Thailand mulls allowing foreigners to buy 75% of condo units

[wealthychef]

Better be careful or else we're going to have an epidemic of properly functioning kitchens!  

[Aussie999]

2 hours ago, OneMoreFarang said:

I own my condominium unit 100%, in my name. And I am not alone. 

I think they mean the % of condos in the complex

[Cabradelmar]

They need to address stalled sales, and the oversupply of new condos, so developers can keep building, and then once they lure more foreign buyers in they can change the income tax rules again, and/or jack up property taxes. 

[mokwit]

3 minutes ago, Cabradelmar said:

They need to address stalled sales, and the oversupply of new condos, so developers can keep building, and then once they lure more foreign buyers in they can change the income tax rules again, and/or jack up property taxes. 

Followed by a change the rules on ST lets so not long after you have bought your condo you have all night partying Russians slamming doors, and furniture moving Chinese next door. Smells of Indian cuisine permeating the building.

[mokwit]

20 minutes ago, loong said:

Isn't building condos a significant part of the PM's family business?

Yes, but that is just coincidence. Like all rich Thai Chinese he is deeply concerned about the ordinary people and hopes more of them will be employed as maids in condos.

[hotchilli]

4 hours ago, Karma80 said:

Need to grab all the Chinese and HK money somehow I guess. Worked out so well for everywhere else that's done this...

Or Russians outstripping availability

[Dakhar]

Until taxes policies are clarified, my biggest expense will be a tank of gas

[Liverpool Lou]

6 hours ago, Tony M said:

They can probably see a major tax-grab on funds (income) being transferred, by "tax residents", from overseas to purchase condos in Thailand.

Gawd.

[JimHuaHin]

Let me see ...

 

Thai Prime Minister's previous job - CEO of major condo developer.

 

Condos not selling - Myanmar government cracking down on its expats' investments, Chinese running out of money, Russians in trouble because of Vlad "The Invader" Putin, etc.

 

Let's allow more farangs to buy condos!!!

 

But with the enforcement of overseas funds remittance tax - opps, will the farangs want to remit millions of Baht to buy condos?  Or will there be exemptions from overseas funds remittance taxation if farangs buy condos?

 

[Liverpool Lou]

4 hours ago, Henryford said:

Who decides who is in the 49-75% category?

The law (Act) in conjunction with the JP;  why should it be any different from the current 49% maximum decision?

Edited June 22 by Liverpool Lou

[Liverpool Lou]

4 hours ago, Henryford said:

Would this mean foreigners could not vote, at say an AGM?

Why would you think that would be the case?

[Liverpool Lou]

3 hours ago, ikke1959 said:

not 100% ownership don't buy it.... Thailand can not be trusted with their flip flop laws... and restrictions  ...  As a reward you can't own anything for 100%, have no rights ...

Jesus Christ...this is about condo ownership, 100% ownership!   When has Thailand "flip-flopped" on this subject to the detriment of foreigners or denied foreigners any related rights?

[Liverpool Lou]

3 hours ago, impulse said:

Seeing what's happening to weed, and so many whipsawing immigration policies, why would anyone believe they won't reverse course in a couple of years and decimate the value of that additional 25% of condos?  Or even all condos, when sellers are forced to sell to Thais to get the project back into balance.

Drug laws are irrelevant to Thai property laws.  Why would anyone suggest that the condo laws would be changed to the detriment of foreign owners when there has never been, not even a sniff of a suggestion that they will be, in all the years that foreigners have had this right to condo ownership?

[Liverpool Lou]

1 hour ago, jippytum said:

most condos are already more than 49% foreign owned. i. if you calculate Thai  proxies and company owned units  run by foreigners

 

What was your source for that fascinating statistic?  

[Liverpool Lou]

1 hour ago, ronster said:

So Thais ain't buying all the empty condos so they want to flog them to russians and Chinese but give them no say in running the buildings 😀🙈

Said who?

[impulse]

10 minutes ago, Liverpool Lou said:

Drug laws are irrelevant to Thai property laws.  Why would anyone suggest that the condo laws would be changed to the detriment of foreign owners when there has never been, not even a sniff of a suggestion that they will be, in all the years that foreigners have had this right to condo ownership?

