Transfer of company bought house to Thai wife

Post by **thill1** » Fri Jun 08, 2007 12:35 pm

Hi you all,
Could someone help, I would like to transfer my company bought house to my Thai wifes name and disolve the company. I think its possible but have been given all sorts of conflicting advice.

All the best
thill1

JW · Post by JW » Fri Jun 08, 2007 12:52 pm

Hi,

Its no problem to do this, there will be a charge to dissolve the company and taxes will have to be paid to the end date of the company, you will also pay transfer tax at the land office. You shouldnt need a lawyer for this.

Cheers,
JW

Post by **thill1** » Sat Jun 09, 2007 9:30 am

Hi JW

Thanks your advice, I was told about the tax to pay on the company, just the transfer tax do you know what sort of figure I should be looking at, is it based on the area of land on which the house is situated, or a one off fee??.

Regards
thill1

JW · Post by JW » Sat Jun 09, 2007 10:52 am

Work on a maximum of 5% of the declared value, there has been talk of this being reduced but i am not sure. Are you going to then set up a lease between you and your wife - I have several friends who have set up up this way.

Post by **thill1** » Sun Jun 10, 2007 6:41 am

Hi JW

No not lease, changing to wifes name entirely, not happy with using a company to buy property, had the house for almost 3 years, time to move on to something else in HH. Thanks your advice.

BR
thill1

Post by **long-in-thailand** » Tue Aug 28, 2007 12:38 am

thill1 wrote:Hi JW

No not lease, changing to wifes name entirely, not happy with using a company to buy property, had the house for almost 3 years, time to move on to something else in HH. Thanks your advice.

BR
thill1

You say wife? If this is a fully registered marriage with the Thai authorities then I understand you can not lease from your wife. However, if yours is a partnership then I would recommend you arrange a lease. you will then at least have some peace of mind if you have any problems together in the future. My partner and I have been together over ten years. We bought land last year in her name and I now lease it from her. This gives us both peace of mind. Assuming the xenophobic authorities do not change the rules!

Post by **Burger** » Mon Sep 10, 2007 8:39 pm

No not lease, changing to wifes name entirely, not happy with using a company to buy property, had the house for almost 3 years, time to move on to something else in HH. Thanks your advice.

Yes sell the land to your wife from your company, but definately definately definately definately definately definately definately definately definately definately definately definately definately definately definately definately take out a 30 year lease on the land from your wife (all done the same time, before the land paper even comes back over the counter, don't ask her a week later).
Did I mention you should definately do this ?

Your company is then liable to pay corporation tax on any profit it made on the land/house (office), figures can be 'massaged' though

You say wife? If this is a fully registered marriage with the Thai authorities then I understand you can not lease from your wife.

I did lease ok ......... hope it's legal, you got me worried now

Burger

Post by **long-in-thailand** » Mon Sep 10, 2007 10:31 pm

Burger wrote: I did lease ok ......... hope it's legal, you got me worried now

Burger

Sorry to get you worried. This was just what we were told by the lawyer we went to last year. I assume your lease was drawn up by a lawyer and maybe there are different ways of doing things. This is Thailand after all!

Pleased to see that you also (somewhat slightly!) reinforced the idea of leasing. I have had one or two friends who have put everything in their wife/partner's name only only to find it all end in tears.

Post by **Burger** » Mon Sep 10, 2007 10:43 pm

Someone may have the strongest marriage in the world, but the dear wife may fall off her motorbike and then you'll meet the family, all 36 of them from Isaan.

They won't give you a 30 year lease, but a nice wave good-bye!!

Burger

Post by **Nereus** » Mon Sep 10, 2007 11:33 pm

Burger wrote:Someone may have the strongest marriage in the world, but the dear wife may fall off her motorbike and then you'll meet the family, all 36 of them from Isaan.

They won't give you a 30 year lease, but a nice wave good-bye!!

Burger

Exactly! Been there and done that, and have the grey hairs to show for it!

Post by **expatsally** » Thu Sep 13, 2007 7:03 pm

[quote="Nereus"

Burger wrote:Someone may have the strongest marriage in the world, but the dear wife may fall off her motorbike and then you'll meet the family, all 36 of them from Isaan.

They won't give you a 30 year lease, but a nice wave good-bye!!

Burger

Even with the lease, god forbid something happens to wifey, the falang has to sell it , got a year I think. Suppose it's better than the inlaws grabbing it!

Post by **Burger** » Fri Sep 14, 2007 2:59 am

Depends on your will.
Depends on the terms of the lease.
You should have a clause written in the lease that you the right to buy the land for 1% of it's value at any time you wish, particularly if the land owners passes away. You then get A.N.Other Thai to 'buy' it and give you a new 30 year lease from that date.

Not sure how it will stand up in court etc.

Burger

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