Condo In Company Name

[Tufty]

With all the problems of forming a company to own a house, is it possible to have a new company buy a condo in a building that is already up to the 49% limit

I have been offered a beautiful place (currently in a Thai name) by an estate agent and he seams to think the the land office would accept it

Alternativly if I put it in the wifes name on a 30 year lease and the marriage failed would I have the right to evict her or would she still be able to call it home?

Edited October 24, 2006 by Tufty

[dsfbrit]

With all the problems of forming a company to own a house, is it possible to have a new company buy a condo in a building that is already up to the 49% limit

I have been offered a beautiful place (currently in a Thai name) by an estate agent and he seams to think the the land office would accept it

I am one of the people who mistakenly bought land through the company route.

I wont bore you with all the pitfalls I could mention to this idea - read through just some of these forums and you will soon see.

Look, forget companies, if you want to buy a condo then buy one that is a part of the 49 percent legal allocation - or dont buy.

If for no other reason than why would you want the hassle of company accounts each year.

If you decide to proceed - then good luck - you'll need it.

[thaigene2]

With all the problems of forming a company to own a house, is it possible to have a new company buy a condo in a building that is already up to the 49% limit

I have been offered a beautiful place (currently in a Thai name) by an estate agent and he seams to think the the land office would accept it

I am one of the people who mistakenly bought land through the company route.

I wont bore you with all the pitfalls I could mention to this idea - read through just some of these forums and you will soon see.

Look, forget companies, if you want to buy a condo then buy one that is a part of the 49 percent legal allocation - or dont buy.

If for no other reason than why would you want the hassle of company accounts each year.

If you decide to proceed - then good luck - you'll need it.

dsfbrit - I'm sorry for the bind you're in. Your advice to Tufty is good I believe. If any good comes out of all this it might be that the thai-chinese speculators that bought all these places to sell to farangs at a higher price will feel a bit of pain too. No buyers in over-farang-subscribed buildings - and no one willing to go the company route anymore for all the reasons now so well known.

What will they do with those places? The wildcard is that they also have money and influence. Let's see if they apply some pressure to get the law changed so they can off-load their investments (like lifting of 49% rule).

The thing is they are still out there buying these places to flip. Amazing - I witnessed it in the Sri Nakarin area this weekend. They really love to gamble..is that it?

[dsfbrit]

Thaigene2 , thanks for the concern.

Fortunately, I followed the advice offered by wise Thai Visa contributors only to bring as much money into Thailand that I can afford to lose - my money is tied up in the UK!

The thing is when I see posts like Tufty's - I almost despair.

It reminds me all of myself a few years ago -bright eyed and bushy tailed - being given the same old chat - of course mine was to acquire land.

At least with my scenario the only way I could acquire land was via the company route. So there was a valid - if flawed argument - as to why the sales people would push this route.

Why any sales guy would suggest the company route to buy a condo is beyond me - as a farang can

own a condo legally in his own right.

I am not going to use rude language about this estate agent - hey he needs to make money as well I guess.

Tufty I just hope you dont do either option you have suggested here.

Why would you want to do a 30 year lease - when you can own a place in your own name?

Go and find a another condo in the 49 percent of a block that is legally yours - in your name -it may take a while - so what.

You wont regret it!!!

good luck with whatever you decide