A friend of mine (Aussie) was in the land office the other day as they want to sell their house of the last 15 years, they went through the generally accepted route of a Company to own the land and house with them as 49% shareholders and directors.

Please lets not get into the old arguments of whether that is the best way of doing it etc. that is not what this is about.

They were told that as from next year NO foreigners would be allowed to be Directors of Companies that own land, This has been confirmed since by my lawyer.

Has anyone else heard this? If it is true then it could mean a lot of issues for home owners.

Following ????

This would be an interesting game changer.

Need to look into this as I am a 49% owner of a company that owns land.

 

Edit .... I suppose we can still be shareholder. Just have no control under those new rule.

1 hour ago, LivinginKata said:

Need to look into this as I am a 49% owner of a company that owns land.

 

Edit .... I suppose we can still be shareholder. Just have no control under those new rule.

My guess would be the new rule is for dormant companies, in other words companies that were used to circumvent ownership rules.

For active companies with land most likely no changes.

28 minutes ago, stevenl said:

My guess would be the new rule is for dormant companies, in other words companies that were used to circumvent ownership rules.

For active companies with land most likely no changes.

thanks for that. perhaps you could give me your guess on my chances of passing the pearly gates into heaven ????

1 hour ago, pommyBrexitBarstool said:

thanks for that. perhaps you could give me your guess on my chances of passing the pearly gates into heaven ????

Ask the OP.

The first step ….or shall I call it the first kick under the ass for " the company form bypass...." 

The company needs to be active and paying tax. Anyhow, I had been expecting this, Thai Govt tightening the screws on everything. Going to have to find other ways around it if they enact this law.

 

What gets me mad is we are allowed to own a house, but not the land. If one owns a house just where do they expect you to put it?

6 hours ago, stuandjulie said:

They were told that as from next year NO foreigners would be allowed to be Directors of Companies that own land,

Did they say what will happen to those who already owned property this way?

2 minutes ago, DaRoadrunner said:

Did they say what will happen to those who already owned property this way?

Probably they just have to resign as head director and appointing a Thai by their annual statutory meeting I guess , as it is the company who owns the property not a person.

The persons have only shares of that company ….

 

( but I understand what you mean in owning the house , just pointing out the technicality's of a company ) 

27 minutes ago, DaRoadrunner said:

"The company needs to be active and paying tax. Anyhow, I had been expecting this, Thai Govt tightening the screws on everything. Going to have to find other ways around it if they enact this law.

 

What gets me mad is we are allowed to own a house, but not the land. If one owns a house just where do they expect you to put it?

On rented land or on the Thai wife / Thai son /daughter ….etcetera as landowner , "more power to the Thais" is their mode of operation it seems,  more and more by this government 

2 hours ago, pommyBrexitBarstool said:

thanks for that. perhaps you could give me your guess on my chances of passing the pearly gates into heaven ????

Matthew 19:24 (with humble apologies)

 

It is easier for a camel to go through the eye of a needle than for a farang to own land in the Kingdom of Thailand.

23 minutes ago, chickenslegs said:

thanks for that. perhaps you could give me your guess on my chances of passing the pearly gates into heaven 

You just better hope God is not a Thai! Though that might explain why things are so effed up down here.

On 10/10/2019 at 12:55 PM, LivinginKata said:

Need to look into this as I am a 49% owner of a company that owns land.

 

Edit .... I suppose we can still be shareholder. Just have no control under those new rule.

As far as I know being a shareholder is still ok and breathing the precious Thai air is ok for now. Of course if you are not a director you can't get a 1 year multi entry Non O B Visa. I believe now.

23 hours ago, stevenl said:

My guess would be the new rule is for dormant companies, in other words companies that were used to circumvent ownership rules.

For active companies with land most likely no changes.

_{That was asked at the Land Office, the answer was doesn't matter.}

On 10/11/2019 at 12:39 AM, DaRoadrunner said:

You just better hope God is not a Thai! Though that might explain why things are so effed up down here.

wow, you have just solved one of the great mysteries of life!

14 hours ago, steve2112 said:

wow, you have just solved one of the great mysteries of life!

Wait till you see the Visa entry requirements for Heaven.

17 minutes ago, DaRoadrunner said:

Wait till you see the Visa entry requirements for Heaven.

Non-existent?

On 10/10/2019 at 6:48 PM, DaRoadrunner said:

If one owns a house just where do they expect you to put it?

Why would that be a problem for them? It´s only a problem for the one that wish to live in the house.