7robbie7 Posted March 26, 2007 Share Posted March 26, 2007 hi, i own a house in a company name ive had is house about 3 years well before the changed to the law about ownership but what i need to know if they bring in this new law about not having nomanies what can i do thanks Link to comment Share on other sites More sharing options...
MarcHolt Posted March 26, 2007 Share Posted March 26, 2007 hi, i own a house in a company name ive had is house about 3 years well before the changed to the law about ownershipbut what i need to know if they bring in this new law about not having nomanies what can i do thanks No one knows what the final law will say, so it's impossible to make any suggestions right now. Thousands of people are in the same boat as you, and I know some government ministers are seriously concerned at the effects the FBA will have on Thailand if it is passed in its current form. Just wait and then get good legal advice when we know exactly what the law will say. Don't spend money on any changes to your company structure now. Link to comment Share on other sites More sharing options...
Rainmaker Posted April 16, 2007 Share Posted April 16, 2007 (edited) Ive got a house under a company name and have been concerned about the changes,Is there anymore news on this topic, if you have a house under a company name, what have you done since the new regulations have come out? Edited April 16, 2007 by Rainmaker Link to comment Share on other sites More sharing options...
johnnyk Posted April 17, 2007 Share Posted April 17, 2007 do nothing, people are witing and seeing. there is no new law yet, only trial balloons. Link to comment Share on other sites More sharing options...
Luckydog Posted April 17, 2007 Share Posted April 17, 2007 I am advised that the one thing that you should avoid, is selling your present house and company, and go about buying another one. Because you cannot own 49% of the shares of a new company now...... Link to comment Share on other sites More sharing options...
Forkinhades Posted April 19, 2007 Share Posted April 19, 2007 I have 2 houses in 'one company' name, for 4 years, so do I still wait and see?? what are my options, I do not have a thai g/f, so the houses will not be going in a thai name? what options do i have?? Link to comment Share on other sites More sharing options...
backflip Posted April 19, 2007 Share Posted April 19, 2007 (edited) Are you guys drinking your own bath water? You're asking the same question repeatedly. I'm not sure that a "Thai GF" is an answer to your problem. Your option is to wait and see. I believe that the current law is, if it is decided you have purchased a home illegally, you have one year to sell it to someone who can own it legally. Edited April 19, 2007 by backflip Link to comment Share on other sites More sharing options...
cclub75 Posted April 19, 2007 Share Posted April 19, 2007 I have 2 houses in 'one company' name, for 4 years, so do I still wait and see?? what are my options, I do not have a thai g/f, so the houses will not be going in a thai name? what options do i have?? As other said : stand by. The FBA 2, draft number 4, is not a law yet. It can be amended, again, by NLA. Or rejected (given the current situation in Thailand, everything is possible). However, we are getting closer to the end of the process... The current climate could give a good opportunity for the gvt to postone this hot potatoe, without too much face loose. They did it already with the Retail Act (despite the pressure of small thai retailers). Cabinet has postponed the project. By contrast, if they really do maintain FBA 2, it could show that they are serious, that they mean it. Anyway. If FBA 2 become a law... then you can be sure that a whole new discussion will burn the forum : will they enforce it, or not ? FBA 1 has been a "dead" law for many years... That's one of the cruel (or exciting) traits of this country... Perpetual uncertainty. Link to comment Share on other sites More sharing options...
Forkinhades Posted April 19, 2007 Share Posted April 19, 2007 Is there a link to this draft FBA2 draft 4 that is, and that it is in English??? Link to comment Share on other sites More sharing options...
Gary A Posted April 21, 2007 Share Posted April 21, 2007 Regardless of what you do, it will be a gamble. No one knows how this thing is going to shake out. Maybe waiting is not the best thing to do. If worse comes to worse, there will be a HUGE glut of bogus company properties for sale. If it were me, and I'm glad it's not, I would be trying to sell it now and dissolve the company ASAP rather than waiting. I guess it depends on how well you are sleeping at this point. Link to comment Share on other sites More sharing options...
Forkinhades Posted April 21, 2007 Share Posted April 21, 2007 like previous posts said, it is a wait and see situation, I have been talking to a few people about it, (one has 9 houses in 3 companies) nobody seems bothered. If it does go ahead, then Thailand will be 'closed' and the economy will go into depression, and the housing market will collaspe with the flood of houses going on to market. Personally if it does happen, I have some good friends here that are married to thais, and I will sell my houses to them, already agreed!, and will sell back once things 'change' again. Link to comment Share on other sites More sharing options...
