I have a condo under 49% quota but want a bigger one

[OKF]

Hi there,

 

I (farang) would like to own a bigger place maybe in the same complex as my Thai partner moves in soon. As far as I understand I would have to sell my place, and the money need to go back to my countryin Europe and then I need to buy again with money coming from Europe? Or is there any other way that would protect my investment. E.G. if I have a joint ownership of my condo with my Thai partner how would it work there? Thx for any advice.

 

[Delight]

Joint ownership ,as I understand it, can only occur when the condo is in the foreign 49% allocatioon

 

The Thai authorities accept this since more of the total building is now owned by Thais

 

If your condo is in the foreign allocatio0n and you give  your friend joint ownership the you simply lose 50% ownership.

This will not help you on your future project.

It is the Banks that issue the certificate that verifies that new money has been brought into Thailand(FET)

 

If you have the original bank book which has details of the initial inward money then it is possible that your bank will issue a FET for the desired amount even though the only new money is the extra  money.

Suggest that you talk with your bank.

I understand that they can be flexible (for a small consuderation)

[Destiny1990]

Just try sell urs first then see by that time if u relationship is still there.Yes u money needs to be send out and in again there is not really a  way around that. 

[newnative]

21 hours ago, Delight said:

Joint ownership ,as I understand it, can only occur when the condo is in the foreign 49% allocatioon

 

The Thai authorities accept this since more of the total building is now owned by Thais

 

If your condo is in the foreign allocatio0n and you give  your friend joint ownership the you simply lose 50% ownership.

This will not help you on your future project.

It is the Banks that issue the certificate that verifies that new money has been brought into Thailand(FET)

 

If you have the original bank book which has details of the initial inward money then it is possible that your bank will issue a FET for the desired amount even though the only new money is the extra  money.

Suggest that you talk with your bank.

I understand that they can be flexible (for a small consuderation)

Do you know of any banks that will do the new FET if you have the bank book that shows the original money transfer?  Thanks.  We also have read on TV that you can get a new FET with the blue slip from the Land Office when you sell a condo--the FET would be for the amount declared at the Land Office--but we have not found a bank that will do that.  Any information on that would be appreciated, too.

[bazza73]

Why wouldn't you simply let out the smaller condo, and rent a larger one?

[Delight]

5 hours ago, newnative said:

Do you know of any banks that will do the new FET if you have the bank book that shows the original money transfer?  Thanks.  We also have read on TV that you can get a new FET with the blue slip from the Land Office when you sell a condo--the FET would be for the amount declared at the Land Office--but we have not found a bank that will do that.  Any information on that would be appreciated, too.

Having never carried that procedure then I cannot advise

I have spoken with one lawyer(a Farang) who claims, in the circumstances of a divorce ,to have 100% success in proving that the purchase of a marital home during the  marriage was in fact 100% owned by the Farang since the money for the purchase was the Farang’s  prior to the marriage.

In Thai divorce  law the only assets under discussion are assets acquired during  marriage.

The audit trail featured the Farang’s bank book.

Without that he had no case.

 

All records held by the actual bank had been deleted.

 

Talk with your bank

Bar talk suggests that banks managers are reasonable .

Edited August 19, 2017 by Delight
Spelling

[newnative]

8 hours ago, Delight said:

Having never carried that procedure then I cannot advise

I have spoken with one lawyer(a Farang) who claims, in the circumstances of a divorce ,to have 100% success in proving that the purchase of a marital home during the  marriage was in fact 100% owned by the Farang since the money for the purchase was the Farang’s  prior to the marriage.

In Thai divorce  law the only assets under discussion are assets acquired during  marriage.

The audit trail featured the Farang’s bank book.

Without that he had no case.

 

All records held by the actual bank had been deleted.

 

Talk with your bank

Bar talk suggests that banks managers are reasonable .

Thanks.

[GOLDBUGGY]

I think a lot depends on what you did when you bought your first Condo. Did you get a F.E.T. Certificate (Foreign Exchange Transfer) when you bought your Condo bringing in money for outside of Thailand?

 

If you did then hold that as it is still valid. If you need to bring in more money for your new Condo, there is no law saying you can't get another F.E.T. Certificate for doing that, and having 2 of them. Together they will total the amount of money you brought in to buy the Condos.

