Best way of selling land in HUA HIN

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Best way of selling land in HUA HIN

Postby Dezure » Sun Dec 22, 2013 4:48 am

I have 1 Rai of land in a good location in Hua Hin that was bought 7 years ago through my Thai company. Myself and my Thai wife are both directors with me owning the controlling share. We feel the time is right to sell the land now and already have a buyer who happens to the person who owns the land next to it (a Thai citizen). Can anybody advise the best way to go about this in terms of paying minimum tax and costs? Is it more cost / tax efficient for the purchaser to buy the land from the Thai company leaving us with the company or to sell the whole company to the purchaser with the land it owns? We have no particular interest in keeping the company. Many thanks in advance.
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Re: Best way of selling land in HUA HIN

Postby Shastadad » Sun Dec 22, 2013 11:17 am

Whatever you end up doing be aware that closing one of these "companies" is not without costs. Anywhere from 25,000 to 50,000 THB is what it is going to cost to legally close a company (one of the gotchas that the lawyers and accountants don't tell you about the company structure when you set them up ). Not a problem when selling to a foreigner since they need the company BUT

I seriously doubt if a Thai, who can legally own the land, is going to even consider buying the company, what is in it for him ? They may save a little by transferring the company, instead of the land, but will loose any savings when they try and close the company

I'm afraid that this is going to take a lawyer with some connections at the Land Office to get this done with a minimum of expense
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Re: Best way of selling land in HUA HIN

Postby pattayapope » Sun Dec 22, 2013 2:22 pm

I transferd a small house in Pattaya to the EX and the land fees and closing the company cost 150,000 Baht. Really hurt as she got about eight million baht in the settlement, on second thoughts it was money well spent. :lol: :lol:
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Re: Best way of selling land in HUA HIN

Postby Dezure » Sun Dec 22, 2013 3:12 pm

I was imagining that by buying the company the purchaser and ourselves would avoid having to go to the land registry to transfer the chanote as by transferring the company they’ll own the land but if they are going to lumbered with the cost of closing a Thai company they don’t need later on I can see it being a problem. I was allowing for around 200,000 in costs anyway so your answers haven’t given me too much to worry about! Fortunately the lawyer who’s been doing the company tax for us for the last 7 years deals with the land registry regularly so hopefully we'll be OK. I’ll speak to him tomorrow. Thanks again!
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