Rainmaker Posted August 11, 2007 Share Posted August 11, 2007 Is there anymore news around about the houses bought under company name and changes that might be done? Link to comment Share on other sites More sharing options...
dsfbrit Posted August 13, 2007 Share Posted August 13, 2007 Is there anymore news around about the houses bought under company name and changes that might be done? Rainmaker - you have not heard the good news - the FBA has been stopped. Read about it here: http://www.thaivisa.com/forum/index.php?showtopic=135266 Link to comment Share on other sites More sharing options...
ignis Posted August 13, 2007 Share Posted August 13, 2007 Can never understand this business about buying/setting up a Company to buy a house…. Anyone can buy a house, just not the land to Non Thais, as was explained to me some years ago… buy the house.. Lease the Land for 30years + Automatic further 30year lease… Pay altogether = same price as any Company name, or Thai would pay.. Link to comment Share on other sites More sharing options...
hroz Posted August 13, 2007 Share Posted August 13, 2007 Is there anymore news around about the houses bought under company name and changes that might be done? Rainmaker - you have not heard the good news - the FBA has been stopped. Read about it here: http://www.thaivisa.com/forum/index.php?showtopic=135266 Havent they just taken it back to beef it up with Management Rights and try again to push it thru before the interim government expires? Link to comment Share on other sites More sharing options...
A_Traveller Posted August 13, 2007 Share Posted August 13, 2007 (edited) Havent they just taken it back to beef it up with Management Rights and try again to push it thru before the interim government expires? No, the position was that an amendment, submitted by memebers of the house, not the government itself, which was designed to make workarounds for the management issue more difficult was rejected by the interim government though it might well have passed a full vote. The end result was the bill was removed from deliberation by the government and by default the house voted it back to the committee for further discussion. Presently the position is unclear as to whether the interim government will try again or if the whole thing will have to wait until after the election given the constraints on time. Regards /edit clarification// Edited August 13, 2007 by A_Traveller Link to comment Share on other sites More sharing options...
dsfbrit Posted August 13, 2007 Share Posted August 13, 2007 Can never understand this business about buying/setting up a Company to buy a house…. Anyone can buy a house, just not the land to Non Thais, as was explained to me some years ago… buy the house.. Lease the Land for 30years + Automatic further 30year lease… Pay altogether = same price as any Company name, or Thai would pay.. In some ways you are right. A lot of us (me) did this not realising just how dodgy it all was - silly really in retrospect - but hey we all do dumb things in our lives don't we! However, there is no such thing really as a 30+30 year lease. Its only the first 30 years that is registered with the Land Registry office. We had a good debate on this subject here: http://www.thaivisa.com/forum/index.php?showtopic=131932 Even now, I may switch to the 30 Year Lease option or Usufruct. I estimate to do this will cost about 300,000 Baht worst case. This will cover all the taxes on the transfer (6 percent), Setting up Lease and tax on Lease, Will for wife to leave to me on death and shutting down the company. Link to comment Share on other sites More sharing options...
dsfbrit Posted August 13, 2007 Share Posted August 13, 2007 Regardless of what you do, it will be a gamble. No one knows how this thing is going to shake out. Maybe waiting is not the best thing to do. If worse comes to worse, there will be a HUGE glut of bogus company properties for sale. If it were me, and I'm glad it's not, I would be trying to sell it now and dissolve the company ASAP rather than waiting. I guess it depends on how well you are sleeping at this point. Do you still think the same in light of the FBA being 'stopped'. The trouble is I dont think people CAN sell their houses without dropping the price drastically. Personally, I have slept well all through this thing - except when I first read the headlines last year and nearly ****ed myself!!! - so I may continue to hold my nerve. The interesting thing is, I no longer like the 'feel' of the company set-up anyway. I have thought of several scenarios I have not seen other people document that I don't like, for example: - A nominee shareholder dies - the new shareholder takes over - then what - I have undated letters from the original nominee shareholder only!! It would cost me about 300,000 Baht to transfer to a 30 year lease - so I may go and do that. As it costs me 15000 Baht to have my accounts done twice a year, it would pay for itself in around 20 years anyway! Link to comment Share on other sites More sharing options...
