Popular Post webfact Posted June 29 Popular Post Share Posted June 29 Prime Minister Srettha Thavisin may come under fire for a proposed real estate policy change, amid concerns of a conflict of interest given his previous role as head of a leading property firm. Srettha’s Cabinet has preliminarily approved a proposal to increase the maximum foreign ownership of condominium units in Thailand from the current 49% to 75%, and extend land leases from 30 years to 99 years. This move aims to invigorate Thailand's sluggish real estate sector, which has been hit by oversupply and a decline in local purchasing power. Prior to his political career, Srettha was the president and CEO of Sansiri Plc, one of Thailand’s top property developers. In an attempt to distance himself from his business ties, he transferred all his 661 million shares in Sansiri to his daughter. Critics, however, are drawing parallels with former Prime Minister Thaksin Shinawatra’s case. Thaksin was alleged to have taken advantage of his office to benefit his telecom business through third-party shareholding, leading to his eventual conviction and a five-year prison sentence. Prinya Thaewanarumitkul, a law lecturer at Thammasat University, expressed concerns, stating, “Transferring ownership of shares to his daughter is still the Thavisin family's interest, and Srettha could face criticism." Some suggest that instead of drastically changing existing laws, Thailand should consider simplifying the criteria for granting citizenship to qualified foreign investors and skilled professionals, akin to policies in the United States and European countries. This could help address Thailand's aging population and declining birth rates more effectively. The debate over this policy might also end up in Parliament for scrutiny rather than being enacted as an emergency decree, given its potential unpopularity. Public support remains a key challenge; a similar proposal in 2022 by the previous government faced strong opposition and was ultimately withdrawn. As the debate continues, the question of whether these policies will significantly impact foreign investment in Thailand's property market remains. Picture courtesy: Facebook ไทยคำจีนคำ -- 2024-06-29 Get our Daily Newsletter - Click HERE to subscribe 4 2 1 7 1 Link to comment Share on other sites More sharing options...
Popular Post redwood1 Posted June 29 Popular Post Share Posted June 29 This move aims to invigorate Thailand's sluggish real estate sector, which has been hit by oversupply and a decline in local purchasing power. Funny how every article about this ignores the elephant in the living room that farang including the Chinese are not buying condos anymore because they want to avoid the income tax insanity and possibly a huge tax bill....Investors are voting with their feet... 5 3 3 3 20 Link to comment Share on other sites More sharing options...
Popular Post bobbin Posted June 29 Popular Post Share Posted June 29 Citizenship for farang? Pull the other one.. I'd settle for a residency card after 22 years of year to year renewals.. 🤥 2 4 12 Link to comment Share on other sites More sharing options...
Popular Post Mugi Posted June 29 Popular Post Share Posted June 29 1 hour ago, redwood1 said: This move aims to invigorate Thailand's sluggish real estate sector, which has been hit by oversupply and a decline in local purchasing power. Funny how every article about this ignores the elephant in the living room that farang including the Chinese are not buying condos anymore because they want to avoid the income tax insanity and possibly a huge tax bill....Investors are voting with their feet... They must pay 35% tax when they transfer money from abroad for buying a condo? 1 3 1 3 1 Link to comment Share on other sites More sharing options...
Popular Post RandolphGB Posted June 29 Popular Post Share Posted June 29 Wonder how much Stretta paid to the Toxin clan to be their PM candidate. He certainly wasn't elected by voters. 2 1 1 10 Link to comment Share on other sites More sharing options...
Popular Post topt Posted June 29 Popular Post Share Posted June 29 (edited) 2 minutes ago, Mugi said: They must pay 35% tax when they transfer money from abroad for buying a condo? Not that simplistic.First you currently have to be a tax resident - spend more than 179 days in Thailand in a calendar year. Tax rates are tiered. It will depend on what those funds are - proven pre 2024 savings for example are not assessable. Edited June 29 by topt 2 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post fondue zoo Posted June 29 Popular Post Share Posted June 29 Does this guy understand what "thrown under the bus" means? The bus is coming soon. 1 1 6 Link to comment Share on other sites More sharing options...
Popular Post John Drake Posted June 29 Popular Post Share Posted June 29 2 hours ago, webfact said: Critics, however, are drawing parallels with former Prime Minister Thaksin Shinawatra’s case. Thaksin was alleged to have taken advantage of his office to benefit his telecom business through third-party shareholding, leading to his eventual conviction and a five-year prison sentence. This is the nature of any Shinawatra government. Self interest above all other considerations. 2 2 1 10 Link to comment Share on other sites More sharing options...
