Disadvantage Of Getting A Thai Id On Foreign Condo Ownership ?

[alohaelek]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

[majorpacman]

Are u sure he 1000% received his Thai citizen? Check the laws or lawyers. If the gov says he can't do it, then he can't

[thaiwanderer]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Rightly or wrongly it would appear to have been registered as Thai rather than foreign quota - whether this must be the case is neither here nor there (although i doubt it had to be so).

Assuming the foreign quota is already reached he's then in an argument with the condo jp - there hands are effectively tied as they cannot stretch the quota or take a foreign owned unit of someone (unless one is retained by connected company or whatever). So he will need to claim compensation for his loss if he wishes to.

[hhgz]

"Disadvantage Of Getting A Thai Id On Foreign Condo Ownership ?"

I don't understand your question. Since your friend can't sell to a farang, you seem to have pointed out the disadvantage.

There are a couple things you haven't answered. Did he (oops!) put the condo in his wife's name? Why would he use his "Thai ID" to buy a condo under the foreigner ownership quota. It does not make any sense.

[NHJ]

i never heard of thai nationnality being offered for investment.

this is only happening on bisuness base and is a long process that requires you to be questionned by official in thai spoken, written and other things.

[PrasitPC]

"Disadvantage Of Getting A Thai Id On Foreign Condo Ownership ?"

I don't understand your question. Since your friend can't sell to a farang, you seem to have pointed out the disadvantage.

There are a couple things you haven't answered. Did he (oops!) put the condo in his wife's name? Why would he use his "Thai ID" to buy a condo under the foreigner ownership quota. It does not make any sense.

I noted that some countries does not allow the holding of two passports. Many years back, the Thai Government, if you invest in factories etc up allowed the investor to get an immediate citizenship. So these farangs dare not inform their home countries that they are holding two passports or citizenships. They will get arrested or their original citizenship will be confiscated or they will get into too many troubles like taxes. I heard a funny case. Some condo owners who stayed near the new airport tried to get compensation from AOT. They had to show their Thai ID in order to get a quicker compensation or something like that. In the process they let the cat out of the bag and the Juristic Management discovered. that these farangs should actually be classifed as Thai Citizens now !!! Or how to classify them ? And how to classify their wives and families ? TiTs.

[pkrv]

"Disadvantage Of Getting A Thai Id On Foreign Condo Ownership ?"

I don't understand your question. Since your friend can't sell to a farang, you seem to have pointed out the disadvantage.

There are a couple things you haven't answered. Did he (oops!) put the condo in his wife's name? Why would he use his "Thai ID" to buy a condo under the foreigner ownership quota. It does not make any sense.

I noted that some countries does not allow the holding of two passports. Many years back, the Thai Government, if you invest in factories etc up allowed the investor to get an immediate citizenship. So these farangs dare not inform their home countries that they are holding two passports or citizenships. They will get arrested or their original citizenship will be confiscated or they will get into too many troubles like taxes. I heard a funny case. Some condo owners who stayed near the new airport tried to get compensation from AOT. They had to show their Thai ID in order to get a quicker compensation or something like that. In the process they let the cat out of the bag and the Juristic Management discovered. that these farangs should actually be classifed as Thai Citizens now !!! Or how to classify them ? And how to classify their wives and families ? TiTs.

I also noted the tread with interest - It is an iterative process establishing oneself in Thailand.

1) Yes we own a condo

2) I was considering asking about some form of Thai ID card because you are required to carry some form of ID with you in Thailand - A passport is err somewhat valuable.

3) Doesn't requesting Thai nationality require you speak and read/write Thai?

I don't think the British are allowed to be anything else than BRITISH (damm, damm, those Johnny foreigners) so one passport for me.

But having an ID card?

[thaihome]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Why would your friend take the word of the “condo manager” (juristic person manager?) in this? It certainly is not a ruling. If the condo building has not exceeded the foreigner quota, he can sell it to whoever he wants. He should engage a reputable attorney with experience in land ownership issues and go to the Land Dept and ask them.

Personally I think the “condo manager” is saying this because the deal does not get him any commission as one where he found to buyer would.

TH

[thaiwanderer]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Why would your friend take the word of the "condo manager" (juristic person manager?) in this? It certainly is not a ruling. If the condo building has not exceeded the foreigner quota, he can sell it to whoever he wants. He should engage a reputable attorney with experience in land ownership issues and go to the Land Dept and ask them.

