BenStark Posted June 16, 2023 Share Posted June 16, 2023 4 hours ago, Aviatorhi said: Buy in the FQ and avoid the gray area - so simple, so easy. Please point us to the listings for houses in the foreign quota. Thanks 1 1 Link to comment Share on other sites More sharing options...
biggles45 Posted June 16, 2023 Share Posted June 16, 2023 'could they not eventually take over the properties as they would have the majority of the shares.' If the foreigner dies, are the Thai shareholders entitled to 51% of the sale price Link to comment Share on other sites More sharing options...
ChipButty Posted June 16, 2023 Share Posted June 16, 2023 9 minutes ago, BenStark said: Please point us to the listings for houses in the foreign quota. Thanks That rule only applies to condo projects, upto 49% foreign quota 1 1 1 Link to comment Share on other sites More sharing options...
couchpotato Posted June 16, 2023 Share Posted June 16, 2023 4 hours ago, jcmj said: And just one more reason Thailand is not a suitable place to push for retirees. This rears its head every few years then goes away, but you never know when they might go full force. However, don’t be fooled that buying in FQ is 100 safe. If the government doesn’t want foreigners to own property they can revoke that as well. And if you don’t believe me look what happened in Mexico many years ago. They took everything back. Sure hope they wouldn’t go that far, but this is Thailand and they do what they want when they want. FQ is only for Condo's...not land and houses. So you need to revise your post. 1 1 Link to comment Share on other sites More sharing options...
shackleton Posted June 16, 2023 Share Posted June 16, 2023 Been operating for 15 years and a staff of 40 people must have been doing okay until probably the influx of Russians and their money ???? Buying up property and businesses ???? 1 Link to comment Share on other sites More sharing options...
Popular Post NorthernRyland Posted June 16, 2023 Popular Post Share Posted June 16, 2023 4 hours ago, riverhigh said: Friends and acquatances of mine who own houses through a corporation know exactly what they are doing is illegal. Their deep down beleif is that there is safety in numbers and the Thai government will never go after them because of the damage it would cause the Thai economy. He's so wrong. They believe the government will never go after them because they've observed a culture of corruption which runs deep through Thai society at all levels. 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post Mickeymaus Posted June 16, 2023 Popular Post Share Posted June 16, 2023 I've heard of this practice before. Glad they found this company after only 15 years. Topic closed now? But wait a minute. Why did it take so long to discover this company? Are they sure there aren't others doing the same thing? Some questions remain... 1 2 Link to comment Share on other sites More sharing options...
Popular Post rumeaug Posted June 16, 2023 Popular Post Share Posted June 16, 2023 There is regulations in every country for land ownership by foreigners. That's it. Here in Thailand , When a nominee land ownership is put in place both parties risk being fined and jailed. Thai land laws prohibit foreigners from owning land in Thailand but also makes it illegal for Thai nationals to act as an agent or a proxy nominee owner of the land on behalf of a foreigner (section 96 Land Code Act). Just know it and act accordingly. if not, don't complain of the consequences. 2 1 1 Link to comment Share on other sites More sharing options...
wensiensheng Posted June 16, 2023 Share Posted June 16, 2023 The reporting makes things very unclear. As I understand it the thai nominees are in trouble because they helped circumvent property ownership laws. I don’t understand the reference to evading property tax by buying and selling company shares instead of the land itself. Sure, property tax is avoided by doing that, share stamp duty is paid instead, but it’s not illegal. Unless of course it is done via nominees and all in the pursuit of evading property ownership laws. I see reference in posts to FQ. That of course only apply a to condos. There is no FQ for landed properties and the article does not indicate whether it is landed or condo property involved. anyway, a big fuss because something got too big to be ignored, then it will be back to normal again 1 Link to comment Share on other sites More sharing options...
Popular Post ChipButty Posted June 16, 2023 Popular Post Share Posted June 16, 2023 8 minutes ago, Mickeymaus said: I've heard of this practice before. Glad they found this company after only 15 years. Topic closed now? But wait a minute. Why did it take so long to discover this company? Are they sure there aren't others doing the same thing? Some questions remain... We dont know the reason why they were raided, they are not alone every company on the island is at it and it has been going on for at 25 years that I know of, when I was first explained to me how it was done, 2 1 Link to comment Share on other sites More sharing options...
ujayujay Posted June 16, 2023 Share Posted June 16, 2023 Anyone who uses an illegal service as an expat in any country in the world risks consequences... no mercy! 1 1 Link to comment Share on other sites More sharing options...
