@pk I have a similar question. I plan to buy a condo in Thailand. I have a dual citizenship - US and Thai. The condo is about $100 and I plan to pay cash. The condo will be for personal use (not for investment). I am considering two options:
1) Buy the condo under my name. The fund will be transferred directly to the developer. I am less inclined to go this route because there are many things that I have to sort out (e.g.: my Thai id card is required but it is expired, my names in the US and in Thailand are different since I changed my last name after married, my husband who is not a Thai person has to go to the Thai consulate in LA to sign a form to give up his claim in the property, etc.)
2) Buy the condo under my brother's name. He is not a US citizen or resident. The fund will be transferred either to the developer or to my brother's bank account.
I am wondering what are the tax implication and paper work required by the US government. You did mention that this will be considered a gift but might not be a tax event. What does this mean?
