Crackdown on properties owned thru shell companies ??

[kuma]

I have heard there is a new campaign to crackdown on properties bought improperly via shell companies and that Phuket is the first area they are focusing on, has anyone else heard of this ?

[KhunLA]

Nothing new about it, but does seem to be getting a bit of press, with more enforcement and scrutiny now.

 

Aside from the businesses that do that, for foreigners to have, more than a few folks do the same, when building, buying a home.

 

Personally never understood the logic of a large investment, made illegally, and risk of losing if & when caught.  Along with, not even having full control of that asset, as only allowed to own 49% of said company. as a foreigner, in most cases.

[impulse]

6 hours ago, KhunLA said:

Personally never understood the logic of a large investment, made illegally, and risk of losing if & when caught.  Along with, not even having full control of that asset, as only allowed to own 49% of said company. as a foreigner, in most cases.

 

I ascribe that to the stigma attached to renters (project dwellers) when we were growing up.  It's tough to get past years of indoctrination, even when the conditions change.  Like living where the risks of "ownership" outweigh the benefits.

 

I'd agree with your characterization of "nothing new".  Since I first arrived in 2011, they trot out crackdowns on illegal shell companies a few times a year.  Probably before I arrived, too.  Usually in response to some kind of political imperative.  Or casting greedy eyes on properties controlled by foreign entangled companies.

 

[Tom100]

13 hours ago, kuma said:

I have heard there is a new campaign to crackdown on properties bought improperly via shell companies and that Phuket is the first area they are focusing on, has anyone else heard of this ?

Yes. Maybe on Tim Newton?

People are complaining about LOUD farang parties

[jcmj]

It tears its head every year for at least the past 20 years and nothing really comes out of it. Sure they are going after businesses and criminals but not so much for your average home owner. 

[john donson]

too many fat cats involved...

[jas007]

On 12/20/2024 at 1:27 AM, kuma said:

I have heard there is a new campaign to crackdown on properties bought improperly via shell companies and that Phuket is the first area they are focusing on, has anyone else heard of this ?

From what I can remember, I've been hearing similar stories just about every year since I've been coming to Thailand, which is now about 24 years.  I haven't been here all that time, but there's always a "crackdown" in the works.  

[theblether]

There's deep irritation at the Chinese putting Thais out of business. This is a relatively recent development and will cause ( has caused ) a backlash. Some farangs are being caught in the net but the real target is the Chinese. 

 

 

[London Lowf]

2 hours ago, theblether said:

There's deep irritation at the Chinese putting Thais out of business. This is a relatively recent development and will cause ( has caused ) a backlash. Some farangs are being caught in the net but the real target is the Chinese. 

 

 

 

Your comment surprises me.

 

As a casual observer (six months of the year touring around Phuket on my scooter) it seems that Chinese investment has dried up since CoViD and been replaced by Russian and Ukranian.