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Mekong

Luxury Goods Tax To Decrease?

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When buying a condo, if one name in papers is foreign (citizen) the money must come from abroad, in one of prescribed currencies, in full. Any deposit will be returned, however small or large.

They covered it all to prevent foreigners taking advantage of possible loopholes and seems there is a national consensus on that.

 

I have no problem buying a car in her name in Japan, or even daughter's, she will be over 18 before we return. Will have to be something good (then current model of LandCruiser, probably hybrid by then), that's probably last car in my life.

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The money from abroad rule pisses me off a little. Ten years ago I went through the correct procedure of transferring funds from overseas for the purpose of purchasing a condo and the sale went through.

 

Now Post Divorce the money from the sale of the Condo is sat in a Thai bank and I cannot use it to purchase another one in my own name, go figure.

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Now Post Divorce the money from the sale of the Condo is sat in a Thai bank and I cannot use it to purchase another one in my own name, go figure.

 

Presumably you could transfer it out of the country and then back in again?

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Presumably you could transfer it out of the country and then back in again?

 

I wish it was that simple but actually you can't, the only way that an expat can transfer money out of Thailand is if repatriating income which requires a letter from employer stating income, money from selling property, paying for goods which requires an invoice or overseas school fees which requires a letter from school or college.

 

If it had of been a simple sale of the Condo then I would need to submit purchase and sales contracts and ownership title docs to repatriate funds, but I don't have such documents since I got my proceeds from the sale in an out of court divorce settlement from my ex. There are ways around it such as transferring funds to my current wife let her buy in her name then she sells to me, for a nominal fee, but again that would mean traceable funds for purchase and double duty at Land Registry Office, once for the initial purchase in her name then second to sell to me, so say on a 4 Million Baht Condo that would be 80,000 x 2 (2% Duty) and 4 Million does not get one much real estate in Downtown Bangkok nowadays.

 

Bank Rules http://www.bangkokba...utwardFAQs.aspx

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So use the Thai banked money to live on and make sure all other money earned stays out of the country. That way you transfer it out by default. Without knowing the amounts involved it's tough to say how long or practical that might take or be but assuming a few million a year in normal income spent it's hard to imagine it taking more than a couple of years.

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Dean see my reply to TTM above, does the USA allow you to register a Vehicle in joint names? in the USA Certificate of Title or "Pink Slip" I am sure only one registered owner.

 

Does your wife have a Motorcycle Licence?

 

In the USA, yes, a vehicle can be registered in two (or more?) names.

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So use the Thai banked money to live on and make sure all other money earned stays out of the country. That way you transfer it out by default. Without knowing the amounts involved it's tough to say how long or practical that might take or be but assuming a few million a year in normal income spent it's hard to imagine it taking more than a couple of years.

 

RM

 

It would take a lot longer than a couple of years even if not working and in Bangkok all the time trust me, I don't go out much now cut down on drinking etc I don't actually spend that much per month. Furthermore it looks like I may be going to an adjacent SE Asian country for a few years and would rather buy a place in Bangkok now rather than pay dead money on rent and have the funds sat in a Bank earning minimal interest.

 

I still need a home base to store my shit in and for the wife to live in when she is in Bangkok plus somewhere to stay when I am back on R'n'R. I will just do what I said previously, let the wife buy a place in her name then I buy it off her for a minimal fee and pay the 2% transfer duty on Land Registry Departments valuation of property.

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