Gary A Posted August 14, 2007 Share Posted August 14, 2007 Can never understand this business about buying/setting up a Company to buy a house…. Anyone can buy a house, just not the land to Non Thais, as was explained to me some years ago… buy the house.. Lease the Land for 30years + Automatic further 30year lease… Pay altogether = same price as any Company name, or Thai would pay.. The Thai government land office recognises a thirty year lease but no more than that. If thirty years suits you, that's fine but don't plan on the lease being extended. Link to comment Share on other sites More sharing options...
Naam Posted August 14, 2007 Share Posted August 14, 2007 - A nominee shareholder dies - the new shareholder takes over - then what - I have undated letters from the original nominee shareholder only!! no new shareholder can take over. the share certificates and the blank share transfer document are in YOUR hands and YOU appoint the new shareholder. Link to comment Share on other sites More sharing options...
jitagon Posted August 14, 2007 Share Posted August 14, 2007 Just playing around with various ideas. How about if your company sold (for a nominal fee, of course) the LAND to your Thai partner/spouse, and then transferred the HOUSE into your own name? Just a thought ... Link to comment Share on other sites More sharing options...
dsfbrit Posted August 14, 2007 Share Posted August 14, 2007 Just playing around with various ideas. How about if your company sold (for a nominal fee, of course) the LAND to your Thai partner/spouse, and then transferred the HOUSE into your own name? Just a thought ... Nice try jitagon. I asked this or a similar question of Sunbelt Asia earlier in the year. Here is a snippet of the emails: My Question: Hi Greg, ... One option I may like to do eventually, would be to remove the LAND from the company ONLY and leave the House in the company name and keep the company. I would then put the land in my wife's name and lease for 30 years but leave the House in the company name. This would avoid much of the Business Tax? etc... The Reply: The Land Dept won't let you take out the land ONLY because they feel you are avoiding trying to pay tax. It is a good idea but they won't allow it. Regards Greg Link to comment Share on other sites More sharing options...
dsfbrit Posted August 14, 2007 Share Posted August 14, 2007 - A nominee shareholder dies - the new shareholder takes over - then what - I have undated letters from the original nominee shareholder only!! no new shareholder can take over. the share certificates and the blank share transfer document are in YOUR hands and YOU appoint the new shareholder. Thanks for that Dr Naam. That's actually encouraging news. One thing though that concerns me - I only have blank transfer documents, no share certificates ?? I have never seen any share certificates ? I suppose I can issue those myself anyway when needed? Link to comment Share on other sites More sharing options...
oldhand Posted August 14, 2007 Share Posted August 14, 2007 Thanks for that Dr Naam. That's actually encouraging news. One thing though that concerns me - I only have blank transfer documents, no share certificates ?? I have never seen any share certificates ? I suppose I can issue those myself anyway when needed? Whoever set up your original company (normally the lawyer that you used) should have what is commonly referred to as the "black file" This normally has all the original share certificates of the company inserted in it. The nominee shareholders will all have signed the the back of the certificate which is headed "share transfer form". These are required documents to transfer the shares but I will be suprised if you do not have them along with all the blank share certificates. If you can't find them then go ask the lawyer if they have them as some do like to hold on to these. Link to comment Share on other sites More sharing options...
Naam Posted August 14, 2007 Share Posted August 14, 2007 - A nominee shareholder dies - the new shareholder takes over - then what - I have undated letters from the original nominee shareholder only!! no new shareholder can take over. the share certificates and the blank share transfer document are in YOUR hands and YOU appoint the new shareholder. Thanks for that Dr Naam. That's actually encouraging news. One thing though that concerns me - I only have blank transfer documents, no share certificates ?? I have never seen any share certificates ? I suppose I can issue those myself anyway when needed? i don't think you can do that Brit. obtainining share certificates was a tedious procedure but i insisted on it during formation of the company. please consult the law office which set up your company for exact information. on a sidenote. share certificates are not common at all with thai companies and my lawyer claimed (and still claims) that the printing and "issuing of the certificates" was/is superfluous. that might be, but somehow i feel much better having them. Link to comment Share on other sites More sharing options...
dsfbrit Posted August 15, 2007 Share Posted August 15, 2007 Thanks for that info Dr Naam, I will bear this in mind and discuss it next time I am at the lawyer's office. Link to comment Share on other sites More sharing options...
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