Phuket Resort Scam: British CEO Arrested

[NamKangMan]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

A foreigner cannot own the land but can own a house that is built on the land.

There are various ways that a foreigner can legally own property, a condo like development for example as long as 51% of the development is sold to Thais. The land can also be leased to a foreigner.

I do not own any percentage of a property in Thailand.

To my knowledge, what you say is true, however, I fail to see how this offers security to the farang condo owner. I know this post will be shot down in flames by readers of TV who own property, and probably know more about it than me, however, if you do not own the land that your condo sits on, does that not give the Thai owner the right to do with that land, as he/she pleases, at anytime?

Now, the argument may be that condo owners have rights, BUT, if the 51% of the condo owners are Thai, and probably the family of the land owner, who "rent" the condo's out to tourist, can't the owner then sell the land to, for example, McDonalds, The Hilton Hotel, Holiday Inn etc etc for a nice capital gain? What happens to the 49% of legitimate farang owners in this case? Are they compensated? Eg: their condo bought back from them at the current market rate.

To be honest, I don't know much about this subject and have heard many different interpretations of Thai law in relation to property ownership in Thailand. Indeed, there are many threads on TV about it, but, most posts contradict each other at an equal rate.

In most western countries, your condo/apartment, gives you a share of the physical land/dirt that it sits on - that means, you own a percentage of the land, therefore, an equal vote in the sale, or otherwise, of the land. The percentage is governed by how many other condo/apartment owners are in the building.

I'm happy to learn from all on TV the pros and cons of it all, but, I know there will be the same conflicting versions/interpretations of the Thai law. This is the main reason I have not purchased any property in Thailand.

Edited April 2, 2010 by NamKangMan

[tomartoh]

The Thais are pretty good at tarnishing the name of Thailand without the help of the foreigners.

[TheWalkingMan]

The Thais are pretty good at tarnishing the name of Thailand without the help of the foreigners.

That is correct.

[cmdream]

Ummmmm......if it was all a big scam, why is he still here?

Exactly right, He should have gone to Paraguay with the loot, what an idiot. Of course innocent bla,bla but no building permit ???

One hel_l of a salesman no doubt. They are everywhere so mind your money folks.

[SanSaiExPat]

If the guy is guilty they should, of course, put him away for a long time. Hey I was wondering, you know how the Thai men in brown are always having common criminals "reenact" the crime. Do they make these guys do the same?

[NanaFoods]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

Its a bit of a scam everywhere -- maybe just a different type of scam.

You can buy land in the US as well, but it never belongs to you.

Even if you are a citizen and have a deed.

To find out who the real owner is... stop paying property taxes.

Edited April 2, 2010 by ChefHeat

[mickba]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

A foreigner cannot own the land but can own a house that is built on the land.

There are various ways that a foreigner can legally own property, a condo like development for example as long as 51% of the development is sold to Thais. The land can also be leased to a foreigner.

I do not own any percentage of a property in Thailand......................................................

It always amuses me how so many people, who would never "invest" a penny in property in Thailand, nevertheless scour the board for such threads, desperate to pounce with their inane " I told you so" posts.

So often they regurgitate the same old same old, reminding all who have to plough through their drivel that the only way to own property in Thailand is to buy a condo'.

Well, as far as I can tell, you're right. Owning the freehold on a condo' is basically owning a piece of sky, which happens to be in a building, built by a Thai Company on land probably belonging to another Thai. You take your chances.

Those of us who choose to live in Thailand, but do not accept that they should rent, have no safe alternative. So we take our chances with whatever choice we make. Up2us.

,

[Jonathanpattaya]

This might take a little while

[NamKangMan]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

A foreigner cannot own the land but can own a house that is built on the land.

There are various ways that a foreigner can legally own property, a condo like development for example as long as 51% of the development is sold to Thais. The land can also be leased to a foreigner.

I do not own any percentage of a property in Thailand......................................................

It always amuses me how so many people, who would never "invest" a penny in property in Thailand, nevertheless scour the board for such threads, desperate to pounce with their inane " I told you so" posts.

