March 2

There is a correction on date the Land Office property transfer fees increase, however this is good news for foreigners who want to buy property or own property in company limited names and want to transfer it to a Thai person and close the company. The date transaction fees go up is March 26. In most cities the district office of the Land Department- where transactions like ownership, lease agreements and mortgage loan agreements on official titled deeds are recorded - will no longer be subsidized by the government after March 26 causing fees to increase back to the rates in place for many years prior to the April, 2008 reduction. This will also give foreign Managing Directors time to consider transferring property held in a Thai company name into the name of a Thai and securing the property by attaching a mortgage loan agreement or lease on the property as a lien recorded at the land office. The company can then be closed saving yearly taxes and avoiding regulatory scrutiny for have a non-performing company used only to own property by a foreigner.