Ben Zioner Posted June 29 Share Posted June 29 1 hour ago, bobbin said: Citizenship for farang? Pull the other one.. I'd settle for a residency card after 22 years of year to year renewals.. 🤥 Neither, just keep LTR going as it is. 1 1 Link to comment Share on other sites More sharing options...
Popular Post jippytum Posted June 29 Popular Post Share Posted June 29 Lawmakers with a vested interest in new legislation that benefits their own business shoud declare that interest a abstain from voting. 1 4 Link to comment Share on other sites More sharing options...
Popular Post sabaijai Posted June 29 Popular Post Share Posted June 29 He learned from his mentor Thaksin how to change the law for great personal profit, cf abolishing capital gains tax one week and selling ShinCorp the next. 2 1 1 6 Link to comment Share on other sites More sharing options...
Popular Post Muhendis Posted June 29 Popular Post Share Posted June 29 6 minutes ago, jippytum said: Lawmakers with a vested interest in new legislation that benefits their own business shoud declare that interest a abstain from voting. Happens all over the world. Anyone from UK remember Dr. Beeching? He was the roadbuilder politician tasked with remodeling the railways. 2 1 2 Link to comment Share on other sites More sharing options...
chuang Posted June 29 Share Posted June 29 Damned if you do and damned if don't.. Link to comment Share on other sites More sharing options...
Popular Post Pouatchee Posted June 29 Popular Post Share Posted June 29 (edited) 2 hours ago, webfact said: Some suggest that instead of drastically changing existing laws, Thailand should consider simplifying the criteria for granting citizenship to qualified foreign investors and skilled professionals, akin to policies in the United States and European countries. countries like russia, south korea and as is our case... thailand only PUT UP with foreigners if they benefit the country on their terms. which, for argument's sake is understandable. but the conditions here in thailand to get a permanent residency card are quite demanding. as a teacher, who normally earns around 50k, in thai schools i am not sure that i would meet the minimum financial requirements. even after over 20 years here i am, as most of us here, on the outside looking in... as for clown face, i guarantee that, just like taxsin did, anything he will attempt to pass will have a hidden agenda that will no doubt benefit him. maybe he will even go black panther hunting... Edited June 29 by Pouatchee 1 1 3 1 Link to comment Share on other sites More sharing options...
Popular Post Drumbuie Posted June 29 Popular Post Share Posted June 29 38 minutes ago, John Drake said: This is the nature of any Shinawatra government. Self interest above all other considerations. The word "Shinawatra" is superfluous in that sentence these days, alas. Just look at the antics of the SelfServatives in the UK. 1 2 Link to comment Share on other sites More sharing options...
Popular Post johnnybangkok Posted June 29 Popular Post Share Posted June 29 2 hours ago, redwood1 said: This move aims to invigorate Thailand's sluggish real estate sector, which has been hit by oversupply and a decline in local purchasing power. Funny how every article about this ignores the elephant in the living room that farang including the Chinese are not buying condos anymore because they want to avoid the income tax insanity and possibly a huge tax bill....Investors are voting with their feet... Agreed but I also think there is real concern about rising sea levels and the prediction that Bangkok will be under water by 2050. I see very little being done about this by successive governments who, as usual, are kicking the problem down the road for others to solve. This is one of the main reasons I will not buy in Bangkok and why I rent instead. Sea Level Rise Projection Map - Bangkok | Earth.Org 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post NatureFilm Posted June 29 Popular Post Share Posted June 29 "... proposal to increase the maximum foreign ownership of condominium units in Thailand from the current 49% to 75%, and extend land leases from 30 years to 99 years." Steps in the right direction, but unfortunately will not happen because the sick nationalism of asian countries. And if I read the comments here, then I understand , even the cheap farangs don't undestand. 2 1 2 Link to comment Share on other sites More sharing options...
Popular Post Cabradelmar Posted June 29 Popular Post Share Posted June 29 Of course it's a conflict... the PM made his fortune on real estate development. His only ideas are geared to reinvigorate that market. Largely because it's the ONLY thing he understands (otherwise, he's the worst political leader THA has had in decades, maybe ever). If he really wants to get hit with conflict charges, reshuffle the TRD (and sack that nutter who wants a worldwide tax scheme), and revert the tax laws that changed 1-Jan that are now holding the market back... why not, in for a penny, in for a pound. 1 2 2 Link to comment Share on other sites More sharing options...
