Condo Ownership

[Top_Cat 16]

I am seriously considering buying a condo in Jomtien. I haven’t got anything specific lined up as yet.

 

Looking at the boards all the advice says always buy a condo in your own name.

 

That’s fair enough but has anyone bought a condo in the name of a Thai Limited Company?

 

Obviously each condo block has to be 51% “Thai owned “ but I doubt this would see many condo blocks being sold out, so surely the Thai Limited Company route must be followed by many Falangs?

 

Are there any BM’s who went down this route willing to share their experiences/opinions?

 

More specifically did you suffer any major trauma when there was the scare in June about Falang Thai Limited shell Companies owning land?

 

Or I am missing something whereby the Falang/Thai Limited Company route ownership of a condo is more straightforward and less likely to suffer problems from the Land Office?

 

Look forward to your comments.

 

Top_Cat

[Rex7777 0]

I think the company route "scare" in June was more than just a scare. Unless I've missed some news, you'd have to be nuts to even consider trying to buy property this way at this point. Unless of course you don't care if you ever see your money again. Buy a condo that you can buy in your own name, or keep looking.

 

Rex

[Gary 4,100]

I amazed that there are still some people buying property with bogus Thai companies. The government may never prosecute those people but why take a chance? You will own 49 percent or less of the property with the remainder owned by Thais who have no financial investment. That is exactly what makes it illegal. You pay 100 percent of the purchase price and own 49 percent. In addition to having an illegal company you will be paying an accountant, paying taxes on income you DON'T have and filing a tax return.

 

I like to sleep well at night and that would be difficult if I were waiting for some Thai politician to get a hard on and kick me out of my house/condo.

[spacebass 0]

Dear TC,

 

I think you must be missing something.

 

Buy a condo in your own name, there is virtually no circumstance that can justify buying the company route.

 

There is no problem whatever putting condo in farang name at land office.

 

There is no benefit at all in buying via company and quite a lot of downside in paying ongoing taxes and maintaining the company, although it has been specifically written that the recent 'scare' only applied to house/land transactions, who even needs to be considering it?

 

The only reason to go the company route is if you find a condo you 'must have' and the farang allocation is sold out as in say View Talay 1&2 or possibly you have the money in Thailand that you can't get out to reimport though I should think this is unlikely.

 

However you would well advised to programm your brain not to allow yourself to arrive in that position.

 

And do not listen to anything a Real Estate agent tells you they lie big time most of the time.

[Top_Cat 16]

Thanks for the replies.

 

I have not formed a Company but did like an apartment that has now sold out the foreign allocation. Therefore the Limited Company route was the only way open for me to purchase in this particular development.

 

However I am going to forget this Limited Company idea all together as it leaves the foriegn purchaser out dangling on a limb and overall creates a load of other administration problems.

 

Chok dee kap.

 

Top_Cat

[torrenova 644]

Don't buy anything if not in your name. With a house, you can own the house but not the land, but it is usually the land which has the greater value.

 

If an allocation has sold out, then move on. You could always look to the secondary market.