How should I give land to my half Khmer kids to minimize the future Capital gains tax they will have to pay if they eventually sell?
Suggestions?
Is there new Capital Gains tax after Gifting property?
Are the kids aged 18+? If not you cannot gift them land, property ownership is not permitted if under 18.
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
Plus you can’t get a Cambodian ID card under 18 I think?
pew, pew, pew, pew!
You could set up a personal trust with you as the trustee and your kids as the beneficiaries, with the proceeds of the trust (the land) passing to them when they come of age.
National ID cards issued from 15 years old.
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I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
I have been trying to find info on setting up a trust in Cambodia for a while, from what I can tell so far, Trusts are not even a thing in Cambodia. I haven't approached any of the big law firms yet for advice, must do that.
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
Legislation was introduced last year.
Here you go: https://www.sithisak-lawoffice.com/trus ... -cambodia/
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Nice one, thank you scobienz
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
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.")
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.")
Why not just sell them the land for $1 and save on legal fees
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Guest999 wrote: ↑Tue Oct 20, 2020 10:40 pmThanks 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.")
You own land in Cambodia and are worried about capital gains and trusts yet you’re cramming six people into a single Chinese-style hotel room for 14 days after bargaining down the price? And you were asking last week about whether you could stay into the Khmer-only government quarantine barracks sleeping 14 days on a cot in a crowded shelter for free?
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Follow my lame Twitter feed: @gavin_mac
It's a clever strategy. He's already saving in order to be able to afford the capital gains tax that'll fall due as soon as his land is sold to repay the loan sharks contracted by his brother in-law.gavinmac wrote: ↑Wed Nov 18, 2020 7:03 amYou own land in Cambodia and are worried about capital gains and trusts yet you’re cramming six people into a single Chinese-style hotel room for 14 days after bargaining down the price? And you were asking last week about whether you could stay into the Khmer-only government quarantine barracks sleeping 14 days on a cot in a crowded shelter for free?
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According to KPMG your principle residence is exempt and the gain is capped at 20% of the selling price, so 4% tax.
https://home.kpmg/content/dam/kpmg/kh/p ... pmg-kh.pdf
https://home.kpmg/content/dam/kpmg/kh/p ... pmg-kh.pdf
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