Mickeymaus Posted June 16, 2023 Share Posted June 16, 2023 1 minute ago, ChipButty said: We dont know the reason why they were raided, they are not alone every company on the island is at it and it has been going on for at 25 years that I know of, when I was first explained to me how it was done, I remember the government wanted to eradicate this practice many years ago. Apparently they were unsuccessful. But of course, when you use such strategies to achieve things that are not normally possible, you are always very vulnerable. 1 Link to comment Share on other sites More sharing options...
arick Posted June 16, 2023 Share Posted June 16, 2023 You can own property in Thailand just don't f*** around with a second person buy it outright on your own it's time they put down all these f****** swindlers all these f****** bastards just cheat foreigners and Chinese and Americans and Europeans out of millions and billions and billions and billions about it's time this government shuts down all these crooks 2 Link to comment Share on other sites More sharing options...
arick Posted June 16, 2023 Share Posted June 16, 2023 (edited) The New Concept in Chiang Mai's number one crook of this country owing taking 5 billion baht from people. New Concept group from Chiang Mai is the number one crook and then you have your other crook that has property and patia and Phuket Edited June 16, 2023 by arick 1 Link to comment Share on other sites More sharing options...
Popular Post ChipButty Posted June 16, 2023 Popular Post Share Posted June 16, 2023 I wonder how many farang down here in Phuket think they have a 90 year lease? some years ago that was being touted around 30+30+30 total 90 year lease I actually met a guy who was buying a house and that was what he was told, I told him I think you need to speak to another lawyer, 3 Link to comment Share on other sites More sharing options...
nobodysfriend Posted June 16, 2023 Share Posted June 16, 2023 7 hours ago, webfact said: 44 companies are involved with land which have cost about 100 million baht of damages. 100 mio baht damages ... ? By setting yo companies for farang ? Link to comment Share on other sites More sharing options...
BTB1977 Posted June 16, 2023 Share Posted June 16, 2023 The fact is NO farang can own land ever. That has been the law for hundreds of years This illegal company loop hole is finally getting closed.. I can hear all the farang say "but I have a piece of paper that says I'm the owner". I have a piece of paper next to my toilet that has more value than yours. ???? LMAO 1 Link to comment Share on other sites More sharing options...
Popular Post Henricus Posted June 16, 2023 Popular Post Share Posted June 16, 2023 2 hours ago, bignok said: Phuket is a nice place to visit. It`s more nicer to leave !!!!!!! 2 1 1 3 Link to comment Share on other sites More sharing options...
sambum Posted June 16, 2023 Share Posted June 16, 2023 4 hours ago, crazykopite said: Brown Envelopes???? Dried up? 1 Link to comment Share on other sites More sharing options...
spidermike007 Posted June 16, 2023 Share Posted June 16, 2023 Nice to know these guys are fighting real crime, and keeping the nation safe. LOL. Hope they remember that there are rapists out there, along with government and army officials collecting millions in ill gotten money. And let us not forget about human smuggling, trafficking in underage girls, slavery in the fishing trade, heroin smuggling, and other real crimes. Keep your eyes on the ball, guys. Link to comment Share on other sites More sharing options...
Popular Post VBF Posted June 16, 2023 Popular Post Share Posted June 16, 2023 (edited) 5 hours ago, crazykopite said: I’ve had a good 18 happy years here purchased and sold property in that time so much so I was able to build my beach home. Yes it’s high stakes but when I came here I was prepared to lose the capitol I had brought over I knew and fully understood the consequences and risks I was undertaking there is absolutely no way could I ever had such a property in Europe . If I lost it tomorrow I would shed a tear but I wouldn’t be destitute and I would take with me 18 wonderful years of living in Thailand my next destination would be the Philippines where my U.K. pension would no longer be frozen and would give me an extra 2,000 baht a week . Life’s a gamble some you win some you lose but as my dad taught me never keep,all your eggs in the same basket !!!! At least you went into it with your eyes open, knowing what might happen. I was offered similar nominee deals when I was thinking about buying on Phuket more than 25 years ago! In the same way, I was offered a 30+30+? deal on a lease. I was told by 2 trustworthy individuals (they do exist!) that both arrangements were "technically" illegal but that it "might work, and many people do it" The message was loud and clear: At my own risk! Knowing that a) I'm not wealthy enough to risk losing that amount, and b) I didn't want to go into retirement worrying that one day, I might lose my home, I declined. I have never regretted it - I can always go to Phuket to visit if I want, and, it turns out that, as much as I loved the place back then, I now never wish to see it again...but that's another story. Edited June 16, 2023 by VBF 3 Link to comment Share on other sites More sharing options...
