Prosecution Looms Over Deceased French Woman's Fortune

[Sandboxer]

There will always be the "sky is always falling on falang" retards. The same type of Downs-level morons who say that falang is ALWAYS at fault in a vehicular accident (been in five small accidents and one pretty major one, all were handled with acceptable fairness/outcomes vi insurance/court and I was even at fault for a few of them).

 

As far as property, I bought the condo I live in 8 years ago and it has paid for itself. Might sell it soon and just rent a small pool villa for my remaining time in country.

 

 

[G_Money]

14 minutes ago, Tropicalevo said:

And I never rented (24 years). How can renting be best?

While I agree with owning, just not in Thailand.

 

Too many variables and headaches for HOUSE owners (?).  Condo ownership in foreign name less so.

 

The ability to leave at a moment’s notice:  priceless.

[tomacht8]

You can turn it around however you want. Anyone who goes the company route and officially founds "his" company with a 49% equity stake but pays in 100% capital, should think carefully about who they are giving the remaining 51% as a gift. In most cases, the thai straw men are family members and friends of the Thai lawyer who sets up the company. 

When it gets going tough, it's of no use at all, if you have a blank contract in your drawer where the 51% Thai shareholders give up their voting rights to the foreigner. At that moment, the entire contract construction becomes illegal. 

Edited May 10 by tomacht8

[bradiston]

3 hours ago, Jenkins9039 said:

When you set up with someone they are entitled to 50%

 

Take it or leave it.

My bags are packed

[Tropicalevo]

46 minutes ago, tomacht8 said:

You can turn it around however you want. Anyone who goes the company route and officially founds "his" company with a 49% equity stake but pays in 100% capital, should think carefully about who they are giving the remaining 51% as a gift. In most cases, the thai straw men are family members and friends of the Thai lawyer who sets up the company. 

When it gets going tough, it's of no use at all, if you have a blank contract in your drawer where the 51% Thai shareholders give up their voting rights to the foreigner. At that moment, the entire contract construction becomes illegal. 

Undated, signed resignation letters/transfer documents of the director and shareholders?

[tomacht8]

1 hour ago, Tropicalevo said:

Undated, signed resignation letters/transfer documents of the director and shareholders?

Yes. 

[snowgard]

On 5/9/2024 at 10:57 AM, proton said:

This can't be true as know it all's are always telling us buying a house via the company route with Thai shareholders owning 51% is legal. Until you die it seems then the greedy rats decide it's not and want to take it away from your estate.

It is, was and will ever be ILLEGAL!!! And the farang hold only 49%, so the other shareholders have the right for get their 51%!!!
 

 

Edited May 10 by snowgard

[Tropicalevo]

9 hours ago, snowgard said:

It is, was and will ever be ILLEGAL!!! And the farang hold only 49%, so the other shareholders have the right for get their 51%!!!
 

 

Wrong.

It is having nominee shareholders that make it illegal.

 

Many businesses large and small are totally legal with the 51% 49% split.

[snowgard]

These companies are created just so farangs can own a house!!! They don't have a real business. That's why they are illegal!!! And the shareholders can withdraw the farang completely at any time if they want. Because they own 51% of the company!!!

And the farang can't even go to court without endangering himself.

[MangoKorat]

On 5/9/2024 at 5:18 AM, Jenkins9039 said:

Not really.

 

Under Thai law, if you divorce your wife you / she gets 50% each.

Under Thai law - In court. The justice system here follows the law... no whims of a Thai in the court room... there's three judges for that reason.

 

Under Thai law if you use a company, it's 49% ownership opposed to 51%.

Its easy to see why people often do the wrong thing but think they've done the right one. That's why its wise to use a decent Thai lawyer rather than believe what you read on online forums.

 

'Under Thai law, if you divorce your wife you / she gets 50% each' - That is not correct. For example, if your wife owned the land or the house before your were married, you would only be entitled to 50% of any uplift in value since the date of your wedding.

 

'Under Thai law if you use a company, it's 49% ownership opposed to 51%' Potentially incorrect depending on the rules in play in your area. Some Land Offices will refuse to register a property in a company name if the foreign ownership is over 39% (and possibly other percentages).

 

The most serious side of owning through the property route is that the company must be trading and it must, if required, demonstrate a need to own property.  If that can't be proven, such ownership is in direct contravention of the Thai land laws as the company has clearly been set up in order to circumvent those laws. There is a specific clause in the laws regarding circumvention. 

 

Those who simply pay a book keeper to make up a set of fake accounts and pay a little tax each year for the 'company' that 'owns' the land, will always be at risk.

 

 

 

 

 

 

 

 

Edited May 13 by MangoKorat

[gerritkaew]

yeah in thailand you get robbed from your money, iff its your (girl) friend or wife or whatever, nothing is safe in here.  next week some goverment a.hole is gone live in that house,,,

 

[MangoKorat]

16 hours ago, MangoKorat said:

The most serious side of owning through the property route is that the company must be trading and it must, if required, demonstrate a need to own property. 

That should of course say 'owning through the company route'.

[MangoKorat]

On 5/11/2024 at 5:07 PM, snowgard said:

These companies are created just so farangs can own a house!!! They don't have a real business. That's why they are illegal!!! And the shareholders can withdraw the farang completely at any time if they want. Because they own 51% of the company!!!