 

Was it just a drug law?  Did you forget the $billions invested in grow houses, farms,  and weed shops on every corner, that are now (or soon to be) bankrupt?

 

You're also forgetting all the people who bought properties to AirBNB them, and then they changed the rules.

 

People want to invest in a stable predictable environment.

 

Edited June 22 by impulse

[bob smith]

things must be really, really bad at the moment.

 

this whole thing smacks of utter desperation.

 

bob.

[Liverpool Lou]

1 hour ago, Polaky said:

So the 51% thai or company owned condo's will be sliced to only 25%,

That's not the proposal, at all, the maximum foreign ownership will be 75%, Thai ownership is not restricted to 51%, Thai ownership can be 100% if there are no foreign buyers.

[Drumbuie]

3 hours ago, OneMoreFarang said:

I own my condominium unit 100%, in my name. And I am not alone. 

This is about extending the percentage of condo units in a block that are permitted to be owned by farangs. 

[IamNoone88]

They do like being half pregnant.

[Liverpool Lou]

9 minutes ago, impulse said:

 

Was it just a drug law?  Did you forget the $billions invested in grow houses, farms,  and weed shops on every corner, that are now (or soon to be) bankrupt?

 

You're also forgetting all the people who bought properties to AirBNB them, and then they changed the rules.

 

People want to invest in a stable predictable environment.

The drug laws are completely irrelevant to the condo ownership laws that have never been altered to the detriment of foreign owners.  Airbnb rules are also irrelevant to condo ownership rules and have not altered foreigners' condo ownership rights, but, as you mentioned it, what are the statistics that you have available that confirms how many "all those people" are?

[Liverpool Lou]

9 minutes ago, Drumbuie said:

3 hours ago, OneMoreFarang said:

I own my condominium unit 100%, in my name. And I am not alone. 

This is about extending the percentage of condo units in a block that are permitted to be owned by farangs. 

He is well aware of that, it is the poster to whom he responded that doesn't appear to know that!

[OneMoreFarang]

6 minutes ago, Drumbuie said:

This is about extending the percentage of condo units in a block that are permitted to be owned by farangs. 

 

My reply was a reply to the post above. 

Yes, we can't own the whole condominium, but we can own our own units. At least for me, that is enough, I don't need a whole big condominium building. 😉 

 

3 hours ago, ikke1959 said:

not 100% ownership don't buy it.... Thailand can not be trusted with their flip flop laws... and restrictions... How do they think foreigners are?? Come to Thailand pay here tax and if you have to pay tax more in Thailand than in your home country you have to pay the difference anyway in Thailand. As a reward you can't own anything for 100%, have no rights and have to deal with dual pricing, pay extreme taxes on imported goods... Hooray Thailand the hub of chasing away foreigners. expat, retirees and tourists

[Liverpool Lou]

8 minutes ago, Sticky Rice Balls said:

add in IO for good measure..can get to your condo if they dont let you back in

Those who suspect that they could be denied entry (there must be a reason) perhaps shouldn't be buying property in a country that they may not be able to enter.

[Liverpool Lou]

11 minutes ago, Sticky Rice Balls said:

23 minutes ago, Liverpool Lou said:

Said who?

somchai

Ok, thanks for that confirmation, Somchai.

[Kwaibill]

Ownership must be way down.😛

[Luuk Chaai]

3 hours ago, John Drake said:

Make room for the Chinese colonists.

I can see the signs now

[scubascuba3]

It's a good move, overdue, allows Thais to sell their condos to foreigners, currently so many can't be sold as Thais don't want them. A win win in Pattaya

[Toby1947]

Well at least that reduces the number of Thais who don't and won't pay the maintenance fees. Condos in Thailand are not worth 20 baht each , although I did lose my sanity a couple of weeks ago and offered 3 pork sausages thankfully the seller declined my over generous offer 

[John Drake]

13 minutes ago, Luuk Chaai said:

I can see the signs now

 

Already have it about 6km from my house.  http://www.chinatownsalaya.com/