Retirement Visa/company Owner

[Krub]

Hi,

I plan to apply for a retirement visa ( I am belgian, 50, healthy and can show the required funds - 800k bahts)

I also want to build a house on a piece of land and to secure these, I have been told that setting up a company is the safest way.

Can anyone tell me if I can be a company owner with a retirement visa and no work permit ?

Any comments on securing my house and land through the establishment of a company ?

Thanks for your help

[muenwai2]

If you are setting up a "front" company for the purpose of property ownership you will not need a work permit.

Lease-back is an easier cheaper option but there are drawbacks.

In fact were you setting up a company for money making puposes you obtain work permit AFTER setting yup the company.

[Krub]

If you are setting up a "front" company for the purpose of property ownership you will not need a work permit.

Lease-back is an easier cheaper option but there are drawbacks.

In fact were you setting up a company for money making puposes you obtain work permit AFTER setting yup the company.

<{POST_SNAPBACK}>

Thanks

Yes the primary purpose of setting up a company is for safeguarding property ownership. Having said that later on I could use it also for some small local business like a shop.

Could you elaborate further on the lease-back option and its advantages/drawbacks ?

[muenwai2]

If you are setting up a "front" company for the purpose of property ownership you will not need a work permit.

Lease-back is an easier cheaper option but there are drawbacks.

In fact were you setting up a company for money making puposes you obtain work permit AFTER setting yup the company.

<{POST_SNAPBACK}>

Thanks

Yes the primary purpose of setting up a company is for safeguarding property ownership. Having said that later on I could use it also for some small local business like a shop.

Could you elaborate further on the lease-back option and its advantages/drawbacks ?

<{POST_SNAPBACK}>

[muenwai2]

Before I answer your question -an important point I forgot to make. Setting up a company is not cheap. You need Thai partner(s). There is a very very good article in this website - see homepage.

A long term lease is possible. I think it can be for up to 50years with a right of renewal. If you know a Thai you trust implicitly then is easy.

Problem. The land must be purchased by a Thai national. Having purchased the land the Thai national may then refuse to lease it to you - sell it and keep the money or get it to their family . You've paid up front - too bad. Fraud yes but not under Thai law. Absolutely nothing you can do. Believe me this happens.

Anyway let's say a lawyer arranges the lease. All very simple. BUT in practice it can later be sold behind your back. Not easy but can be done particulary if you are absent for an extended period. Leases are uncommon and are not registerd in the same way as in Europe.

I know nothing of Belgian law but I assume before a property is sold a legal search is made which will disclose that it is held leasehold. Not the case in Thailand - all you have is a piece of paper.

Most farangs in Thailand either rent, their wives girlfriends own, or they own apartments.

[lopburi3]

Be aware that setting up such a company to avoid land ownership laws is probably not legal and people have started to be questioned on this recently so having the company active might be a very good idea (but might conflict with your retirement visa - will let Sunbelt or Indo-Siam address that).

A private lease of home would involve 30 year lease periods as only industrial land can be leased for 50 years AFAIK.

[Krub]

Before I answer your question -an important point I forgot to make. Setting up a company is not cheap. You need Thai partner(s). There is a very very good article in this website - see homepage.

A long term lease is possible. I think it can be for up to 50years with a right of renewal. If you know a Thai you trust implicitly then is easy.

Problem. The land must be purchased by a Thai national. Having purchased the land the Thai national may then refuse to lease it to you - sell it and keep the money or get it to their family . You've paid up front - too bad. Fraud yes but not under Thai law. Absolutely nothing you can do. Believe me this happens.

Anyway let's say a lawyer arranges the lease. All very simple. BUT in practice it can later be sold behind your back. Not easy but can be done particulary if you are absent for an extended period. Leases are uncommon and are not registerd in the same way as in Europe.

I know nothing of Belgian law but I assume before a property is sold a legal search is made which will disclose that it is held leasehold. Not the case in Thailand - all you have is a piece of paper.

Most farangs in Thailand either rent, their wives girlfriends own, or they own apartments.

<{POST_SNAPBACK}>

Thank you all for your replies.

I have a trusted Thai friend who actually is the owner of the land on which I plan to build my house.

The only reason for setting up a company would have been to secure my residence from fraudulant sale leaving me on the street....

It looks like the cheapest/best way would be to go for the lease of the land by my friend to me for 30 years renewable. What about the house ? Am I the owner of the house on the leased land or does the house 'belong' to the land and could be sold together even though I am leasing the land and live on it?

Any way of making sure the leased land is not sold without my knowledge ?

Maybe getting a loan with the land/house as collateral would stop it being sold ?