Delight

Could it be that these plots of land are only of interest to foreigners. Or maybe that's the way that Thai landowners see it. Given that (which may or may not be true) then silly high prices will be the norm. Thai sellers are never in a rush to sell. For a bubble to occur then buying has to occur at a rate much higher then normal. Q -to OP . Is this excessive buying actually happening?

You have not read my input correctly. The 'low cost' refers to the admin to transfer 'control of a company ' from one foreigner to another foreigner. My friends who have done this state that it is about 10000 to 12000 baht as a one off transaction. Also-I never referred to transferring a condo from company to foreign allocation

This may help. In certain circumstances when a property (typically a house or a condominium that is in the non foreign 49% allocation)is acquired via the company route-then this extra effort and cost is for the benefit of a foreigner. The foreigner does not own the property and the foreigner does not own the company. What he does own is his share allocation-max 49% of the total share issuance- and 100% of the voting rights. It is the latter that counts. The foreigner has control. It is control that counts. If in the future should the foreigner wish to dispose of the property then this foreigner will simply transfer his share allocation and his voting rights to another foreigner. That other foreigner will become the new MD. This transfer will be carried out for the agreed price of the house-plus admin fees. An accountant or a lawyer will supply this admin. The Land office entries and all the other shares are not involved. They stay where they were before. Very easy and low cost. Should -at some point in the future- the company has to be closed -then this procedure is expensive. The act of closing a company will be required if the property has been transferred out of of the company. A transfer of this nature will occur when a Thai national buys the property. However- if the Thai national is buying the property with the aim of selling to a foreigner at some point in the future -then closing of the company is unlikely to happen.

If there are other Thai family members -when your wife dies -then her assets pass to them. If there were no family members at the point of your wife's death -then the condo passes to you for a limited period-i.e. 12 months. The condo has to be sold to a Thai during that 12 month period. In such circumstances you may be able to transfer the asset to a Thai company ,which you have control of. If you inherited a house-then using the company route is unlikely to be a useful outcome-from your point of view.

The developer will have 55% of the shares-Presumably this person is Thai

To define 2 money options 1) Money in bank. You need to have 800,000 Baht in your bank. It has to be in your bank for 2 months prior to the application date. Letter from your bank is required. After a period of 90 days post your successful application date -this amount can be reduced to 400,000 Baht 2 Monthly money. You have to bring money into Thailand every month. The amounts can vary-however an average of 65000 Baht has to be achieved. Letter from your bank. I use this method. The man at Immigration Jomtien is very thorough. The simplest way is to use SWIFT. Suggest that you speak to your bank if you plan not to use SWIFT. You will also have to provide evidence of your abode. Condominium Title Deed (copy of) or a letter from your landlord if you are renting . Finally-you need a letter from your bank confirming that you have a bank account . Historically official information with respect to your gross income -if correctly supplied to your embassy was sufficient to obtain a suitable letter- a letter that immigration would accept. Several embassies refused to adapt to a change whereby they had to provide absolute evidence that the financial values submitted by the foreigner were correct. Hence methods 1 and 2 were introduced at that time.

Are you sure that your reference to apartments is correct? I am only aware of the government equivalent of 'Walled Estates'

It is not. The closest arrangement to that detailed by the OP is an apartment block. The rooms are rented out. One Chanote . A Chanote only details land-not apartments A company is set up to encourage investors to invest. So if a particular investors invests 5 % of the total capital -then he will receive 5 % of the profit. This arrangement could be of interest to the OP. However it will not provide anywhere to live-unless he choses to rent a room. Typically these apartment blocks are built on land which is leased. 30 years is popular.

The developer is clearly trying to become more competitive. There is only one transfer i.e. from the land office to the company. However as a 5% shareholder you own just that 5% All the non developer shareholders between them only own 45%. Therefore total power is with the developer. It is not a condominium as defined by the act. This act has one purpose only i.e. to protect the co owners. I think that only the foolish will buy. The developer will out own and therefore can out vote the other 45%. Therefore he can easily sell(or sell the control) of the entire company. Each 5% will simply be asked to move out.

You explain how the ownership of the land is allocated. Q How is the ownership of each apartment organised?

Changed my mind

Suggest that you convert your bank account(s) to Joint accounts. Either party has legal access to Joint accounts. Only one ATM/Debit card will be issued.

Putin claims that this war is a consequence of Russia having a NATO country on it's doorstep. If he gains full control of Ukraine then the problem is not solved. Then he would have Poland on The doorstep of Ukraine. Solution-2 Parts 1 Both Ukraine and Russia join NATO 2 Change the name of NATO. A new name to reflect this change. The only outstanding problem is what to do with Putin. Ideas on a postcard -please

Generally the website is not user friendly My application was finally rejected No reason given! The good new is that Jomtien now a separate and efficient system for 90 day reporting . I will just forget this inefficient on line rubbish.

