Thai Limited Company (shell Company )

[ThaiLife]

I have a friend who bought a house some years ago and it was registered

to his Thai limited company (shell company ) and his Thai lawyer

looks after all of the yearly paper work.

I have read that the regulations have been changed to close

This route to foreigners owning a house / land using the

Thai limited company (shell company) route ……

Quote about recent changes to the regulations …

A company can purchase land and buildings but will be inspected and all Thai shareholders veted.

My friend has told me as he purchased the company that his house is registered with

Many years ago, any new regulations now being put into force will not effect

Him or his ‘’old ‘’ registered company and he does not need to worry about

Any changes to the ‘’ shell company ‘’ option

Is he Right …. ? Can he just forget any new rules and carry on regardless

TL

[johnnyk]

Regulations/laws have not changed as of now. Maybe some time in the future, after elections whatever.

If they change there is always a decent chance of grandfathered exceptions.

Your friend should just make sure the company does not sleep. It should show some activity and pay a bit of tax.

Keeping the tax man happy is always a top priority no matter what.

[JohnC]

Regulations/laws have not changed as of now. Maybe some time in the future, after elections whatever.

If they change there is always a decent chance of grandfathered exceptions.

Your friend should just make sure the company does not sleep. It should show some activity and pay a bit of tax.

Keeping the tax man happy is always a top priority no matter what.

I agree, I have a similar situation but having had the company structure checked by two different lawyers I have been assred I have nothing to worry about as I have always paid my taxes twice yearly. However TIT and one never knows what the future holds but the only way out would be to sell the company which in the current climate is nigh immpossible and I am content that at least at the moment I am secure, but after the election it could change either way.

[donx]

However TIT and one never knows what the future holds but the only way out would be to sell the company which in the current climate is nigh immpossible and I am content that at least at the moment I am secure, but after the election it could change either way.

The only way out is to sell the company? Are you saying you can't have the company sell the asset? Why not? Couldn't you simply find a Thai to buy the property and then close down the company?

[Manchester]

Regulations/laws have not changed as of now. Maybe some time in the future, after elections whatever.

If they change there is always a decent chance of grandfathered exceptions.

Your friend should just make sure the company does not sleep. It should show some activity and pay a bit of tax.

Keeping the tax man happy is always a top priority no matter what.

I agree, I have a similar situation but having had the company structure checked by two different lawyers I have been assred I have nothing to worry about as I have always paid my taxes twice yearly. However TIT and one never knows what the future holds but the only way out would be to sell the company which in the current climate is nigh immpossible and I am content that at least at the moment I am secure, but after the election it could change either way.

Or maybe before the election. Reported in The Nation 4-5 days ago that they are trying to push through the amended FBA again.