Purchase a condo in a company name

[12Gon]

Hi!

 

I really do not want to do this. However, I have found a condo in a building where the foreign quota is already filled and wonder how it works to purchase the unit in a company name?

 

1. What kind of taxes do I have to pay? Amount of tax is calculated on what and how frequently do I have to pay taxes?

 

2. Is there any other fees that I need to pay as a company owner?

 

3. Is there anything more to think about?

 

Thanks in advance!

 

[KittenKong]

Costs:

 

You pay a fee to set up the company.

 

You will pay a yearly accounting/tax fee.

 

You will pay a larger fee to close the company if it is no longer needed.

 

More to think about:

 

The company has to have a majority of Thai shareholders. Which basically means that Thais will have control of your assets, unless you make special provisions to avoid this. These Thais could potentially do things in the company name without you being aware of it. Your lawyer could also cheat you.

 

Nominee ownership of Thai name condos by farangs is of dubious legality and may be clamped down on one day.

 

Selling farang-name units can take years and it's usually even harder to sell a company name condo. Personally I would not take one as a gift.

 

[Delight]

 The costs as stated by Kittenkong are accurate.

Based on the activity in my condo Company condos are easier to sell-No transfer fees

Also should you wish to bequeath the condo to a relative -it is easy with a Company owned condo. Just have your name removed and replaced with the name of the beneficiary .about 5000/10000 Baht of a job

 

 The major downside occurs when you  wish to sell it. This just involves a name change. However you will probably experience major problems getting your money out of Thailand. My friend sold his house which was in a Company name. The buyer transferred the funds into his Thai bank. The bank refused to transfer the funds out of Thailand. No sales document was the excuse. The work around is to insist that any future  buyer transfers funds in an account outside Thailand.

 Bequeathing a condo in a foreign name is technically easy. Just financially almost impossible.