Thai PM Defends Changes to Property Rules for Foreign Buyers

[riclag]

14 hours ago, webfact said:

This move, widely criticized for favouring capitalists, aligns with international practices, according to the Prime Minister

Oh dear ! Who criticizes this ,a communist .

 

 

[AloisAmrein]

49 or 75 % of ownership, for me no interest.

[Mr Meeseeks]

14 hours ago, jippytum said:

The Pm and Thaksin's Families both own large property companies  selling condos. Just saying!! 

 

👆 Somebody gets it! 

 

 

[Cabradelmar]

99 year lease 😂 make it a 1000... it's still a steal for Thais... Let you build whatever complex you dream up, and then the building reverts back to Thai owners when you die. Most people won't even outlive a 30 year lease, as it is. 

[Cabradelmar]

if you think that early announcement by the women from TRD re: announcing the plan to tax tax residents worldwide income was meaningless... It wasn't. She just opened her mouth before she should have. She needed to wait until the condo sales market turned positive.

[Captain Monday]

On 6/24/2024 at 7:08 AM, wombat said:

99 year leases on farm land will make farm land out of the reach of Thai people.

Zoning? Is that impossible to imagine?

Exclude farmland. Central urban areas, seashore adjacent

Let foreigners take out 99 year leases in Moo Baan, only

 

No strategic national interest. Just a mound of dirt purposed to put a house on

 

[wavodavo]

On 6/24/2024 at 11:12 AM, CM Dad said:

I also bought land and built a house for my Thai family - all in my wife's name - investing several million baht in the country.  However, if my wife dies before I do, I will not be allowed to continue living there.

How stupid are you..Dumbo !!

[wavodavo]

On 6/24/2024 at 11:12 AM, CM Dad said:

I also bought land and built a house for my Thai family - all in my wife's name - investing several million baht in the country.  However, if my wife dies before I do, I will not be allowed to continue living there.

How stupid are you..Dumbo !!

[ryandb]

12 hours ago, Cabradelmar said:

99 year lease 😂 make it a 1000... it's still a steal for Thais... Let you build whatever complex you dream up, and then the building reverts back to Thai owners when you die. Most people won't even outlive a 30 year lease, as it is. 

In the UK where most newly built houses are leasehold these days, it's really no different, at least 99 years is going to take you past your expiry where as 30 years could leave you homeless in your 70s-90s depending on the age you start the lease.

 

 

[crazykopite]

There is always a sticking point this one stipulates that there will be no voting rights 

[Captain Monday]

14 hours ago, ryandb said:

In the UK where most newly built houses are leasehold these days, it's really no different, at least 99 years is going to take you past your expiry where as 30 years could leave you homeless in your 70s-90s depending on the age you start the lease.

 

 

Newly built houses are leasehold? Never heard of such a thing in my country. Does not seem like you have much in property rights.

 

Is it true that in the UK somebody can park across your driveway and there is nothing to be done about it?  How about walking across your land if the close the gates? 

Edited June 25 by Captain Monday

[ryandb]

8 hours ago, Captain Monday said:

Newly built houses are leasehold? Never heard of such a thing in my country. Does not seem like you have much in property rights.

 

Is it true that in the UK somebody can park across your driveway and there is nothing to be done about it?  How about walking across your land if the close the gates? 

Not all but lots of the ones from major developers are, about 5 of my friends first houses are leasehold, I did a google and apparently it's falling and was only as high as 20% but I'm not sure I believe that figure as my sister is house hunting right now and she said every single new one is leasehold (ok its centuries worth and no ground rent)

 

On those I'm not sure I'm guessing it would depend on the specific situations but I have seen plenty of cars being bumped (by hand not car) out the way of a driveway in my years.

[retarius]

I'm a foreigner, these changes don't make me want to buy into a condo, new or second hand. I am I out of the mainstream? Is this a big deal to most foreigners?

Another point.....this move reeks of desperation. Is the economy much, much worse that we have been told it is? 

[DjSilver]

On 6/24/2024 at 12:25 PM, sidneybear said:

Like the US you mean? Where people have to choose between Biden and Trump? What kind of a democracy is that?