The land office will approve the use of a non Thai to carry out jobs in the condo. I doubt if immigration would. A foreigner is doing a job, which, as far as immigration is concerned should be carried out by a Thai national. No problem -assuming that immigration never know.

The condominium act states that a condo must have a Juristic Person Manager. It also states that the JPM can delegate certain responsibilities to one more person. The detail of this delegated responsibility has to be agreed at a co -owners general meeting. Two limitations of not employing a management company. 1 The money in bank account could be stolen 2 When the co -owner management all decide to sell their apartments. The building will-at that stage employ a management company. So 'co-owner management is just a quick fix. Two benefits of employing a management company 1. A management company will typically provide a Juristic Person Manager and a building manager. The latter-typically - do not stay very long. Management companies of quality will always a replacement manager available at a moments notice. 2 The major responsibility of the Juristic Person Manager is to keep the condo on the right side of the law. Most Farang do not read and write Thai -so the process of keeping the condo legal can be tricky. Not so when a management company is employed. However -there is no getting away from the fact that the committee and the committee chairman need to be on top of their respective jobs

Savings-pay 11 months get 12 As stated in my post -now just over 12 months. I only pay monthly -cash or via bank transfer. This way I can only loose 600 Baht

I have subscribed for just over 12 months. 600 Baht per month. Useful features are : 1) 10 days catch up. 2 ) All programs can be downloaded. 3 ) available on PC. PC downloads create a mp4 files . These you can copy and paste Free to download app from website. Subscription required to use. Have a shop in Pattaya -near Tukcom I attach .

As I understand your post -it is your wife who is worried -should you die before her. The condo in a company name - it has nothing to do with your wife, Currently -assuming that she lives with you-the her status is that of a guest. If the condo were to be transferred to her name -and the company closed down (expensive) -then she would be liable for all costs associated with the condo. As things stand -if you were to die tomorrow -she could just carry on living there-free. There is no provision -in Thai law-for dealing with this circumstance. Thai law does not recognise the company route. If your will states that your wife will inherit all your Thai assets-then maybe she will also inherit your Thai liabilities. The major benefit of using the company route relates to inheritance. To obtain this benefit then remove your name as MD and replace with the name of your offspring. You may be able to use more than one name -I am not certain about this point. The cost for this change of names is typically about 10,000 Baht. The land office are not involved Your beneficiary has now to pay maintenance fees and audit fees.

Just to correct the foregoing statement 51% then they have control of your company When a foreigner sets up a company for the sole purpose of acquiring a property then : a) The foreigner does NOT own the company b) The foreigner does NOT own the property. If the company is set up correctly for this purpose then the voting rights of the 51% are signed over to the foreigner. The foreigner then has 100% of the votes. This gives the foreigner 100% control. The government does not like the 'company 'route -however -at the same time the same government wants foreigners to spend lots of foreigner money. The secondary benefit of the company route relates to inheritance. I think that nowadays buying a house via the company route is not possible -the land office will not allow it. Buying a condo is still ok-I think- because the individual foreigner does not own a plot of land. An attempt to stop the practice was put to parliament in 2006/7 . The proposal was that if a foreigner has 100% of the voting rights-then the company must be a foreign company -not a Thai company. The proposal failed

Good tilers cannot speak English. You will need a Thai speaking associate-unless your Thai is perfect. Do you have this?

With general meetings is it required by law that the meeting and written materials be in both Thai and English? Not True. The law is that only the Thai language is the official language. English or any other language are merely languages of convenience. With proxies issued to people by other owners, can the proxy be given to a person who then uses the proxy to vote for themselves? When a person receives a proxy -then that person is voting as per the wishes of the proxy giver. The proxy carrier can the vote for himself is certain circumstances i.e. being elected as a committee member. Do the votes for specific issues such as the formation of a Juristic Entity or for candidates for committee positions on the Juristic Entity committee have to be in the form of a paper vote with signature or can they be done by show of hands. The minutes from all general meetings have to go to the land office. For that reason all voting outcomes have to be signed by those who are voting.

Using the SWIFT system guarantees that the incoming monies are stated as coming from abroad. The receiving bank adds a charge. This adds cost -as compared with the Wise standard system-as an example.

If the house ends up in your GF's name -then there are 3 issues to consider. Transfer at the land office. As far as the land office is concerned your transaction is a sale i.e. you are selling the house to your GF . All transfer taxes have to be paid. The sales price is zero Baht. The 100,000 Baht figure is about right if the appraised value is 2MBaht. This value could well be a lot less. The other share holders. They are entitled to their share of the sales price. Getting rid of the Company Typically this is about 85,000 Baht Given that you are leaving Thailand -and I assume not returning-then you may consider doing nothing about closing down the company. Your accountant will advise against this.

According to my dictionary they are both 'High' tones. These are Thai words for 'seed' and 'beef' respectively. Not had similar experience.