So often they regurgitate the same old same old, reminding all who have to plough through their drivel that the only way to own property in Thailand is to buy a condo'.

Well, as far as I can tell, you're right. Owning the freehold on a condo' is basically owning a piece of sky, which happens to be in a building, built by a Thai Company on land probably belonging to another Thai. You take your chances.

Those of us who choose to live in Thailand, but do not accept that they should rent, have no safe alternative. So we take our chances with whatever choice we make. Up2us.

,

Your way of thinking is pretty much my thoughts. "You take your chances." No one wants to rent, they want to own, but you can't own, so, you roll the dice with the Thai land owner.

I was never having a go at those who have chosen to purchase property, just want to learn.

If/when I decide to buy, I guess I will be rolling the dice as well.

Another concern for me is, if my purchase is reasonable "secure" - what about possible changes to the visa laws that may see me unable to complywith them and live in my own place in Thailand?

Edited April 2, 2010 by NamKangMan

[LamaiCat]

A foreigner cannot own the land but can own a house that is built on the land.

There are various ways that a foreigner can legally own property, a condo like development for example as long as 51% of the development is sold to Thais. The land can also be leased to a foreigner.

Only a brainless foreigner will buy at this condition....

[thaifrelst]

Funny, I can't ever remember a Thai being arrested for this kind of stuff

Perhaps you don't read the Thai newspapers? Plenty of real estate-related arrests over the years.

This time the crook took the money before the thai crooks got hold on them. The police dont like behavior like that.

[silk]

If no construction permit was ever issued, sounds like these buyers never did any due diligence before buying .....caveat emptor

Right! Please tell the forum the steps to take to investigate properly.

This would save a lot of potential buyers from ending up in this situation.

Looking forward to get your advise

[silk]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

A foreigner cannot own the land but can own a house that is built on the land.

There are various ways that a foreigner can legally own property, a condo like development for example as long as 51% of the development is sold to Thais. The land can also be leased to a foreigner.

What if the foriegner does not get a visa anymore? Any details on the proceedure?

[AnthonyR1]

I am sure there is more to this story why would stick around for so long with all that money, there are far better places in the world than living in Thailand....so let not judge him now...

you're exactly right. i know him personally, and have for a few years now. money isn't an issue with him believe me. the 10mill for bail wouldn't be a problem for him to put up. not saying he's innocent or guilty but he could of easily of walked away years ago, he always seemed determined to complete the project. there's more here than we're being told.

[Brewsta]

it is all a big scam in every country that advertises that you can buy land/house in thailand...

or... what they do not say, you can buy it, but it will not belong to you .... never

or first need to 'buy' a thai wife or setup an illegal company construction

right ?

Option 2: set up an usufrucht agreement on the land and property with the house owner (My Thai wife of 11 years in this case)- gives you guaranteed tenancy of house/land for your lifetime.....no sale or house amendments without your legal agreement.

My kids charge me a $1USD per annum rent.

regards,

Brewsta

[tigermonkey]

Owning a condo in Thailand is roughly the same as owning a mobile home in North America (caravan? to some readerss) -- you own the home -- you rent the plot on which you sit your mobile home. If a problem arises with the mobile home park, and you can no longer rent the plot in the mobile home park, you move your mobile home to a better place.

Same in Thailand -- if you have a problem with the Thai condo owner, you can always move your condo elsewhere -- have you got it ?? ---- don't buy a condo in Thailand !!

[Brewsta]

Option 2: set up an usufrucht agreement on the land and property with the house owner (My Thai wife of 11 years in this case)- gives you guaranteed tenancy of house/land for your lifetime.....no sale or house amendments without your legal agreement.

My kids charge me a $1USD per annum rent.

regards,

Brewsta

My local Amphur charged 500 baht (ish) for the tenancy papers and legal document registration....English copy an additional couple of quid.

Beware scams charging up to 11,000 BHT for similar dodgy version....

[munns]

Could not agree more, there are many more out there, they tarnish Thailand's image and do nothing in the way of supporting Thailand's economy, Thailand could better it's self by getting rid of all such scum.

i think the Thais do a better job of tarnishing thier image than anybody else does,engage brain before opening mouth ???