 

Well, the US is a much better country than Thailand or most Asian countries, if not all.

 

Before, I got my law degree and got children, I also wanted to live in the US. However, we moved back to Sweden when my child was borned, because I didn't want my child to get a Thai mentality, and also go to a Swedish school. Since, even the International schools in Thailand are bad.

 

And yes, the only city in the US, I wanted to move to was New York city, since I've been to others on internships and they didn't have the right winner mentality. 

[Sandboxer]

Land ownership rights should always be based on reciprocal agreements, like DTAs. If a Thai can buy/own land in my country, the same should apply for me in T.

 

Time for the EU/North America/Australia etc. to restrict Thais from property purchases apart from condos and/or offer only the same long lease conditions.

 

Won't happe of course, because Western leaders/govts are diaper wearing cowards. And Western MSM journalists are too afraid of getting blacklisted and not being able to get their rocks off on soi 6.

 

Having said that, I don't even blame Thailand or its government. They are doing what is in the best interest of the Thai people in the long run. Look what happened to Australia. Best real estate is Chyner owed.

 

Thailand is smart in this respect. The West is retarded.

 

 

 

 

 

Edited June 26 by Sandboxer

[Purdey]

One can sympathize with Thais who find it hard enough to rent land, let alone buy it, not to want farmland, for instance, fall into foreign hands, driving up the price. I see no reason to let foreign individuals buy land as a financial investment. However, selfishly I admit, letting those who are retired here or permanent residents own limited land for residential use would make sense. Being able to live without fear of greedy landlords would bring peace of mind.

[mokwit]

All we will have to worry about is all the other shifting sands like visas, tax etc. No country for old men.

 

I am sure that this move will be appreciated by those nationalities/religions that like to take over an area or a condo and make it theirs and then give people who have been living there for years the "what are you doing in the "peaceful people's" area" looks.

[kinyara]

On 6/25/2024 at 4:21 AM, crazykopite said:

There is always a sticking point this one stipulates that there will be no voting rights 

 

Agreed and it's a bizarre approach that goes against their idea Thais will still be technically in control of voting rights. By making an increased 26% non voting you move to a situation of 49% foreign ownership vs 25% Thai ownership. Perhaps that's something they can better sell to Chinese investors in new developments who will gobble up the first 49%.

 

I'd like to think most condo owners decision making is not based on nationality but common sense, however if you have Chinese investors buying in bulk to break the law and run it as a pseudo hotel, the non voting rights proviso will facilitate it.

 

Terrible decision. NewNative's proportioned down 49% method makes far more sense from a Thai perspective.

[newnative]

7 hours ago, retarius said:

I'm a foreigner, these changes don't make me want to buy into a condo, new or second hand. I am I out of the mainstream? Is this a big deal to most foreigners?

Another point.....this move reeks of desperation. Is the economy much, much worse that we have been told it is? 

   It's a 'big deal' for places like Pattaya, where many of the most desirable condo projects have foreign quota that is full.  To buy into one of those projects as a foreigner, you would have to use either a Thai to purchase in Thai name or set up a company and buy in company name--both options considered by many foreigners to be inferior to owning the condo in foreign quota in their own name.

[Maitdjai]

A cheap charade

by a real estate mogul,

acting as an

interim "puppet" PM.

They just don't know how to handle, all the failed investment, and obsolete concrete pollution.

Created by pure, also

stupid greed.

Shxt happens!

 

Edited June 26 by Maitdjai

[still kicking]

On 6/24/2024 at 6:43 AM, DjSilver said:

Maybe also allow foreigners to own land, like in democratic countries. But since Thailand is around 70 years behind western democratic countries we might have to wait until the year 2100?

My Thai wife lives in OZ she owns 2 houses including land.

[Captain Monday]

22 hours ago, ryandb said:

Not all but lots of the ones from major developers are, about 5 of my friends first houses are leasehold, I did a google and apparently it's falling and was only as high as 20% but I'm not sure I believe that figure as my sister is house hunting right now and she said every single new one is leasehold (ok its centuries worth and no ground rent)

 

On those I'm not sure I'm guessing it would depend on the specific situations but I have seen plenty of cars being bumped (by hand not car) out the way of a driveway in my years.

