by Guest999 » Tue Oct 20, 2020 10:40 pm
Thanks all.
None are 18 yet. Planning ahead, but also wondering about impact of the new Capital Gains tax, 20% of property price increase, coming in Jan 1 2021. Since it won't be a cash sale, how will Land Management Office value the land at the time of transfer? (I'm not sure, but doesn't transfer tax and fees increase with the value of the land? Yet, I want a high initial valuation so if the kids decide to sell much later, the increase will be less. -- In a trust that I control, what is the date of the ownership change, and hence the crucial first land valuation, when I put the land in trust, or when each child turns 18?? Lots to consider.)
In the Phnom Penh, Land Management could more easily find similar land with similar structures, but the appeal of this land to me when I first saw it, was the relative uniqueness of some parts. Will they tell me what this first valuation is at the time of the initial transfer? Can I, should I try to negotiate "reasonable". (Insofar as you CAN negotiate with some unhealthy Khmer guy wearing a ring and gemstone they can barely lift. Thank god the long long single fingernail style is now out, and facial mole hair trimming has become the norm!)
And, forgive my ignorance, but if you build on the land and thereby double or triple the value of its future sale, does that also double or triple the amount of the capital gains tax?
According to a man he intimately trusted many, many years, Mr. Donald got heaps of Developer tax breaks simply by inflating and deflating the value of land as it suited him. I'm not a fan. Fraud is fraud. However, isn't there a way I can do that in Cambodia? Isn't that what the inner circle do?
(See: "How to derail your own thread 101.")
Thanks all.
None are 18 yet. Planning ahead, but also wondering about impact of the new Capital Gains tax, 20% of property price increase, coming in Jan 1 2021. Since it won't be a cash sale, how will Land Management Office value the land at the time of transfer? (I'm not sure, but doesn't transfer tax and fees increase with the value of the land? Yet, I want a high initial valuation so if the kids decide to sell much later, the increase will be less. -- In a trust that I control, what is the date of the ownership change, and hence the crucial first land valuation, when I put the land in trust, or when each child turns 18?? Lots to consider.)
In the Phnom Penh, Land Management could more easily find similar land with similar structures, but the appeal of this land to me when I first saw it, was the relative uniqueness of some parts. Will they tell me what this first valuation is at the time of the initial transfer? Can I, should I try to negotiate "reasonable". (Insofar as you CAN negotiate with some unhealthy Khmer guy wearing a ring and gemstone they can barely lift. Thank god the long long single fingernail style is now out, and facial mole hair trimming has become the norm!)
And, forgive my ignorance, but if you build on the land and thereby double or triple the value of its future sale, does that also double or triple the amount of the capital gains tax?
According to a man he intimately trusted many, many years, Mr. Donald got heaps of Developer tax breaks simply by inflating and deflating the value of land as it suited him. I'm not a fan. Fraud is fraud. However, isn't there a way I can do that in Cambodia? Isn't that what the inner circle do?
(See: "How to derail your own thread 101.")