Thai Company

[naidraw66]

I hear many conflicting reports on buying property/land by setting up a Thai company. Is this still a possibility, or am I only left with the 30 year leaseing option?

Regards

Ian Ward

[johnnyk]

It can still be done, just be aware that it is a less than perfect solution.

[jitagon]

It can still be done, just be aware that it is a less than perfect solution.

But given the alternatives, putting it in someone else's name (never mind the nationality), renting forever (suits some, but others would like to make a home they actually have control over, and without the very real possibility that whatever you do to your rented property by way of improvement, your landlord can and very possibly will, rent it on for another few thousand baht at the drop of a hat, because he can, owing to the barely enforceable Landlord/Tenant Law here), OR the thirty year lease, whereby you will invest a not insubstantial amount of money into building and maintaining a house for a period of thirty years ONLY, to find it in the hands of Lessor or his heirs after such period.

Yep. I would say that the company route, whilst not perfect, is by far and away the best. Unless you don't mind living in a condo that is?

Edited August 21, 2008 by jitagon

[naidraw66]

It can still be done, just be aware that it is a less than perfect solution.

Thanks for the replies

I would never trust my investment to anybody else, i.e. Thai wife/partner no matter. And I also dont agree with leasing the land for 30 years (maybe 60/90) and then surrendering everything to the lessor. I am a firm believer that what I pay for is mine and not on loan to me. So these options are out of the question for me .....! Leaving me the only option that seems to have any real value to it "The Thai Limited company" However this is currently receiving bad publicity please read on, this is thereply I got from Siam Legal,Bangkok "

Through a Thai Limited Company

A foreigner may have shareholding in a Thai company which owns the land. It is recommended that the foreigner not to use nominees in the Thai Company. The Thai Longstay Management Company (TLM) offers a sound alternative as the foreigner is a shareholder with a long term lease under a Thai Company with TLM in the Vacation Investment Program (www.thailongstay.co.th )

Can anybody elaborate on this? And does anybody know the immplications for the future for people that have already gone the Thai Company route ( Many thousands I would think) Will these people loose their investment ............................... ?

Thank you in advance

IW

[frenchFARANGbkk]

How much does it cost to set up any of these companies to own property ?

Thanks.

[zorro1]

Sorry to impose, I having nothing of value to add though, I'm just waiting for the "do not invest more than you can walk away from " brigade to arrive. Shouldn't be long now..

[Naam]

How much does it cost to set up any of these companies to own property ?

that depends (besides basic cost) on the share capital of the company which should be "in line" with the value of the property.

[dsfbrit]

How much does it cost to set up any of these companies to own property ?

Thanks.

I paid around 35000 baht a few years ago to do this. This was with the lawyers office that also provided the 'dodgy' Thai nominee shareholders.

For the company route add in the cost of annual accounts of about 15000 baht baht a year.

To answer the OPs question:

Problems in the future with the company route - nobody really knows. You would be best advised to read all you can on the forum - God knows we have all debated it enough!!!

Quite simply the Thai Government does not like farang 'owning' land - in fact it is illegal. What we are doing with the company route is using a loophole to get around this 'inconvenience'. Your acceptance of risk at the end of the day is the major factor in your decision.

You will no doubt be reading a lot about leasing and company set-up etc over the next period, however as I have a Thai wife I am considering switching from the company setup to a Usufruct.

If you search on the keywords Foreign Business Act or FBA, that will give you a good start on the land ownership debate.

Good Luck

Edited August 26, 2008 by dsfbrit