property name transfer

Post by **Cave** » Fri Dec 12, 2008 9:53 pm

Hi all.
Hope everybodys well, just registered but moved here in 03, i visit this forum quite regually, very useful and informative.I have a query about a property name transfer, my apologies if i`ve dug up an old issue but i have heard of some recent legislative changes regarding transfers. I am married to a Thai and wish to transfer the property here in Hua Hin out of a limited company (full trading) not in this province into her name, the information i seek is the property transfer percentage amount, do i have to wait for 5 years ( owned for 4.5 years) as i`ve seen an expiry date of march 09 mentioned for a discounted period, do i need my lawyer to undertake this, and the closure costs of the company. I would be most obliged if any experienced property members/traders or lawyers could furnish me with this information.
Thankyou for your help.

Super Joe · Post by **Super Joe** » Sat Dec 13, 2008 8:23 am

The information i seek is the property transfer percentage amount, do i have to wait for 5 years ( owned for 4.5 years) as i`ve seen an expiry date of march 09 mentioned for a discounted period

The 5 year thing may be referring to is the Specific Business Tax, real estates replacement of VAT, and paid be seller:
Quote: Specific business tax 3.3% Exempt If held for five years, evidence of housing registration is not required
SBT is currently reduced as part of the property tax reduction incentives to just 0.11%.
There are other property taxes too:
Transfer registration fee 2.0% 0.01% (Shared 50/50 by buyer and seller)
Specific business tax 3.3% 0.11% (Seller)
Withholding tax 1.0% No change (Seller)

I've seen an expiry date of march 09 mentioned for a discounted period

Looks like they gonna extend for another year:
Quote: "BANGKOK -(Dow Jones)- The Thai Cabinet approved an extension of tax incentives for the property sector for another year to March 28, 2010, Finance Minister Suchart Thada-Thamrongvech said Tuesday"

Yes, get a lawyer invloved if I were you, particularly if closing down active company, is quite invloved apparently.

And of course any gain your Limited Company has made on the sale of an asset, ie: the property, is liable to corporation tax (there's no separate capital gains tax here), depending on your business figures it's on a scale of 15%, 25% or 30%.
This can be reduced drastically by values quoted by/to land office. If you are then leasing back from her definately seek a lawyers advice for all the appropriate clauses to be added in.

Apologies if I've assumed things that do not apply to your case, but useful for others.

Good Luck,

SJ

Post by **nevets** » Sat Dec 13, 2008 10:05 am

S J . I thought that a farang could not lees of his wife.

Super Joe · Post by **Super Joe** » Sat Dec 13, 2008 10:23 am

Upto last year there was no problem, did loads for customers and did mine with my wife.
Then they seem to stop some and suggest Usufruct.
Other agents that you know in there, and 'take care of', will let them through. If the Thai hasn't changed her ID card yet to put husband's surname on they let that through, knowingly.

They supoosedely stopped Limited Companies, but a poster on here got one through.

Can't really answer that one, as some things can be done with the right person. There's no regulation thats come out to my knowledge preventing it, its not in the land code.

We've been told at least 6 times that certain things can not be done, they all got done though at a cost.
I think if a knowledgable solicitor went with you, they'd get it done by talking about no law preventing it.

SJ

Post by **Cave** » Sat Dec 13, 2008 2:53 pm

Thanks for the info SJ, really appreciate your input, i have to pay the accounts so will ask her to look into it. Good news about extending the period, will probably postpone transfer until/if the pound recovers back to a sensible exchange rate.

Post by **nevets** » Sat Dec 13, 2008 2:54 pm

Thanks SJ that may be the easy bit dare i broach the subject with my wife (she didnt put my name on her Thai docs, we married in the UK 10yrs ago) , may be let sleeping dogs and all that.

Post by **JimmyGreaves** » Sat Dec 13, 2008 2:59 pm

Cave wrote:Thanks for the info SJ, really appreciate your input, i have to pay the accounts so will ask her to look into it. Good news about extending the period, will probably postpone transfer until/if the pound recovers back to a sensible exchange rate.

Could be a long long time

but I hope not!