Changes In Property Ownership Laws?

[Farang99]

According to several Thai TV channels this morning, there are proposed changes to these laws which should make it easier for foreigners to own. However, I cannot find anything about this in on-line media.

Can anyone clarify?

[longball53098]

"Proposed" is the key word in what you said!

They can "propose" anything but until it is written into law and implemented it's just talk.

I have not heard this on TV or anywhere

[bgood]

I heard this discussed on TOC this morning also but cannot find any mention of it on line.

On TOC they mentioned possible 100% foreign ownership of condos in a block and extending the max 30y lease on land to 90y.

[LennyW]

I have heard that they are to extend the period for reduced transfer fees beyond the end of March 2009, but again cannot find definative confirmation?

[yabaaaa]

Wife burbled to me farang can own any condo (100% of building) if priced between 8-10 million baht then added also 90 year lease I asked her if she meant 30=30=30 but the paper was not specific. So all the expensive overpriced units can be owned 100% by farang now...... whoooopeeeee............... didnt notice them qeueing up down the roads this morning same as the Thais when they announce a new development???

[midas]

I don't regard this as any meaningful concession! Thais know that prices are skyhigh

anyway in its like they are saying your welcome to your developments perched up there!

What about being able to own productive land ! Not a chance I suppose

[LennyW]

Wife burbled to me farang can own any condo (100% of building) if priced between 8-10 million baht then added also 90 year lease I asked her if she meant 30=30=30 but the paper was not specific. So all the expensive overpriced units can be owned 100% by farang now...... whoooopeeeee............... didnt notice them qeueing up down the roads this morning same as the Thais when they announce a new development???

That may happen once it is actually implemented and not just proposed!

[LennyW]

I don't regard this as any meaningful concession! Thais know that prices are skyhigh

anyway in its like they are saying your welcome to your developments perched up there!

What about being able to own productive land ! Not a chance I suppose

Extending the max lease on land from 30 to 90 years as per the proposal would be a huge boost, lets see if it actually happens though - time will tell.

[yabaaaa]

I don't regard this as any meaningful concession! Thais know that prices are skyhigh

anyway in its like they are saying your welcome to your developments perched up there!

What about being able to own productive land ! Not a chance I suppose

Extending the max lease on land from 30 to 90 years as per the proposal would be a huge boost, lets see if it actually happens though - time will tell.

It would be until the next lot get in and then change it back and tell you the last lot's laws were all illegal and rescend them. Whatever happend to all those visa folks who were going to be "grandfathered in" for a certain type of visa? did they? Cant remember which visa it was?

[cclub75]

Wife burbled to me farang can own any condo (100% of building) if priced between 8-10 million baht then added also 90 year lease I asked her if she meant 30=30=30 but the paper was not specific. So all the expensive overpriced units can be owned 100% by farang now...... whoooopeeeee............... didnt notice them qeueing up down the roads this morning same as the Thais when they announce a new development???

Classic. Before they were talking about it just for the "PR" sake of it.

Now... the xxx is about to hit hard the economic fan... so they're probably going to relax the law...

They'll need badly a few more farangs to buy those over priced new condos in Bangkok... To clear inventories.

So I would say that this time, such proposal seems serious.

[johnnyk]

TiT. Money talks. Sometimes loud and clear.

[quiksilva]

I'll believe it when its announced in the Royal Gazette.

edit: although I will add that there is a precedent for 100% ownership of condos which they introduced for a brief period during the years following the 97 financial crisis

[dsfbrit]

I don't regard this as any meaningful concession! Thais know that prices are skyhigh

anyway in its like they are saying your welcome to your developments perched up there!

What about being able to own productive land ! Not a chance I suppose

Extending the max lease on land from 30 to 90 years as per the proposal would be a huge boost, lets see if it actually happens though - time will tell.

It would be until the next lot get in and then change it back and tell you the last lot's laws were all illegal and rescend them. Whatever happend to all those visa folks who were going to be "grandfathered in" for a certain type of visa? did they? Cant remember which visa it was?

Yep - off topic, but we are still 'grandfathered' in. My visa based on marriage still can be obtained with 400K Baht in the bank.

