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IBFarang
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IMHO property for investment is pretty poor in Bangers. The buy and flip market can be a real crapshoot, and generally speaking the buy to rent does not come close to the 100/1 ratio (rent is one hundredth the cost to buy). But as Packripper points out some folks do invest for the long term, and by long term I am talking about building family wealth; buy now sell three generations later if even then. I have heard this type of comment out of more than a few Thai Chinese folks I know. But even then it is not a sure thing, and probably will not give the family the ROI that they could get from numerous other investments.
What you can gain from property in Bangers is a place to live or source of income (rentals) in the local currency.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 9:05 pm on Oct. 29, 2007
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chilli
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About the sales tax I also was told (by Sunbelt Consultancy) that there's no capital gain tax, BUT if wanting to take the money brough into the country to buy property out again they'll tax the gain?
Anyways I'm also planning to buy a house way outside the city center (ngam wong wan) for one as I happen to be going to work in north bkk 
Also no worthwhile or affordable projects seem available for the central area for obvious reasons such as space constraints & sqm prices etc.
Want to use a thai company to handle the purchase/asset & then add myself as share holder & director a bit later. This seems to be a sure bet way to get under the radar of potential nominee share holder issue etc. 
Also I'll be able to benefit from the depreciation tax deduction value, so overall I now consider the landed property market much superior to the condo one!
Cheers guys
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 9:20 am on Oct. 30, 2007
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Packripper
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I'm not sure if Sunbelt communicated the laws involved clearly or not. As the Land Department has no control or relation to BOT currency controls on the way out. You can let it sit for a day or a decade and not report the income, you could carry it to Singapore or HK in the form of traveller's checks if you wanted, or simply smurf it out of the country over time. Chances are that the profit involved, especially over a short time horizon, may be insignificant anyway to the tax authorities. It's two completely different ball parks.
But yes, that's correct for when you purchase the property in that you have to show the source of the funding if you're a foreigner.
The Thai company route sounds okay as long as it's a legitimate Thai company, one that is actually doing business. As don't forget that part of the land code is that companies set up to circumvent foreign ownership laws are in fact illegal.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 6:36 pm on Oct. 30, 2007
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ThaidUp
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I will be selling one of my houses soon (I hope) and in the process of simplfy my life. It is only condos for me now and in the future. One thing to consider here is that Thailand is a very toxic environment. Between the heat, pollution, dirty rain any house that you have needs constant maintenance. So you end up losing a lot of your time maintaining or fixing your home.
There is a reason Thai''s use teak to build their homes. Teak wood is wonderful over time. The home construction using modern materials rapidly decays.
Now even if you manage to get others to do the job, you still need to be there constantly supervising while the Thai's do the work. Again losing your time.
My house is soaking up more money than a BG and I am not getting a BJ in return.
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 6:48 pm on Oct. 30, 2007
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barrafish
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Quote: from ThaidUp on 7:57 am on Oct. 31, 2007
"Now even if you manage to get others to do the job, you still need to be there CONSTANTLY SUPERVISING while the Thai's do the work. Again losing your time".
How true. Just had some renovations done on a building. Throughout the 5 week process, I had to be there off and on for the whole 5 weeks, watching them like a hawk.
At the start of the renovations, they had to replace the roof and they were instructed it must be lifted up by 30cms. Later that day I had a look and the roof line was slanted, by 25mm over 7metres. I pulled the spirit level out and showed them. The reply I got back from them, "We use it as a ruler, we did not know it was for levels". They had been using the water in the clear plastic pipe method. Aaah the fun of it all.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 7:53 pm on Oct. 30, 2007
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ThaidUp
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Yes I had some custom drapes made and the usual cast of Thai's showed up. They all carry the same set of tools, a hammer, a screwdriver, pair a pliers, tape measure and saw in a bucket and a Bosch Drill.
They were putting up the drapery rod. One guy measure the rod. Then when back off of the ladder asks his buddy what he measured (Now you know was trouble already, but the stupid farang should keep his mouth shut) He cuts the rod then goes to mount it and it is two short (Idiot)
Of course this was only the start of the comedy. He then proceeds to measure the wall and the drapery rod again (He should have done this in the first place) Not once, not twice, but four freaking times going up and down the ladder each time. Like somehow the devine Budha was going to intervene and either make the window smaller or increase the size of the cut rod.
Then he comes up with the Thai solution to the person who made the drapes. He instructed her to cut the drapes so they fit his rod!
No f***ing way. Go out and buy another rod and cut it the right size. At my insistance he did and cut it correctly.
If you do not laugh you would cry.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 8:27 pm on Oct. 30, 2007
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expatchuck
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I just completed building the house up-country. Luckily I was in Saudi during most of the build so did not have to cope with all the insanity that goes along with the build.
My wife's father oversaw the project and did a generally good job. although there are the usual small mistakes made.
One of the most amazing things was the lawn. When I arrived on the 10th there was a lot of sand and a little bit of gravel. On the 14th, we had installed 630 square meters of grass sod and spread two truck loads of gravel for the driveway and it looked almost presentable.
Barrafish dropped by for a visit on the 14th and might want to add his comments. After I finally went to the highway and got him after I got him lost, that is.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 10:30 pm on Oct. 30, 2007
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chilli
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Sure the Thais are not known for planning ahead or maintenance & I guess thats why they like to buy things new.
In my brief property surveys so far I don't see much price advantage in buying 2nd hand either so went for a brand new reliable well proven development company & although the house comes with a 1 year 'warranty' I don't hold my hopes high that this house is for life although my wife optimistically indicates it might be
For now & the first 5 or 10 years for sure it'll remain a very nice building, but yeah over time the teak three houses will be laughing at it from a distance no doubt!
In that case no need to worry about the currency export at all lol!!!
One thing though I'd like to ask the experts regarding bringing in the money:
Say I make an electronic overseas transfer to my personal thai bank account covering the amount I need to pay for the house yeah. Then subsequently make a THB->THB domestic transfer from my personal account to my wifes corporate account to cover the company's purchase of the house.
Is the above the correct way or should I rather make the overseas transfer directly to the corporate account or doesn't it make a difference at all regarding potential income taxes etc???
Cheers
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Thai Girls : Meet Active Thai Girls
Posted on: 4:52 am on Oct. 31, 2007
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Baskoy
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Shouldn't make a difference as long as you make the transfer in the foreign currency (not in Baht). You will also need to get the bank to state on the transfre doc the reason for the transfer ie to buy the property (and specifically give the address).
I have made several regular transfers over the last three years and the only problem I had was that Barclays transferrred ten payments in Thai Baht rather than pounds. I have since had to go back to them to give me written confirmation that this amount was transferred from my account for the purpose of buying a particular condo. This is to get the Tor Tor 3 from the Bank and Land registry.
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Thai Women : Meet Matured Thai Women
Posted on: 8:06 am on Oct. 31, 2007
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chilli
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in my case I don't need the 'tot tor 3' document as I'm buying a house thru a thai company.
however I was told by a thai accountant that if transferring foreign currency into the corporate account it'd be assumed to be income derived by the company & thus taxable.
so the correct way would be to bring it in to the personal account & get the exchange certificate (in case wanting future trouble free outbound exchange) & subsequently transferring the THB to corporate account which then would be considering as capital inflow i.e. an increase of the registered capital...
doesn't make sense to me, but if its correct I better follow the latter method & even it it isn't correct I guess it couldn't hurt to do those 2 transactions.
I guess the main question that could arise from the authorities could be for my wife to prove where her savings/loans/investment capital originated from?
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 11:08 am on Oct. 31, 2007
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