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BANGKOK 23 April 2019 11:16
karl2007

Buying a condo with Thai wife what protection do I have

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

 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

 

 

If the money has been earned legitimately via a work permit it can be used

Edited by Fairynuff

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Here we go again, someone asking advice from all the 'legal experts' on TV.  There are a few practical options for joint ownership of property in Thailand, including for condo purchase.  For goodness sake, just go talk to a reputable Thai law firm and get the right answer.   There are a few that you can trust to give you the right advice, but I would stay clear of the many 'one man bands' operated by farangs in LOS, or visa agents posing as lawyers.

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56 minutes ago, Snow Leopard said:

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. 

As I understand it, assets acquired after marriage are split 50/50 upon divorce, but your wife may deem it ok that you work out your own arrangements as to who gets what.

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58 minutes ago, Fairynuff said:

If the money has been earned legitimately via a work permit it can be used

Only if you have PR.  Without it you require foreign currency.

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2 hours ago, dsj said:

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.

    I thought the information you have given to be true until just recently. My Thai partner and I bought a condo in Bangkok.  We bought the condo from the developer in foreign quota and the contract only had my name on it (foreigner).  However, when we went to closing, the developer (one of the largest in Bangkok) said my Thai partner could have his name on the Chanote, as well as mine.  The foreign quota is preserved and if one of us should die, the other can continue to use the condo or sell it in foreign quota.  Had we known this, we would have put my Thai partner's name on a condo we bought earlier in Pattaya, which is in foreign quota but just under my name on the Chanote.

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2 hours ago, xylophone said:

As I understand it, assets acquired after marriage are split 50/50 upon divorce, but your wife may deem it ok that you work out your own arrangements as to who gets what.

Okay but worst case would be 50/50

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On 2/20/2019 at 2:41 PM, karl2007 said:

I am just wondering can I own any of the condo, or will it be all in my wife's name.

Yes and No.

You have to decide if it's in the foreigner owned or Thai owned 50% of the condo.

It can't be in both.

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On 2/21/2019 at 6:40 PM, karl2007 said:

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.

You ask the question, then you answer your own question.

 

On that, I will not provide you with no more than this:

 

1) Once had a mate buy a townhouse in his and his wife's name, not sure of the split, maybe it was a 50/50 split, a few years later he went back to his own country after they split up, she remained in the townhouse till he could sort things out, she got his name taken off the title and sold it, i.e. anything is possible in Thailand, and he had no recourse, so only invest as much as your prepared to lose, in your case 80% it would appear.

 

2) I built the wife a big house, purchased a new car in her name, we have kids, been together for 12 years, so what I have invested is 10% of my worth, the other 90% is back in the old country, so if things went sour, all I would have to do is catch a flight back to the old country, she would get the 10% that I invested here, now that's what I call fair, nothing weighing me down to go through lawyers and courts.

 

Do the maths, keep your finances separate and if things went sour, you could leave without having to go through any financial stress, and let's face it, property prices in Thailand are not going anywhere soon, so why not rent for a while, a long long while, as rents are cheap, so I am told.

Edited by 4MyEgo
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50 minutes ago, Snow Leopard said:

Okay but worst case would be 50/50

That's 30% more to her for 20% down, not bad for being a "B", so naturally any female wouldn't mind him paying for 80%, come collect day, it's 30% more to her 🙂

 

This is a bad mathematical position for any bloke to be in, in my opinion.

 

Marriages must be looked at like business transactions, i.e. you wouldn't give your business partner more than what he/she is legally entitled to now would you. So why give your wife 30% more of what she would put down in the business deal, the maths doesn't add up, e.g. hey honey want to put down 20% (I love you) and then tomorrow when she says (I don't love you anymore) I want to sell and get my 50% "legally".

 

Please don't tell me that you would take her word that she wouldn't do such a thing, because what you would be doing in essence is handing over to her 30% more "legally", and you have no recourse of action to challenge the law as it states it's 50/50 regardless of what you put down and what she put down.

 

Why not loan her 30% of the funds, so she has 50%, the lawyer can draft up a document with a repayment plan, when she signs, you can hand the money over at settlement, and I will bet my left one she won't go for it. If she does, you can call me a mug 🙂

 

 

 

Edited by 4MyEgo

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8 minutes ago, 4MyEgo said:

That's 30% more to her for 20% down, not bad for being a "B", so naturally any female wouldn't mind him paying for 80%, come collect day, it's 30% more to her 🙂

 

This is a bad mathematical position for any bloke to be in, in my opinion.

 

Marriages must be looked at like business transactions, i.e. you wouldn't give your business partner more than what he/she is legally entitled to now would you. So why give your wife 30% more of what she would put down in the business deal, tha maths doesn't add up, e.g. hey honey want to put down 20% (I love you) and then tomorrow when she says (I don't love you anymore) I want to sell and get my 50% legally. Please don't tell me that you would take her word that she wouldn't do such a thing, because what you would be doing in essence is handing over to her 30% more legally, and you have no recourse of action to challenge the law as it states it's 50/50 regardless of what you put down and what she put down.

 

Why not loan her 30% of the funds, so she has 50%, the lawyer can draft up a document with a repayment plan, bet my left one she won't go for it. If she does, you can call me a mug 🙂

 

 

 

Relationships. What can I say? I said that he would be handing her 30% for some free rent.  

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1 minute ago, Snow Leopard said:

Relationships. What can I say? I said that he would be handing her 30% for some free rent.  

#22

 

You said: "Okay but worst case would be 50/50"

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3 minutes ago, 4MyEgo said:

#22

 

You said: "Okay but worst case would be 50/50"

Yes on the proceed split. 

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1 hour ago, Snow Leopard said:

Okay but worst case would be 50/50

Ostensibly yes, however there may be cases where the farang wants to go back home (for example) and willingly hands over ownership of the condo to his wife.

 

Similarly when I was divorced in the UK, I handed over much more than my wife was due, because I wanted her to have a good start in her "new life".

 

Surely it all depends upon the circumstances of the breakup. 

 

But having said that the OP was concerned about his "protection" so the 50/50 scenario is indeed the worst case scenario.

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5 hours ago, YT3k72Em said:

Only if you have PR.  Without it you require foreign currency.

I have a friend whose experience is different WP no PR

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