB..

They gave the wife a loan (she doesn't work ) with me as guarantor (don't work in Thailand, thus have no work permit)..We paid 20% down..

Interesting. I already asked the nearest UOB branch and they told me there was about no chance it would be accepted (the word "freelance" make them turn pale )

Can you tell me when and where (what UOB branch) your credit was accepted? Could always give it a try, but since I don't pay any tax, I doubt I have a chance.

[meatboy]

Try UOB..

They gave the wife a loan (she doesn't work ) with me as guarantor (don't work in Thailand, thus have no work permit)..We paid 20% down..

Interesting. I already asked the nearest UOB branch and they told me there was about no chance it would be accepted (the word "freelance" make them turn pale )

Can you tell me when and where (what UOB branch) your credit was accepted? Could always give it a try, but since I don't pay any tax, I doubt I have a chance.

NO work permit,earning 140,000bht.a month,NO tax being paid,this is illegal activity.you might not need a house if your caught.

correct BITTEREND you have NO chance.

most banks wont open an account for you without a wp.

[Ks45672]

Try UOB..

They gave the wife a loan (she doesn't work ) with me as guarantor (don't work in Thailand, thus have no work permit)..We paid 20% down..

Interesting. I already asked the nearest UOB branch and they told me there was about no chance it would be accepted (the word "freelance" make them turn pale )

Can you tell me when and where (what UOB branch) your credit was accepted? Could always give it a try, but since I don't pay any tax, I doubt I have a chance.

NO work permit,earning 140,000bht.a month,NO tax being paid,this is illegal activity.you might not need a house if your caught.

correct BITTEREND you have NO chance.

most banks wont open an account for you without a wp.

This is not true, it varies from branch to branch

I have opened accounts in 20 minutes with only a tourist and educational visa in the past

Kasikorn, bkk bank and scb are usually easy, I've been refused quite rudely at tmb though.... Ymmv

[puffy]

I was in a similar situation. Firstly go and get a work permit, google it there are many companies

that will get you one. The land will be in your wife's name. For the next 6 months put all or most

of your wages into her bank account. You say you work as a freelancer if it is online your wife

can say that is her job. Just put the money in regularly. We got a mortgage of 3.6 million by doing

this, when 6 months before everyone refused her, and we also got a new car the same way.

If you earn 140k a month your wife could just open a business and you put your wages into her business.

[puffy]

Also I just saw the Landlord wants to sell by January. I would not worry to much

about that. Most Thai people are terrible at selling houses. My wife's house was

on the market for over 2 years before we bought it. Most Thai's don't use agents

and just try to sell the house themselves.

[meatboy]

I was in a similar situation. Firstly go and get a work permit, google it there are many companies

that will get you one. The land will be in your wife's name. For the next 6 months put all or most

of your wages into her bank account. You say you work as a freelancer if it is online your wife

can say that is her job. Just put the money in regularly. We got a mortgage of 3.6 million by doing

this, when 6 months before everyone refused her, and we also got a new car the same way.

If you earn 140k a month your wife could just open a business and you put your wages into her business.

AND PAY TAX.

[Bitterend]

I was in a similar situation. Firstly go and get a work permit, google it there are many companies

that will get you one. The land will be in your wife's name. For the next 6 months put all or most

of your wages into her bank account. You say you work as a freelancer if it is online your wife

can say that is her job. Just put the money in regularly. We got a mortgage of 3.6 million by doing

this, when 6 months before everyone refused her, and we also got a new car the same way.

If you earn 140k a month your wife could just open a business and you put your wages into her business.

What kind of company will get me a work permit if I'm not looking for a job? I always worked alone, can't imagine myself being employed and exploited, no company would give me a decent salary, my skills are of no use in Thailand.

Then there's something to make up with my wife for sure, she sometimes work as a freelancer as well, online, but no regular monthly income. There might be something to do on that point, but it's still freelance work (same value as selling clothes on a stall you'll tell me!)

[Bitterend]

I was in a similar situation. Firstly go and get a work permit, google it there are many companies

that will get you one. The land will be in your wife's name. For the next 6 months put all or most

of your wages into her bank account. You say you work as a freelancer if it is online your wife

can say that is her job. Just put the money in regularly. We got a mortgage of 3.6 million by doing

this, when 6 months before everyone refused her, and we also got a new car the same way.

If you earn 140k a month your wife could just open a business and you put your wages into her business.

AND PAY TAX.

No. I can't run a business in Thailand, and if I paid tax in my country I would have to give about 30% of my incomes. It might decide banks giving me the loan, but I believe there's another solution.

[casualbiker]

I was in a similar situation. Firstly go and get a work permit, google it there are many companies

that will get you one. The land will be in your wife's name. For the next 6 months put all or most

of your wages into her bank account. You say you work as a freelancer if it is online your wife

can say that is her job. Just put the money in regularly. We got a mortgage of 3.6 million by doing

this, when 6 months before everyone refused her, and we also got a new car the same way.

If you earn 140k a month your wife could just open a business and you put your wages into her business.

AND PAY TAX.

