jingjaijing

Roo,

what you want to tell us?

It is "common sense" among the residents here that buying land on a Thai company is pretty dangerous.

Whoever is pretending the opposite has to proove it.

For a farang there is no way to control a company by majority of shares except by running a BOI company. This is the common sense.

Claude,

Not everyone is a land speculator or developer.Not everyone has a Thai wife.All that I am pointing out to you,is that the amendments to the act have not passed.If you are married to a Thai national & you purchase land & house in their names,what portion do you own?At least with a Thai national partner with a correct set up & structure of Co,I know where I stand. Of course we can argue about usage for life time & so on in marriage situations.

Now if you look at the FBA act,nothing stops you from setting up a co,that purchases the land.The co can set it's own articles of association.Re share holding, please refer to BOI guidlines.zing

My main point with all my comments are in response to your blanket statement saying forigners cannot own land.I reitarate that I agree as an individual you can't but as a Co you can through your share holding & have a substantial interest.

It goes on & on & on.

As a "newbie" I only joined in this discussion to support your position, which is BTW, 100 percent correct legally. It's absolutely amazing how much ignorance and disinformation on current Thai law is being given by people like Highdiver, et.al. Personally, I'm out of here, good luck fighting the morons, Roo.

So you know as a newbie what is 100 % correct? Show us the laws and stop talking about "ignorance and disinformation" until you cannot proove that you are right.

BTW I bought land on a thai owned company in 1997 and already in 2002 I changed ownership to my wife because "rumours" were saying it could be dangerous. If the Samui Land Office has approved some "deals" in the pasttime this does not mean that they were correct, it just means that the Land Office is corrupt from head to foot. And be aware that right now they are investigating on many fake companies...

Claude, why do you feel everybody except you need to provide proof for teir statements? Are you the only one that are aloud to bs without proof? Did i miss that part in the forum-rules?

Agreed, again both you and Highdiver at the ones who need provide the proof you say its is unlawful okay then please tell us what law(s) exactly and what part of the law(s). BTW asking me to prove it is not unlawful is illogical and unpraticable, that would be requiring me to "prove a negative" to "prove what is not"...now if there it is true that the Land Code, for instance, says that company that is merely controlled by non-Thais is a non-Thai company, as Highdiver claims, then it ought to be very easy to tell us where exactly it says that...so please do educatue us Claude and Highdiver. However, if you cannot, which you will not be able to without resorting to "spirit of the law" arguments...which BTW makes the actual law pretty meaningless, and when you cannot I hope you both the integrity to admit it here.

Ive been on Samui for a couple of months now and am curious about the amount of Farangs who ride around the island wearing just shorts. Now Im far from a prude but I just dont get it. Some of these guys are so overweight that their bikes sag in the middle and they look disgusting. Secondly, take today, the weather is crap. Black, cold and wet yet these guys are still plodding about in just their shorts???? Lastly what happens wen they come a cropper. The skin loss s going to be horrendous and very very painful. So am I missing something or is this the uniform of the expat Farang here on Samui?????

You mean like your avatar???

This time I agree with Highdiver,

there is no legal way to own land by controlling a Thai company as a farang.

Every follow up lease has to be renegotiated with the legal Thai owner.

Nor a samui based lawyer nor a real estate agent would explain this clearly to customer because they would risk their commission.

If problems occur later on - with DSI investigating - the customer will have to face them alone. The result can be confiscating of land (and house).

Your all confused and incorrect here to Claude, as you say more blabla.

It's pretty simple really, it's called preferential voting shares (a director of said company would have those), it's done all over the civilized world, certainly it's not germaine to Thailand. As a director of said company, with preferential voting shares, you control the decisions, financial, etc. of said company. As Roo stated, a properly set up company is perfectly legal in Thailand. The main thing is that it has to show proper capitalization, show a profit and pay taxes on said profit. How your company achieves that is, of course, your own business. There is no current law in Thailand that prevents any of what I have said and I seriously doubt there will be in the future.

that is not realy 100% true...

under thai law a thai company must be at least 51% controled. and not just owned.

the preferential isa hoax devised by some lawyers to give Farrangs a false sens of security. however it does not according to the law and if a forigner is in total controll of a company, under las it is deemd as alien.

for a Thai company to be legit the thai share holders must have voting rights according to the share ownership in the company.

Sorry Highdiver, usually you are pretty good with your facts and analysis, but this time you are 100% incorrect. The FBA still only defines a foreign company by capital ownership (i.e. 50% or more of its share capital owned by foreigners). Perhaps you are under the mistaken impression that the much talked about draft amendments that contemplated this (primarily broadening the definition of "foreign" to include companies in which 50% or more of gthe votes were controlled by foreigners) actually became law? Well, they did not and they are no longer before the Parliment for consideration.