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Home » Reader question » Reader Question: Questions about a condo in Thailand
Reader Question: Questions about a condo in Thailand
Dear readers,
Two years ago we, Dutch couple, bought a Condo. Then it was told that you should keep the bank statement of the money transfer. This is because if you sell the Condo in due course you can transfer the money back to NL. Now I hear that this is not without problems and the Thai government / bank is very difficult about it. Is that right?
I also heard that if we die unexpectedly, the children will not become owners of the Condo. I'm not sure who will own it. Who knows exactly how it works?
Thank you for your comment and best regards,
Gerard
If you want to buy a condo in your name, then the foreign account where the money comes from must be in your name (medeing condo) and the account in Thailand where you deposit the money must also be in your name.
Explanation here: http://www.youtube.com/watch?v=bXJ2UBwM8GU
@Gerard.
If you buy a condo in Thailand, the money must come from abroad, if you want to sell again and you want to transfer that money to a Dutch Bank, you must have a work permit, [this is difficult to obtain], these are the rules for all banks in Thailand
You can pay for your health insurance via a Thai Bank to Europe, take the bill to the Bank, and they will do the rest, it is deposited into a European account within 3 days.
For inheritance law, I would hire a Thai lawyer who can draw up a will for you.
good luck
If you transfer money from the Netherlands to Thailand, you must request a so-called tokusan (not sure if it is written correctly) from the bank. With that document you can also transfer the money back to the Netherlands.
For inheritance law: making a will in NL and in Thailand. The latter is especially important!
There is another possibility to avoid problems with regard to inheritance, transferring the property to the children during life.
Dear Gerard. sometimes they are difficult about selling the condo and bringing money back to the Netherlands. certainly about the added value. is easy to solve. You simply ask your bank for a Visa Electron card. With this card you can withdraw money from your Thai bank anywhere in the world. so what do you do? when you sell your condo, you deposit the money or check into your account. in the Netherlands you take it off. no one crows.
upon death. even if you have a will in the Netherlands. In Thailand you also have to make a will in Thai and English. please note. not 1 paper in English and 1 paper in Thai. Thai and English mixed on 1 paper. costs around 10.000 baht. a lawyer will arrange that. You can hand in 1 copy at the embassy. or to a friend who could possibly help you. and who also has contact with your children. You can give 1 copy to your children. so 3 copies. please note . He also receives a commission on sales. agree with him how much that is. some 10%, some a fixed amount. If you live in Pattaya I can recommend you a good lawyer. keep an eye on . some lawyers are not always recognized lawyers. regards . james
everything I wrote here is not something I heard, because there is a lot of talk. I have also seen this applied in reality.
Gerard, as with many things discussed here, don't assume "I heard" or anything like that. But for important matters involving a lot of money or on which a lot depends, you simply have to call in professional help. A lawyer, a notary, etc. are also good and reliable in Thailand. But they are not free. Just spend some Baht on it, they are getting cheaper these days. good luck.
It seems clear to me that you arrange such things IN ADVANCE and not at the moment you find out that you could die?. It is best to let the heiress be registered as the owner NOW. Then you are now a guest and they will already be the owner when you are no longer there. Completely strange that the Dutch tax and government knows what you are doing or have already done abroad (in this case). And above all, don't rely on those who have heard something again in the pub, at clover jackets or in the walking street. Just watch Ron and James comment. There you will be offered the solution. rebel
rebel,
Thanks for your comment.
I can't follow or understand the end of your comment.
It is clear to me that matters need to be arranged in advance, but what next?
Very simple henk, as I wrote before, transfer the ownership of your condo to your child(ren) during your lifetime on the condition that you may continue to use it, possibly you can also include that if they sell it while you and your wife are still alive the proceeds are yours.
Ron.
To buy an apartment, you need, among other things, a statement from the Thai bank that the money for the purchase was received from abroad. When selling, the proceeds can be refunded to the original purchase amount (not easy, but it is possible), so keep all documents. Follow the bank's rules in this regard; they are accountable to the Thai Central Bank. Ask the Thai bank about the (current) rules - beware, these can of course change, but it is unlikely that this will affect the right described above.
Capital gains can be settled with other well-documented bank transfers from abroad (not via ATM from a foreign account, but via a Thai bank account). Build up a history of these types of 'TT' transfers from abroad. The Thai bank can provide statements. The chargeback is best done in instalments. The larger the amount, the more 'paperwork'.
The background to these apparently complex rules is the ever-increasing awareness of money laundering. Thailand has been designated as a 'culprit' for this. There are also all kinds of rules for international transactions in Europe, but the maximum amounts are somewhat higher.
Inheritance: Look at the rules of the condo complex. Make a Thai will with a reliable Thai lawyer who is also a Certified Public Notary. Shouldn't cause any problems. The only complication may be to whom (in due course) the condo can be sold. Is this another foreigner ('49% rule') or a Thai? In the latter case, the yield may be lower. The sale can be made through anyone (with a legally recognized authorization).
A lot of information, including about complications!, can be obtained from:
Bangkok Post: Condominium inheritance among foreign investors, 13 August 2010 (article)
Bottlenecks in inheritance to non-Thai family etc. mentioned:
– the recognition of wills, Thai and non-Thai,
– the requirement that the heir meets the usual requirements for property for foreigners, including the financial ones; this if the heir also wants to dispose of the inherited property, e.g. on sale – which will usually be the case.
You can obtain an exemption if you notify the country office in good time, but this cannot be enforced.
There are legal detours that still allow the full transfer of ownership, see said article.
The heir must not lose any time for this, for partial acts terms of 30 days, 60 days and one year are mentioned.
My apologies that I forgot to mention that I live in Europe and the Condo is used as a vacation rental. At least now I know I have to take action. I hope that readers who were also not aware of this problem are now also aware of this. Thank you everyone for your response.
If you only tell half, you will not get any good answers. In this case it makes no difference to Thai law. You can own property in Thailand - you are not obliged to live there permanently. It is also just the housing problem, but a sales-inheritance problem. Taking action is a good decision. rebel