No. I can't run a business in Thailand, and if I paid tax in my country I would have to give about 30% of my incomes. It might decide banks giving me the loan, but I believe there's another solution.

your wife sets up the business as a sole trader. Once she gets her tax number (which is easy), she pays the tax (minimal approximately 1,500per month on 40k) then after 6 months you/she goes back to the banks. In the meantime talk to the landlord. You're getting some decent advice but so far seem to be ignoring it. You could then work for your wife and get paid, get a WP etc (you would need to seek advice on this, I've heard its possible) Edited November 27, 2015 by casualbiker

[Bitterend]

your wife sets up the business as a sole trader. Once she gets her tax number (which is easy), she pays the tax (minimal approximately 1,500per month on 40k) then after 6 months you/she goes back to the banks. In the meantime talk to the landlord. You're getting some decent advice but so far seem to be ignoring it. You could then work for your wife and get paid, get a WP etc (you would need to seek advice on this, I've heard its possible)

I'm not ignoring the advices, I thanked all the users for their answers, some advices match my situation and some don't, that's it.

About setting up a business I'm afraid it's not that easy, even for a Thai national. I don't have any information about it, but you probably need to open a professional bank account, put in a capital (no idea about the amount though), have a professional address (credit managers will come to check what you really do and if you actually work) etc. Only setting up a business could take months.

[casualbiker]

your wife sets up the business as a sole trader. Once she gets her tax number (which is easy), she pays the tax (minimal approximately 1,500per month on 40k) then after 6 months you/she goes back to the banks. In the meantime talk to the landlord. You're getting some decent advice but so far seem to be ignoring it. You could then work for your wife and get paid, get a WP etc (you would need to seek advice on this, I've heard its possible)

I'm not ignoring the advices, I thanked all the users for their answers, some advices match my situation and some don't, that's it.

About setting up a business I'm afraid it's not that easy, even for a Thai national. I don't have any information about it, but you probably need to open a professional bank account, put in a capital (no idea about the amount though), have a professional address (credit managers will come to check what you really do and if you actually work) etc. Only setting up a business could take months.

nope. Setting up a sole trader business in Thailand is simple.. This is Thailand after all. You can't make it to difficult. You're wife can find the details easily. The tax office is a good place to start on legalities concerning the payment of tax.. Most of the required info for the banks is your tax records. I'm sure your wife can get additional information from her friends and Pantip!

[casualbiker]

For setting up a proper company and getting WP etc.. The house could then go in the company name.

http://www.tilalegal.com/thailand-company-registration?gclid=Cj0KEQiA-NqyBRC905irsrLr-LUBEiQAWJFYTmkXzk4JbXRlxKmPsIS2mcqxUfg-7xQtJnIEwZfUKRkaAnRj8P8HAQ

Edited November 27, 2015 by casualbiker

[casualbiker]

More information from Sunbelt lawyers Inc fees.. Sole proprietorship 2,500 baht.. But I have been told it is a simple procedure and you can do it for about 200b yourself.

http://www.sunbeltlegaladvisors.com/service-fees/

Edited November 27, 2015 by casualbiker

[theguyfromanotherforum]

I can't believe all the dodgy advice OP is getting.

So far, he stands to lose a lot more with the above advice than a mere 30% tax he would be paying in his country of residence where he could probably get a private or personal loan.

OP, you have a good thing going. 140k a month, no tax.... I can only dream about that. Canada taxes me and I am not even allowed to visit a doctor when I go back for a vacation. In my opinion you are ruining a good thing with this house purchase.I honestly think you should continue renting even if that means moving to another place. Keep working, keep saving money and in a few years you will be able to buy a house with cash. You are just complicating your life. Why?

[bluuskii]

Try UOB..

They gave the wife a loan (she doesn't work ) with me as guarantor (don't work in Thailand, thus have no work permit)..We paid 20% down..

Interesting. I already asked the nearest UOB branch and they told me there was about no chance it would be accepted (the word "freelance" make them turn pale )

Can you tell me when and where (what UOB branch) your credit was accepted? Could always give it a try, but since I don't pay any tax, I doubt I have a chance.

This was about 2 years back so they may have changed their policy but it was their main branch downtown..

[blackcab]

Leaving the house is not a solution, the intent is to buy it.

I don't want to rent another house cause the one where we currently live is a great deal, houses like that are at about 30,000 baht/month, more that we would pay every month with a loan!

I know I might have no choice, but I'm here to see if somebody knows a solution or at least has some advices about what we could do to get a loan.

I finally found a property in Bangkok that complies with the 1% rule. About 3m baht to buy it and 25k a month income from rent.

That's the first property in Bangkok I've heard of that fits the rule.

[Langsuan Man]

You would be in the same situation back in France

You say your income is 140K per month but you have no way of proving it, because you are not paying taxes

Wan't a loan, get legal, obtain a work permit, pay your Thai taxes and then you will be able to obtain the cash you need

Sorry, but other than a loan shark or a rich uncle, I can't see any way you are going to obtain the funds for this "great deal"

[Bitterend]

You would be in the same situation back in France

You say your income is 140K per month but you have no way of proving it, because you are not paying taxes

Wan't a loan, get legal, obtain a work permit, pay your Thai taxes and then you will be able to obtain the cash you need

Sorry, but other than a loan shark or a rich uncle, I can't see any way you are going to obtain the funds for this "great deal"

Yeah that's what I'm into now. I contacted several agencies to try set up my own business and pay taxes in Thailand, I though it was not possible in my case but sounds like it is. They say everything can be done within a month, but I still have to weigh up the pros and cons.

Thanks again to those who gave me that idea, sounds like a real solution to my problem (and a way to work legally in Thailand as well!)

[SoFarAndNear]

Bangkok is a big city... and also rama 2 has many other gated housing communities....