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karl2007

Buying a condo with Thai wife what protection do I have

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Hi,

 

I am planning to buy a 1 bedroom condo. I am currently working and have saved up ~80% of the money, and my wife will put the other ~20%.

 

The 80% is coming from the money I have earned while living in Thailand. I have a work permit and an extension of my visa based on Marriage.

 

I am just wondering can I own any of the condo, or will it be all in my wife's name. My wife is ok with me owning 80% and her owning 20% if that is possible.

 

We don't have any children.

 

Many thanks for any advice on this

 

 

 

 

Edited by karl2007

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You can own outright the condo as long as there are not more than 49% sold in the building to foreigners already. 

Best in one name if you wanted to sell she could refuse to sign the sale. 

However.... I did read somewhere that anything bought after marriage would be divided, there are other threads on this. Also debts are divided I believe. 

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I would rather go with owning 80% and my wife owning 20%. As it seems fair as everyone is getting out what they put in.

 

However, I was wondering about the money that I am using to buy the condo, as it is money that I have earned from living in Thailand. It was my understanding that the money has to come from a foreign bank account and I can't use the money I have earned. Is this still the case?

 

The amount of foreign owners is less than 49%. 

Edited by karl2007

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 The Condominium Title Deed only deals with People -not percentages.

If the condo is in the foreign quota then you each own 50%

If the condo is in the Thai quota and  both names feature on the Deed then the condo is Thai owned

If the Thai died -with no Thai family -then the Judge will more than likely grant ownership to the foreigner .

Conditional that the condo is sold within 12 months.

 

I would seek advice about putting the condo in a company.

 

Reference the FET

 

The money has to be officially seen as coming into Thailand

No legal way around it.

I understand that illegal ways exist.

Suspect that the FET is not required if a Thai company is employed.

That said I am not 100% certain about this

 

 

Edited by Delight
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I'd put it in your name and create a will with her as beneficiary. Tell her it's half hers and to be happy with it. If not, she doesn't want a condo bad enough. I'm in a similar situation and would do this although I think all I can get out of her will be 500k to finish the condo because I want her to still have 500k+ cash on hand.

 

No receipts, while you are married and keep finances separate and it is a business deal, there's a level of trust you must demand. In the end she gets 50% upon divorce, but no need to tell her that.

 

I'm wondering if any banks might be *convinced* to write FET with tax history and work record. Curious if the government tracks the incoming transaction. It can't be cash correct?

 

I wouldn't use a company

Edited by ozmeldo

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I would recommend that you borrow the 20% from your wife and just put only your name on the title (if it's under the 50% foreign quota)as it would give the option of selling it to a foreigner or Thai in the future, if it's in both or your names and the 50% quota has been reached for the building, then you would only be able to sell it to a Thai.

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 The condo marked is going to have a an adjustment soon, so I would wait. 2. I would save up for 100% financial payment myself, or make a bank loan for the rest of the payment in her name, but you pay. Get everything 100% in your name just for the simplicity of the whole situation if somethings goes wrong with the relationship or something happens to her or you for that sake. 

 

I thought the money have to come from abroad only matters if you are going to transfer the money out of the country one day? 

 

At the moment it is better to rent than buy, my two cents. Of course depends on where you want to buy and live. 

 

Keep investments and love seperated. Many girls just wait for getting that little power to keep you as hostage 😉 

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17 minutes ago, Hummin said:

 The condo marked is going to have a an adjustment soon, so I would wait. 2. I would save up for 100% financial payment myself, or make a bank loan for the rest of the payment in her name, but you pay. Get everything 100% in your name just for the simplicity of the whole situation if somethings goes wrong with the relationship or something happens to her or you for that sake. 

 

I thought the money have to come from abroad only matters if you are going to transfer the money out of the country one day? 

 

At the moment it is better to rent than buy, my two cents. Of course depends on where you want to buy and live. 

 

Keep investments and love seperated. Many girls just wait for getting that little power to keep you as hostage 😉 

"The condo marked is going to have a an adjustment soon"

TV experts have been saying this for the last 20 years along with  " the baht will  implode"

They couldn't have got it more wrong!!

 

 I have friends that missed incredible buying opportunities when I bought lower sukhumvit  thirteen years ago after buying into the TV bar stool annalists... Now they have been completely priced out of the market as the sales boom continues as prices are pushed up to multiples of what I paid. They now stuck in the rental merry go round

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On 2/21/2019 at 3:05 PM, Delight said:

Reference the FET

 

The money has to be officially seen as coming into Thailand

No legal way around it.

 

 

 

Is that true even if you're married to a Thai and live here with a valid visa and WP.

 

For example, say we're putting down 1M deposit on a condo that we intend to buy together, then that money even though it is earned and saved in a joint account here isn't accepted?

 

Or am I confusing the situation. 

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27 minutes ago, madmen said:

"The condo marked is going to have a an adjustment soon"

TV experts have been saying this for the last 20 years along with  " the baht will  implode"

They couldn't have got it more wrong!!

 

 I have friends that missed incredible buying opportunities when I bought lower sukhumvit  thirteen years ago after buying into the TV bar stool annalists... Now they have been completely priced out of the market as the sales boom continues as prices are pushed up to multiples of what I paid. They now stuck in the rental merry go round

I said it dependes where you want to live. Impossible to miss that point. Most other places do experience stagnation now, impossible to sell, prices have been almost half down to less than 50 000,- m2, and still unsold for years. 

 

In the middle of BKK or central Pattaya, yes, go ahead, since when you invest it is all about location location and location. 

 

The most important is do you have the money to invest? 

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...you ask for advice....yet...you know better....???

 

...oh well....you will lose your shirt soon enough....

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Thai wife. Buying after marriage. It's 50/50 no? So she gets the 30% balance if it goes wrong on the numbers on the split you mentioned. On the positive side, you get to live rent-free for however many number of years. Work out the difference and you should come close to an answer. 

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In answer to the Heading of your Post.....NONE !!!

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