Buying Land With Foreign Money

[somdet]

I recently came into enough money to buy some land and build a house on it. I am married to a Thai national. I read that my wife CAN buy land but that the money CANNOT come from overseas. Does anyone know how I can use this money I have inherited to buy land? Advice, opinion, anecdotes are all welcome and appreciated.

THANKS!

[Casanundra]

Bring the money in.

Donate it to her as a gift (Claim it is Sinsot perhaps ) and bobs your uncle and fanny is your aunt.

The key thing that they are trying to avoid is that a foreigner has claim to the money (and henceforth the land) and as long as it is clear that it is HER money and nothing to do with you then there should not be a real problem.

[thaigene2]

Yes I think you're mixing a couple of issues. Ditto to what Casanundra said about giving the money as a gift. Doesn't matter where it came from as long as it becomes 'hers'.

You may be confusing this with buying a condo where ALL the money MUST come from overseas (e.g. they don't want you earning money here and competing with Thais for condo purchases - but they'll consent - albeit grudgingly - if you bring hard currency into the country to buy).

Ironically, or so I've been told by a farang-thai lawyer, that if a farang buys a condo, the Thai wife cannot pay 50% with her Thai money, and the farang only bring in 50% foreign currency for his share - and thus no joint ownership! Though it would probably still form part of the matrimonial estate, whereas the land you buy for her in 'her' name would not form any part of the joint-estate on divorce. Go figure. TIT.

[Artamus]

Yes I think you're mixing a couple of issues. Ditto to what Casanundra said about giving the money as a gift. Doesn't matter where it came from as long as it becomes 'hers'.

We bought land last year. We simply transfered money from overseas into my wife's account and she bought the land. No questions were asked anywhere.

[somdet]

Hey thanks everybody. Just one question-

Does your wife have your last name? I ask because my wife changed her last name to mine and I wonder if this may make a difference. I have lived here for a while and am perhaps overly suspicious and cautious.

[Rinrada]

Hey thanks everybody. Just one question-

Does your wife have your last name? I ask because my wife changed her last name to mine and I wonder if this may make a difference. I have lived here for a while and am perhaps overly suspicious and cautious.

You might find that its easier for the boys an girls a the land office to spell her Thai name and it tends to look better on the documents.(rather than Mrs Sombat Mac Gonnigle-Bowes Lyon)

[GuestHouse]

Before you buy any land in Thailand look into "Usufruct" and "Lease" as a means of ensuring the land remains in your control.

Also think very carefully about where you want to buy land, where you want to live, and do a thorough survey before parting with your money.

It came easy, it could go even easier.

[astral]

The fact that your wife has your family name should not be problem,

the new name will be in the Tabien bahn and her id card, so there will be no problem about the spelling either.

[P76]

I took the advice I recieved on this forum. I took travellers cheques (in my wifes name) to the bank and exchanged them for a Thai bank cheque. Paid the guy for the house at the local bosses office. He was amazed there was so much money in this little piece of paper.

Worked for me.

[Rinrada]

Always amazing when you explain that £100 pound note is worth over 7,000 baht....

even better with a EU 500 spot @ almost 25,000 bt.

...room for a little one......

[thaigene2]

As far as I know it has nothning to do with who's anem is on the cheque guys. The main point is the official at the Land Office will make YOU sign that this house was bought with your wife's OWN money. End of story.

It is all intended to make sure you will gert no financial benefit, ever, from the house as it is not yours - regardless of who's pocket the money came from to buy it. They don't care about that (except if you';re trying to buy a condo in YOUR name, then they care very much...you must show you imported 100% in foreign currency - no more bank Thai Baht loans for farang. Give us your money, give us your money..