House Bought In Company Name

[Rainmaker]

Apologies if this has already been covered,

I bought (or should I say borrowed )a house 2 years ago under a company name. Since then the rules have changed not allowing foreigners to setup companies to purchase property. After the rules changed the advice I got was wait and see what happens before doing anything.

Ive left it a few months and was wondering if there has been anymore news on houses bought by farangs using the company setup,

Am I in danger of loosing my property or has anyone had any problems.

secondly, what have people done that are in a similar situation to me?

Ive been worried about this for some time, so any info would be much apprecaited.

[Naam]

Apologies if this has already been covered,

I bought (or should I say borrowed )a house 2 years ago under a company name. Since then the rules have changed not allowing foreigners to setup companies to purchase property. After the rules changed the advice I got was wait and see what happens before doing anything.

Ive left it a few months and was wondering if there has been anymore news on houses bought by farangs using the company setup,

Am I in danger of loosing my property or has anyone had any problems.

secondly, what have people done that are in a similar situation to me?

Ive been worried about this for some time, so any info would be much apprecaited.

there is nothing much what you can do presently than adopt a 'wait and see' stance. until now nobody seems to have any problems. by the way, the rules never changed as it was always illegal to circumvent the law which says foreigners can't own land.

for what it's worth. you are not alone. i am in the same boat as you. worried a bit but looking quite relaxed into the future.

[Mobi]

I suggest you read the following thread, in the real estate sub forum

http://www.thaivisa.com/forum/index.php?showtopic=115901

It doesn't answer your question, but does discuss all the issues and the current thinking vis a vis the proposed changes to the FBA.

There's some good stuff there - not from me, I might add.

[suiging]

When the ACTUAL changes ( not the b#$%^%t many on here will have you believe, because as of now nobody knows the final outcome) are announced there will be many companies falling over themselves for your custom in trying to legitimize your position.

Perhaps a little research into a law firm you can trust to give the best advise on the day, may be worth the effort.

In any case DO NOT PANIC.

[oooooo]

i was offered a deal whereby a thai national wanted to borrow 6 mill baht off me. as collateral she was gonna give me real estate estimated at 3 mill baht.

i told her that the deal was no go since i couldn't own property in this country except condos.

get over it u can't legally own real estate here.

[Rainmaker]

Apologies if this has already been covered,

I bought (or should I say borrowed )a house 2 years ago under a company name. Since then the rules have changed not allowing foreigners to setup companies to purchase property. After the rules changed the advice I got was wait and see what happens before doing anything.

Ive left it a few months and was wondering if there has been anymore news on houses bought by farangs using the company setup,

Am I in danger of loosing my property or has anyone had any problems.

secondly, what have people done that are in a similar situation to me?

Ive been worried about this for some time, so any info would be much apprecaited.

there is nothing much what you can do presently than adopt a 'wait and see' stance. until now nobody seems to have any problems. by the way, the rules never changed as it was always illegal to circumvent the law which says foreigners can't own land.

for what it's worth. you are not alone. i am in the same boat as you. worried a bit but looking quite relaxed into the future.

Thanks Dr Naam, its nice to know people are not alone in these situations, but lets hope all ends up being Ok,, let keep in touch with either of us hear anything. Regards

[goldfish]

Dr. Naam is quite relaxed 'bout the whole thing 'cause he has a nice little portfolio to fall back on. There are many people in the same boat as yourself. As long as you are well and happy everything else is just a bonus, so just relax and stop worrying about something you have little control over

[Nawtilus]

6 mil loan against 3 mil security....bargain....can you loan me 30mil. I got a 15 mil house you can use as security.

[Naam]

Dr. Naam is quite relaxed 'bout the whole thing 'cause he has a nice little portfolio to fall back on. There are many people in the same boat as yourself. As long as you are well and happy everything else is just a bonus, so just relax and stop worrying about something you have little control over

i think it's a rational assumption that anybody who buys property uses for that purpose a certain percentage of his/her total net. that percentage should be much lower in Thailand for those who are already retired or plan to retire as the proceeds of the remaining capital are used not only to cover the cost of living but a considerable amount has to be reinvested to compensate for inflation.

nevertheless, a total loss of the property (as predicted by some doom&gloom prophets) will hurt a well-heeled investor too, except perhaps if his net worth exceeds eight digits in Dollars, Pounds or Euros. unfortunately i do not belong to that category.

[Erwin1011]

The company sold the property to my wife, who put a usufruct to me on the back.

the company used the proceeds of the sale to dissolve it self, clear the inventory, pay the taxes etc, pay out the shareholders with what was left. It was viable and profit making, but all the shareholders (Thais included) felt that the situation was probably untenable in the future and that is was wiser to go out while still good (and possible, without too much difficulties).

[Naam]

The company sold the property to my wife, who put a usufruct to me on the back.

the company used the proceeds of the sale to dissolve it self, clear the inventory, pay the taxes etc, pay out the shareholders with what was left. It was viable and profit making, but all the shareholders (Thais included) felt that the situation was probably untenable in the future and that is was wiser to go out while still good (and possible, without too much difficulties).

that doesn't work for us poor buggers who lack a thai wife

[Naam]

that doesn't work for us poor buggers who lack a thai wife

of course a perfect excuse to get rid of our farang old ladies would be to exchange them for a thai wife and a thai mia noi.

"you see dear... i hate to divorce you... but under the prevailing circumstances... what options do we have?"

[goldfish]

[nevertheless, a total loss of the property (as predicted by some doom&gloom prophets) will hurt a well-heeled investor too, except perhaps if his net worth exceeds eight digits in Dollars, Pounds or Euros. unfortunately i do not belong to that category.

Er...these eight digits you talk about here they do include decimal points, right?

[Naam]

[nevertheless, a total loss of the property (as predicted by some doom&gloom prophets) will hurt a well-heeled investor too, except perhaps if his net worth exceeds eight digits in Dollars, Pounds or Euros. unfortunately i do not belong to that category.

Er...these eight digits you talk about here they do include decimal points, right?

no they don't, otherwise most of us would play in that league, especially when counting the two digits after the "dot".