VBF Posted June 16, 2023 Share Posted June 16, 2023 (edited) Duplicated post Edited June 16, 2023 by VBF Duplicated post Link to comment Share on other sites More sharing options...
Zapitapi Posted June 16, 2023 Share Posted June 16, 2023 (edited) 2 hours ago, BTB1977 said: The fact is NO farang can own land ever. That has been the law for hundreds of years This illegal company loop hole is finally getting closed.. I can hear all the farang say "but I have a piece of paper that says I'm the owner". I have a piece of paper next to my toilet that has more value than yours. ???? LMAO actually they can..very limited but possible in absolutely legal ways... 1 was prev. foreign owned land as heir and 2 was investment of over 40mil thb ..complicated but possible.. think it was up to 1 rai Edited June 16, 2023 by Zapitapi gramma Link to comment Share on other sites More sharing options...
Popular Post LivinginKata Posted June 16, 2023 Popular Post Share Posted June 16, 2023 2 minutes ago, Zapitapi said: actually they can..very limited but possible in absolutely legal ways... 1 was prev. foreign owned land as heir and 2 was investment of over 40mil thb ..complicated but possible.. think it was up to 1 rai My wife tells me that I can inherit her land if she died. BUT I must sell to a Thai or Thai company within 12 months. 1 3 Link to comment Share on other sites More sharing options...
Popular Post Sydebolle Posted June 16, 2023 Popular Post Share Posted June 16, 2023 Maybe the Thais need to be told, that no foreigner so far could roll up his property, pack it into a suitcase and take it along back to his homeland. Look at all the property and assets owned by the oligarch elite overseas, accounting for billions of dollars, and not one of them arrived at Bangkok airport with a plot of land in their luggage. Maybe time to throw out this medieval paragraph and let inferior dirty farang and alien own some land for own private use? The Thai law stipulates, that everybody is equal. Well, explain that to the non-Thai husband, when his Thai wife makes a runner with Somchai and takes land title deeds, usually paid in full and exclusively by the non-Thai husband, along. I was told, that non-Thai spouses have to legally sign a document at the land office to forfeit their right in a land, where everybody is equal. Go figure ........ pathetic farçe! 3 Link to comment Share on other sites More sharing options...
BritScot Posted June 16, 2023 Share Posted June 16, 2023 9 hours ago, Bim Smith said: Those poor people who get duped into believing they can own property in Thailand. You can't. Technically an American can (enough to build a nice house on) the big However, is as far as I'm aware no land department in Thailand has ever granted a grain of Thai soil to an American. 1 Link to comment Share on other sites More sharing options...
Zapitapi Posted June 16, 2023 Share Posted June 16, 2023 26 minutes ago, LivinginKata said: My wife tells me that I can inherit her land if she died. BUT I must sell to a Thai or Thai company within 12 months. naa in the case mentioned by my above it must be previously foreign owned land to be inherited Link to comment Share on other sites More sharing options...
Gknrd Posted June 16, 2023 Share Posted June 16, 2023 If they did this in scale the Thai's would have allot of nice property to call home. In Pattaya alone thousands of farang would loose their homes. 2 Link to comment Share on other sites More sharing options...
Popular Post Wake Up Posted June 16, 2023 Popular Post Share Posted June 16, 2023 The Thai company owns the land. Rather than sell the land to another foreigner and pay the tax on the sale. You simply change the foreigner buyer as the new company shareholder and the seller foreigner is removed as a shareholder. Therefore paying no tax on the sale. That is how Thailand is losing money and yes this is illegal even though many argue it is safe. But the Thailand law is every inch of Thailand land belongs to Thailand people only. 2 1 Link to comment Share on other sites More sharing options...
Popular Post NatureFilm Posted June 16, 2023 Popular Post Share Posted June 16, 2023 (edited) 6 hours ago, ChipButty said: That rule only applies to condo projects, upto 49% foreign quota In my condo the real FQ is over 70% and many other condos probably over 90%. Would be interesting, when they start to "investigate" the FQ of condos in Thailand Edited June 16, 2023 by NatureFilm 4 Link to comment Share on other sites More sharing options...
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