Is it true in the UK also squatters can hole up in your property change locks and police will do nothing?

The only leasehold I know of in US are condos in Hawaii, Guam, Marina Del Rey, CA and maybe other beach areas.

 

If somebody blocks your drive or takes a deeded parking spot you can call and have them towed away, at the offending owners expense. They do not get their car back until they pay up

 

[scorecard]

On 6/24/2024 at 8:44 AM, ryandb said:

Honestly I like they don't sell out land to foreigners, wish Britain did the same and perhaps it would be possible for people to buy a house these days

Australian allowed anybody to buy land / big parcels of land, land and house, condos / multiple condos for many decades but in more recent time buyers (large majority Japanese and others) have had to relinquish these properties. 

 

Now not easy to buy and in some areas property sectors not allowed. 

 

[scorecard]

On 6/24/2024 at 8:44 AM, ryandb said:

Honestly I like they don't sell out land to foreigners, wish Britain did the same and perhaps it would be possible for people to buy a house these days

Australian allowed anybody to buy land / big parcels of land, land and house, condos / multiple condos for many decades but in more recent time buyers (large majority Japanese and others) have had to relinquish these properties. 

 

Now not easy to buy and in some areas property sectors not allowed. 

On 6/24/2024 at 1:52 PM, Trevor Collins said:

My Thai wife has land in Issan and we have built a house together, and hope to live out my golden years in peace and serenity. I don't want to own her land or have my name on the deeds, that is her family land which will be inherited by her nieces and nephews. I just want residency status based on the fact I am married to a Thai, contribute to the economy and don't drive too badly, compared to most Thais. Is too much to ask for a renewable 5 year visa (and leave my pension alone)?

No harm, no foul.

 

 Are you aware of the usufruct concept.

 

Foreigners can have a usufruct document attached to the land title document, if the wife agrees.

 

If / when completed:
- It means you can reside in the property until you die.

- The property cannot be sold without your written permission. 

- The only person who can cancel the usufruct document is you.

 

My Thai son added a usufruct document in my name to the chanut for his land and house (all done at the local land titles office). 

 

 

[Gknrd]

Not sure owning a condo in Thailand is where I would want to spend my last years.  But, to each his own.

[Dogmatix]

Should be on a reciprocal basis like in South Korea and Turkey . If your country allows Thais to own property, you can own property in Thailand.  That would still rule out the Chinese and the Ruskies.

[khunphil]

On 9/29/2024 at 7:49 PM, scorecard said:

If / when completed:
- It means you can reside in the property until you die.

- The property cannot be sold without your written permission. 

- The only person who can cancel the usufruct document is you.

 

Hi, what happen if the Thai owner dies ? Does the family need to respect the document ?

Does the owner, one day, has the right to leave in this same house ?

Little bit OT but I try ... 😉

Phil.

[scorecard]

1 hour ago, khunphil said:

Hi, what happen if the Thai owner dies ? Does the family need to respect the document ?

Does the owner, one day, has the right to leave in this same house ?

Little bit OT but I try ... 😉

Phil.

QUESTION 1:  what happen if the Thai owner dies ? Does the family need to respect the document ? Answer even if the Thai owner dies and bequeaths the property to a family member the Usufruct remains intact. Also if the person who inherits the property wants to sell it they must obtain written permission to sell from the person named in the Usufruct.

 

QUESTION 2: Does the owner, one day, has the right to leave in this same house ? I assume have the right to live in the house ?   Answer YES. 

[khunphil]

1 hour ago, scorecard said:

I assume have the right to live in the house ?   Answer YES. 

Ooops... Yes, live.. But if they leave, it's OK 😁

[Patong2021]

The best advice I was given by wiser experienced expats was to purchase nothing in Thailand that I was not prepared to write off/lose or give up with no return.  Property investment by foreign investors is highly risky and does not deliver the large returns assumed will be delivered. You buy for a place to live and/or to raise a family. If you break even or make a small profit after taxes and upkeep, then you have done well. 

My observation is that the people always going on about their investment success and their big profits are people who haven't got much money  and usually have minimal liquidity.