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steve2112

transfer land from company to one of the directors

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Posted (edited)

my friend (Thai lady) is a directory of a company that owns some land valued at about 2M baht. other directors are farang. they all want to transfer to her name and dissolve the company.

 

she's heard that the company cannot 'sell' the land to her because she's a director. is this true? if true would have to transfer to a third party first (her sister) then back to her which would be 2x tax i assume.

 

assuming have to do something like this, what are the likely taxes and fees? i read 2% is basic transfer tax but 3.3% for company transfer, but don't know if that's only into a company or if applies out of company also.

 

also i see there is a .5% stamp duty.

 

i think maybe a way to avoid the double transfer is for the Thai director to transfer her shares to her sister first, then hopefully no problem with the company transfer back to the former Thai director in one step.

 

any thoughts and ways to avoid a lot of taxes? thanks

 

 

 

Edited by steve2112

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One solution is for the directors to transfer the land to her name. Transfer fees will have to be paid.

That done -the only remaining problem is what to do with the company.

Close it down is the obvious answer.

 

That  process is not cheap!

 

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Liability to company is still on old directors of company if not terminated.. So to transfer shares to avoid tax is a dangerous game.. Its not what you did in the past.. It is what future owners of same company can do. Strange, but by the law it can be like this.. Just sayin.....

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i did this the director(thai) was moved out the company temporaly and bought the land and was put back on the company. no cheques required only the tax bills from land department

 

rick

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