 

Any bank I know of in Thailand will issue this F.E.T for you, upon proof from your end. Mine was at the Bangkok Bank. Just some confusion as to what you exactly need, as they used to call them a "Tor Tor Sam", but now called F.E.T. Just make sure they understand what you need and it should be no problems.  

 

As to selling your other Condo first, a lot will depend on when you bought that (for Land Transfer Tax Purposes), and what you sell it for. With a tidy profit being taxable. I only know this exists but I myself have never gone down this road before. 

 

I think you are trying to determine that if you retain 49% in your new Condo, and your Thai Partner retains 51%, if this counts the same as you owning a Condo which is only 49% owned by foreignors? The answer I believe is "No". To my limited knowledge, I don't think there is such a thing as "Joint Ownership" on a Condo or even Land. Either you own it, or your Thai Partner, or even a Registered Company, but I have never heard of this being split 2 or 3 ways. Except with Sahreholders in a Company. But I am not a Thai Lawyer either. 

 

There are of course a lot of ways around this. Foreignors owning the house, and the Thai Partner owning the land it sits on. A Long Term Lease or Usurfruct. A Will, a Contract between 2 people who are not married, and so on. But a Joint Ownership where as if you die the Condo automatically becomes your Partners, I don't think so.  

[newnative]

1 hour ago, GOLDBUGGY said:

I think a lot depends on what you did when you bought your first Condo. Did you get a F.E.T. Certificate (Foreign Exchange Transfer) when you bought your Condo bringing in money for outside of Thailand?

 

If you did then hold that as it is still valid. If you need to bring in more money for your new Condo, there is no law saying you can't get another F.E.T. Certificate for doing that, and having 2 of them. Together they will total the amount of money you brought in to buy the Condos.

 

Any bank I know of in Thailand will issue this F.E.T for you, upon proof from your end. Mine was at the Bangkok Bank. Just some confusion as to what you exactly need, as they used to call them a "Tor Tor Sam", but now called F.E.T. Just make sure they understand what you need and it should be no problems.  

 

As to selling your other Condo first, a lot will depend on when you bought that (for Land Transfer Tax Purposes), and what you sell it for. With a tidy profit being taxable. I only know this exists but I myself have never gone down this road before. 

 

I think you are trying to determine that if you retain 49% in your new Condo, and your Thai Partner retains 51%, if this counts the same as you owning a Condo which is only 49% owned by foreignors? The answer I believe is "No". To my limited knowledge, I don't think there is such a thing as "Joint Ownership" on a Condo or even Land. Either you own it, or your Thai Partner, or even a Registered Company, but I have never heard of this being split 2 or 3 ways. Except with Sahreholders in a Company. But I am not a Thai Lawyer either. 

 

There are of course a lot of ways around this. Foreignors owning the house, and the Thai Partner owning the land it sits on. A Long Term Lease or Usurfruct. A Will, a Contract between 2 people who are not married, and so on. But a Joint Ownership where as if you die the Condo automatically becomes your Partners, I don't think so.  

Thanks for your posting.  I have transferred money from the US 5 or 6 times in order to get the FET (Tor Tor 3) to purchase condos.  Each time I wrote on the wire transfer "For Condo Purchase".  Do you know if there is a way to get a new FET from a bank using the blue form you get at the Land Office when you sell a condo?  I read somewhere on Thai Visa that it was possible to do this for the amount that you declared at the Land Office for the condo you sold. If you declared 5MB, for example, you could get a new FET for 5MB at a bank that you could then use to buy a new condo.  My partner and I have not been able to find a bank that will do this--any information regarding this would be appreciated!

[Destiny1990]

4 hours ago, newnative said:

Thanks for your posting.  I have transferred money from the US 5 or 6 times in order to get the FET (Tor Tor 3) to purchase condos.  Each time I wrote on the wire transfer "For Condo Purchase".  Do you know if there is a way to get a new FET from a bank using the blue form you get at the Land Office when you sell a condo?  I read somewhere on Thai Visa that it was possible to do this for the amount that you declared at the Land Office for the condo you sold. If you declared 5MB, for example, you could get a new FET for 5MB at a bank that you could then use to buy a new condo.  My partner and I have not been able to find a bank that will do this--any information regarding this would be appreciated!

I think u need to ask this question firstly to the landoffice of the town in where u like to buy the new unit. However i assume the land office  answer will be that the full amount needs to be transfer again from abroad that's basically end of discussion.