And the farang can't even go to court without endangering himself.

Whilst I agree that using a Thai Limited Company to own land is against the law if the business is not actually trading and/or has no reason to own land, your statement is incorrect.  If the company is correctly structured and the Thai shareholders shares don't include voting rights, they cannot get rid of the foreign shareholding/directorship. The Thai shareholders though, may have to prove where they got the money from to buy the shares and that they bought them for investment purposes. Your wife's granny might have a problem claiming she's a legitimate investor.

 

There are several types of business where a company with foreign shareholding can own land legally - a property development/investment business for example.  A shophouse, used for a business that a foreigner is legally allowed to be involved in should also be OK.

 

However, I doubt that a Thai court would be convinced that a company owning just one piece of land/house and renting that out to a director was a legitimate property investment business. It all hangs on that word - circumvention.

 

They may exist but I'm yet to see an example of a Thai Limited Company with foreign control owning a piece of land legally when we are talking about single plots containing just one house. Most seem to be fake companies, submitting accounts and paying a little tax - as such I'm sure that each one of them is at risk if they are investigated.

 

What I find unfair, if its true, is that when such 'fake' companies are discovered, is that the penalty is forfeiture.  Deeming the ownership contravenes the Thai land laws and ordering the sale of the property would be a much fairer way of dealing with the matter.

 

Personally, I find the Thai land laws archaic and xenophobic, they cause lots of problems for married couples and should be reformed. I don't see why a foreigner married to a Thai can't own property but have to sell it within a set time should they divorce - much like the rules on what happens when a Thai wife dies and wills a property to a foreign husband.

Edited May 14 by MangoKorat

[elektrified]

Delete

Edited May 14 by elektrified

[snowgard]

17 hours ago, MangoKorat said:

Whilst I agree that using a Thai Limited Company to own land is against the law if the business is not actually trading and/or has no reason to own land, your statement is incorrect.  If the company is correctly structured and the Thai shareholders shares don't include voting rights, they cannot get rid of the foreign shareholding/directorship. The Thai shareholders though, may have to prove where they got the money from to buy the shares and that they bought them for investment purposes. Your wife's granny might have a problem claiming she's a legitimate investor.

 

There are several types of business where a company with foreign shareholding can own land legally - a property development/investment business for example.  A shophouse, used for a business that a foreigner is legally allowed to be involved in should also be OK.

 

However, I doubt that a Thai court would be convinced that a company owning just one piece of land/house and renting that out to a director was a legitimate property investment business. It all hangs on that word - circumvention.

 

They may exist but I'm yet to see an example of a Thai Limited Company with foreign control owning a piece of land legally when we are talking about single plots containing just one house. Most seem to be fake companies, submitting accounts and paying a little tax - as such I'm sure that each one of them is at risk if they are investigated.

 

What I find unfair, if its true, is that when such 'fake' companies are discovered, is that the penalty is forfeiture.  Deeming the ownership contravenes the Thai land laws and ordering the sale of the property would be a much fairer way of dealing with the matter.

 

Personally, I find the Thai land laws archaic and xenophobic, they cause lots of problems for married couples and should be reformed. I don't see why a foreigner married to a Thai can't own property but have to sell it within a set time should they divorce - much like the rules on what happens when a Thai wife dies and wills a property to a foreign husband.

But what you wanna do if a shareholder want to sale his share? If him go to court for get the money for it? And 100% him can sue you.

You have to pay him out or risk the outcome will be that him is just a nominee and the company construction is illegal.

At latest if you die the shareholders want THEIR PART and your heritage have pay him/her out.

[MangoKorat]

4 hours ago, snowgard said:

But what you wanna do if a shareholder want to sale his share? If him go to court for get the money for it? And 100% him can sue you.

You have to pay him out or risk the outcome will be that him is just a nominee and the company construction is illegal.

At latest if you die the shareholders want THEIR PART and your heritage have pay him/her out.

I'm not promoting company ownership - quite the opposite. I was simply pointing out that the information posted was incorrect.

[snowgard]

1 hour ago, MangoKorat said:

I'm not promoting company ownership - quite the opposite. I was simply pointing out that the information posted was incorrect.

Sure the information are 100% correct because farangs can't be the 100% owner of a Ltd. which can & had bought land titles in thailand.
This will be all the time a risk. You must trust other people, oftens someone you don't know. And you can find with google enough cases where it gone wrong. Maybe for a Real Estate & US citizen it give other rules.

[MangoKorat]

2 minutes ago, snowgard said:

Sure the information are 100% correct because farangs can't be the 100% owner of a Ltd. which can & had bought land titles in thailand.
This will be all the time a risk. You must trust other people, oftens someone you don't know. And you can find with google enough cases where it gone wrong. Maybe for a Real Estate & US citizen it give other rules.

Yes, I know all that thank you but the post I was referring to was not correct.

[snowgard]

But I think too that the land laws need a update.
Farangs can buy up to 1 Rai for build a house
and/or
Real Estate Villages own the land but farangs can buy/sell the houses with 100% ownership and pay a yearly rent for the land.

But ... I not believe this will ever come.