Personally I think the "condo manager" is saying this because the deal does not get him any commission as one where he found to buyer would.

TH

if as appears its a resale the quota will most likely have been filled long ago

[thaihome]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Why would your friend take the word of the "condo manager" (juristic person manager?) in this? It certainly is not a ruling. If the condo building has not exceeded the foreigner quota, he can sell it to whoever he wants. He should engage a reputable attorney with experience in land ownership issues and go to the Land Dept and ask them.

Personally I think the "condo manager" is saying this because the deal does not get him any commission as one where he found to buyer would.

TH

if as appears its a resale the quota will most likely have been filled long ago

Agreed, and since he bought it within the quota he should be able to sell it to another foreigner.

TH

TH

[thaiwanderer]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Why would your friend take the word of the "condo manager" (juristic person manager?) in this? It certainly is not a ruling. If the condo building has not exceeded the foreigner quota, he can sell it to whoever he wants. He should engage a reputable attorney with experience in land ownership issues and go to the Land Dept and ask them.

Personally I think the "condo manager" is saying this because the deal does not get him any commission as one where he found to buyer would.

TH

if as appears its a resale the quota will most likely have been filled long ago

Agreed, and since he bought it within the quota he should be able to sell it to another foreigner.

TH

TH

He may have thought he was buying under the foreign quota - if it was registered as such then of course there is no problem and he is just being told a story which is entirely possible of course.

But as I said earlier it may well be that it was not so registered and the condo manager is not the first place to find that out.

[alohaelek]

A good friend of mine ( farang ) who is a resident in Bangkok for many years wanted to sell his condo. He married a Thai lady. He has many investments under BOI and gets a Thai ID because of his investments in Thailand and also for ease of investments. When he buy the condo he remitted the money from overseas and he buy under Foreign quota for the sales. Two weeks ago , he found a foreigner willing to buy his condo. When he wanted to do the transfer for the sales of the condo , the condo manager says he cannot transfer because he is now a Thai Citizen and he can only sell to a thai citizen or a Thai company. And his ownership now falls under the local Thai ownership rules. Any comments on this ruling.

Why would your friend take the word of the “condo manager” (juristic person manager?) in this? It certainly is not a ruling. If the condo building has not exceeded the foreigner quota, he can sell it to whoever he wants. He should engage a reputable attorney with experience in land ownership issues and go to the Land Dept and ask them.

Personally I think the “condo manager” is saying this because the deal does not get him any commission as one where he found to buyer would.

TH

Thanks for the email. I agree that we should not trust the condo manager in most cases. Many of them are rather inexperienced and work according to their own AGENDA. If they can earn a few bucks along the way. Why Not ? It seems that the buyer for the condo had chicken out. They had contacted the Land Office. Their contention is anything that holds a Thai ID automatically becomes a Local Quota. BTW, just to clarify, they work on a Global ratio. Take all the farangs holdings and add up together with the local holdings and then take the ratio. In many popular condo estates where farangs reside, it may seem that the foreign quota had been exceeded in many cases. The Land Dept view is that they make their registrations under whatever documents that were reported by the condo management. In some cases, the staff may lie, or the condo directors at that moment in time wants to enpower themselves and made bad judgements by falsifying the documents so that they can sell the condo to another farang. If the Land Dept finds out, it is Last in First Out and no transfers will be made. So even if you have TT your money and purchase the condo 20 years ago and still have the documentary proof, you still cannot transfer the condo to another farang. This is collective punishment for the co-owners until the ratio becomes according to the law. It makes sense hence to participate in the running of the condo and control the directors too before they get out of hand. This is the info that I got.

[PattayaParent]

. In some cases, the staff may lie, or the condo directors at that moment in time wants to enpower themselves and made bad judgements by falsifying the documents so that they can sell the condo to another farang. If the Land Dept finds out, it is Last in First Out and no transfers will be made. So even if you have TT your money and purchase the condo 20 years ago and still have the documentary proof, you still cannot transfer the condo to another farang. This is collective punishment for the co-owners until the ratio becomes according to the law. It makes sense hence to participate in the running of the condo and control the directors too before they get out of hand. This is the info that I got.

Why should all the other co-owners be punished for something that they have not been responsible for?

The ratio may never become 'according to the law' as you say if the last owner does not wish to sell. So the law will remain broken with no redress?