Back on topic, I was in the process of doing a Usufruct, but due to a death of a close relative and having to go to the UK - it was put on hold. I think I will wait to see if the credit crunch fall out means the Thais bring in some new laws that are better than the Usufruct. Hey - heres hoping. 90 Year lease would be good. Better than a Usufruct and not 'illegal' like my current company ownership of the land.

[monty]

It would be until the next lot get in and then change it back and tell you the last lot's laws were all illegal and rescend them. Whatever happend to all those visa folks who were going to be "grandfathered in" for a certain type of visa? did they? Cant remember which visa it was?

And the 3 million Baht investment visa is also grandfathered.

Actually AFAIK no visa ever has been canceled for people holding one. I know several people getting their 1 year retirement visa with 200,000 Baht in the bank, a situation where one could argue that raising this amount would be reasonable at least inline with inflation!

[blackadder]

My visa which led me to choose Thailand in 2004 as my home in the future, 1 year retirement in 50 years was not grand father.

Since changing the law, in the words of the embassy, for they could not see into the future. In spite of my years to make them aware they would not give me a new 1 year retirement if they would not give me this in the future. Since the law was changed just before 6 months to apply only to retirees over 50 years.

However, this is Thailand.

It can not be said often enough.

Do not take more into the country than you can afford to give up with a smile.

This applies to all levels ...

You get in a problem then Falang with money in Thailand a target.

TIT

[LennyW]

My visa which led me to choose Thailand in 2004 as my home in the future, 1 year retirement in 50 years was not grand father.

Since changing the law, in the words of the embassy, for they could not see into the future. In spite of my years to make them aware they would not give me a new 1 year retirement if they would not give me this in the future. Since the law was changed just before 6 months to apply only to retirees over 50 years.

However, this is Thailand.

It can not be said often enough.

Do not take more into the country than you can afford to give up with a smile.

This applies to all levels ...

You get in a problem then Falang with money in Thailand a target.

TIT

<deleted>?????

[Lost in LOS]

I own my house in a company name. if they do a 90 year lease i will do that to stop the company hassle, less then that i am not sure. how would this be done since i would have to lease it from somebody, and my company owns it now, and i dont want the company anymore. sorry to sound confused, but i am.

thanks for any help.

[monty]

I own my house in a company name. if they do a 90 year lease i will do that to stop the company hassle, less then that i am not sure. how would this be done since i would have to lease it from somebody, and my company owns it now, and i dont want the company anymore. sorry to sound confused, but i am.

thanks for any help.

Either you sell the house to a Thai person and lease it back from him/her. Obviously taxes are involved doing this.

Both when selling the house and when registering the lease.

Or you keep the company, make it 100 % Thai owned (i.e. remove yourself and any other foreigners as shareholders/directors), which costs only a small administration fee. You then lease the house from the company.

You'll still pay for the yearly accounting and taxes, but this set up is 100% legal and above board.

[coalminer]

I addressed this question in a previous thread already.

According to what my wife had read, the new law would give foreigners the right to buy land, but this right would only be valid for 90 year.

This is not the same as leasing the land in that sense that this new law would allow a foreigner to own land in his name and give it to his (Thai) child when the child has reached the age of which he/she can own land.

This is not possible in the existing law (everything that belongs to a child under the age of 16 years is automaticly belonging to the mother) or with leasing the land (leasing don't makes you the owner of the land and as such don't gives you the right to give the land to your child).

[cushendall]

I addressed this question in a previous thread already.

According to what my wife had read, the new law would give foreigners the right to buy land, but this right would only be valid for 90 year.

This is not the same as leasing the land in that sense that this new law would allow a foreigner to own land in his name and give it to his (Thai) child when the child has reached the age of which he/she can own land.

This is not possible in the existing law (everything that belongs to a child under the age of 16 years is automaticly belonging to the mother) or with leasing the land (leasing don't makes you the owner of the land and as such don't gives you the right to give the land to your child).

Whats wrong with you people? dont buy anything in thailand, rent rent,or come down to penang, ive bought a house with land,and the title deed is in my name,they also gave me a 10 year visa, will never happen in thailand

[johnnyk]

Whats wrong with you people? dont buy anything in thailand, rent rent,or come down to penang, ive bought a house with land,and the title deed is in my name,they also gave me a 10 year visa, will never happen in thailand

Nothing wrong with them.

Maybe some people prefer Thailand to Malaysia.

[PeterPhuketdog]

Didnt hear anyth about the law!