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Convert to foreign ownership

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Shaygate

Roughly how much would it cost to transfer a 2.6m condo from thai (company) to foreign ownership ? And I know about the 51% rule I'm just interested in the cost and effort it takes 

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davidge

Do you mean at the same time as you purchase it or at a subsequent point?

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Goolabert

 I was curious about the answer and googled "Thai Property Transfer Taxes". Lots of sites came up with relevant info. Here are two to start with.  

If it was me, and  if I was serious about finding out, I would go to the land office and ask the folks there. Some of the estate agents may know. 

http://www.bangkokattorney.com/thai-property-transfer-taxes-and-fees.html

https://www.siam-legal.com/realestate/thailand-property-transfer-tax.php

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Shaygate
8 hours ago, davidge said:

Do you mean at the same time as you purchase it or at a subsequent point?

At the point of purchase I suppose. I've seen a property on FB that is for sale at 2.6m but in company name. For falang name it's 2.8m I wanted to know if that was fair for the fees or was the seller trying to screw more baht out of the buyer.

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davidge
12 minutes ago, Shaygate said:At the point of purchase I suppose. I've seen a property on FB that is for sale at 2.6m but in company name. For falang name it's 2.8m I wanted to know if that was fair for the fees or was the seller trying to screw more baht out of the buyer.

Asking more for foreign ownership is generally more expensive, but not because of fees. It’s just easier to sell in foreign name as there’s a bigger customer base.

As for costs, it depends if the seller expects you to pay to close down the company. I think that can cost up to 80k if done through a lawyer.

Basically, it sounds as if the seller is trying to screw more money out of buyer - common practice if it’s a new development.

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KittenKong
5 hours ago, Shaygate said:

At the point of purchase I suppose. I've seen a property on FB that is for sale at 2.6m but in company name. For falang name it's 2.8m I wanted to know if that was fair for the fees or was the seller trying to screw more baht out of the buyer.

This doesnt make much sense.

An existing unit that is in company name is in company name. It cant just be changed to farang name: it would have to be sold to a farang which would incur full sales taxes and fees (usually around 5%, plus a possible agency fee), and above all the building's farang quota would have to remain under the 49% maximum after the sale for this to happen at all. So it would be very unlikely to happen in buildings popular with farangs.

As mentioned, there may also be company closing-down costs but those would not be the responsibility of the farang buyer as he would be putting the condo into his own name. What the vendor does with his old company is his problem.

There is commonly a small premium on asking prices for farang name units, but only in buildings that are popular with farangs. The difference between farang and company/Thai name real selling prices is likely to be greater as there is little demand for resale company name units, and so negotiations on those will be tighter. In my own building a company name unit that needed full renovation sold for  less than half the price of an identical farang name unit in good condition.

I wonder if this particular unit is not an off-plan unit? It is common for off-plan units in farang name to be offered at higher prices than company name units. But there is no actual cost involved for the developer in selling to a farang rather than to a company, so the desirability factor is the only reason for the premium. There would normally be legal fees, and possibly a developer charge, for selling on an off-plan contract. But there would be no sales taxes etc.
Again, all prices are highly negotiable and company-name ones even more so. There is currently little demand for condos in Pattaya and huge oversupply almost everywhere. Very few buildings are in high demand, and they are generally not ones that have sub-3MB units.

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chris2004

Simple answer, don't be so stupid as to buy a condo in thai company name in the first place.

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Oukiva
On ‎26‎/‎01‎/‎2018 at 21:39, Goolabert said:

 I was curious about the answer and googled "Thai Property Transfer Taxes". 

Here is a page that allow to calculate these taxes online : http://www.acuterealty.com/calculator.asp

Nota: The "Land Department Appraisal Price" that is used to calculate these taxes seems to be in Pattaya 70-80% (?) of the real sale price, so makes taxes a bit lower :)

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