Cabradelmar Posted June 29 Share Posted June 29 1 minute ago, NatureFilm said: sick nationalism Is everywhere. 1 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted June 29 Popular Post Share Posted June 29 2 hours ago, bobbin said: Citizenship for farang? Pull the other one.. I'd settle for a residency card after 22 years of year to year renewals.. 🤥 Not in our lifetime... 16 years of this rubbish for me including 64 times saying I live at the same address. 4 1 Link to comment Share on other sites More sharing options...
wensiensheng Posted June 29 Share Posted June 29 1 hour ago, Mugi said: They must pay 35% tax when they transfer money from abroad for buying a condo? Depends if it is accumulated overseas income from the 1st January this year. There is no tax on the transfer of capital into Thailand. I doubt many people have that much income in just 6 months. Link to comment Share on other sites More sharing options...
crazykopite Posted June 29 Share Posted June 29 I would never buy a condo if I was denied any voting rights . 1 1 Link to comment Share on other sites More sharing options...
Popular Post mfd101 Posted June 29 Popular Post Share Posted June 29 1 hour ago, John Drake said: This is the nature of any Shinawatra government. Self interest above all other considerations. And your favoured military dictatorship was any different? 1 1 1 1 1 Link to comment Share on other sites More sharing options...
Trip Hop Posted June 29 Share Posted June 29 1 hour ago, Muhendis said: Happens all over the world. Anyone from UK remember Dr. Beeching? He was the roadbuilder politician tasked with remodeling the railways. Since when was Beeching anything to do with road building? 1 Link to comment Share on other sites More sharing options...
john donson Posted June 29 Share Posted June 29 1 hour ago, topt said: Not that simplistic.First you currently have to be a tax resident - spend more than 179 days in Thailand in a calendar year. Tax rates are tiered. It will depend on what those funds are - proven pre 2024 savings for example are not assessable. savings in thailand since 2011, FCD account, converted to baht... I cannot buy anything... bank with a big K screwd me royally, pretend they cannot make an FET because I did this 10+ years ago and their computers, even head office, don't go more back in time, so no paper they can make for land department = no condo not going to send it back and pay 25-35% on savings that maybe gave me 2% gross... 1 Link to comment Share on other sites More sharing options...
topt Posted June 29 Share Posted June 29 12 minutes ago, john donson said: not going to send it back and pay 25-35% on savings that maybe gave me 2% gross... If in cash here and you send it back and immediately remit the same amount back here then easy to prove that it is not income and therefore non assessable........ If you are not planning to buy a condo then its moot anyhow....... Link to comment Share on other sites More sharing options...
John Drake Posted June 29 Share Posted June 29 59 minutes ago, mfd101 said: And your favoured military dictatorship was any different? Yes, I liked Prayuth's government better than this one. I wouldn't use the D-word for it, but I often wonder if other current politicians have precisely that in mine. Now, why did I prefer Prayuth? Electricity prices were cheaper Inflation was low Immigration was stable, with no major changes There was no remittance tax There was no proposal for a worldwide income tax Prayuth did a better job in foreign policy, while being pro China he walked the line between China and the US better than does the Shin government Didn't have government regulations about mobile phones that could cause you to lose your number While Prayuth was PM I never had a flood cover my first floor for two months as it did under the Shinawatras 1 Link to comment Share on other sites More sharing options...
thailand49 Posted June 29 Share Posted June 29 I think prices are inflated and has left Thais out they cant meet the 51%. 🤔 1 Link to comment Share on other sites More sharing options...
mfd101 Posted June 29 Share Posted June 29 54 minutes ago, John Drake said: Yes, I liked Prayuth's government better than this one. I wouldn't use the D-word for it, but I often wonder if other current politicians have precisely that in mine. Now, why did I prefer Prayuth? Electricity prices were cheaper Inflation was low Immigration was stable, with no major changes There was no remittance tax There was no proposal for a worldwide income tax Prayuth did a better job in foreign policy, while being pro China he walked the line between China and the US better than does the Shin government Didn't have government regulations about mobile phones that could cause you to lose your number While Prayuth was PM I never had a flood cover my first floor for two months as it did under the Shinawatras OK. That's not an unreasonable list. 1 Link to comment Share on other sites More sharing options...
Srikcir Posted June 29 Share Posted June 29 5 hours ago, webfact said: In an attempt to distance himself from his business ties, he transferred all his 661 million shares in Sansiri to his daughter. All he had to do was sell off his shares, pay huge Capitol gains tax. Then no conflict with his proposal. Now I'm wondering if daughter is subjected to gift tax, the excess of THB 20 million with a tax rate of 5%. If she immediately (vs 2025) paid, would that clear him from any conflict of interest? 1 Link to comment Share on other sites More sharing options...
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