[silk]

He's still here because he has refused the pay the 10 million baht bail to be released from custody. Obviously a man of principle. Or slightly mad.

You really think he could have done this ALONE? (if he is guily) There are lawyers and local people involved. It is not possible without them to back up the transaction. All documents are in Thai language anyway.

[silk]

Option 2: set up an usufrucht agreement on the land and property with the house owner (My Thai wife of 11 years in this case)- gives you guaranteed tenancy of house/land for your lifetime.....no sale or house amendments without your legal agreement.

My kids charge me a $1USD per annum rent.

regards,

Brewsta

Hiw log is your wife going to be your wife?? Please estimate

[featography]

"He added that the victims, who feel they have been cheated, “are from many countries and include well know people such as the owner of the Singaporean Tiger Beer Company. This case is tarnishing the reputation of Thailand"

What isn't tarnishing the reputation of Thailand?!?!?!?

[featography]

"He added that the victims, who feel they have been cheated, "are from many countries and include well know people such as the owner of the Singaporean Tiger Beer Company. This case is tarnishing the reputation of Thailand"

What isn't tarnishing the reputation of Thailand?!?!?!?

by the way, you would think the owner of the Singaporean Tiger Beer Co. would have had his lawyers doing the footwork on this purchase, just to cover his buttuski. Something smells fishy about this story;

but then most stories here are as fishy smelling as a Pattaya Prostitute's honey pot.

[NanaFoods]

by the way, you would think the owner of the Singaporean Tiger Beer Co. would have had his lawyers doing the footwork on this purchase, just to cover his buttuski. Something smells fishy about this story;

but then most stories here are as fishy smelling as a Pattaya Prostitute's honey pot.

I would tend to think as you.

Of course, there's not enough information, but the fact that a Singaporean bigwig was involved....

Anywho, I'm not jumping to any conclusions here... just postulating...

But I can envision that Mr. BigShot could have gotten impatient or angry about something -- and pulled some strings to put the squeeze on this Brit.

Looking forward to see more information stream in.

[F1fanatic]

Whilst I've no sympathy for this guy, isn't it possible he received deposits, started building and ran out of money because not enough units had been sold?

I thought that was the way most developments proceeded - find buyers, start building and pray enough buyers turn up as the building work proceeds? If they do, the developer walks away with millions and no questions asked.

The problem arises when the developer can't find enough buyers to complete the work?

Sorry to put question marks after everything - but I don't know, its just what I'd assumed.

Would someone care to answer my post?

Its v relevant to this case.

[silk]

Is this guy a licensed real estate agent? Probably not along with most of the racketeers in the real estate business in Thailand. It seems any criminal can go into this kind of business in Thailand. Most of the foreign ones seem to be "Brits"

If he is not, his wife/partner might be

[sotsira]

Whilst I've no sympathy for this guy, isn't it possible he received deposits, started building and ran out of money because not enough units had been sold?

I thought that was the way most developments proceeded - find buyers, start building and pray enough buyers turn up as the building work proceeds? If they do, the developer walks away with millions and no questions asked.

The problem arises when the developer can't find enough buyers to complete the work?

Sorry to put question marks after everything - but I don't know, its just what I'd assumed.

Would someone care to answer my post?

Its v relevant to this case.

Any prudent business developer that sets up a business plan should have enough financial backing to cover the costs of the whole project to completion, otherwise it's too risky to rely or prey that enough buyers turn up while the project is being built.

The only problem that can arise, is if the business plan is underestimated which could easily happen here in Thailand as a lot of palms need to be greased and therefore difficult to know exactly how much finance is needed.

[elcent]

Any prudent business developer that sets up a business plan should have enough financial backing to cover the costs of the whole project to completion, otherwise it's too risky to rely or prey that enough buyers turn up while the project is being built.

The only problem that can arise, is if the business plan is underestimated which could easily happen here in Thailand as a lot of palms need to be greased and therefore difficult to know exactly how much finance is needed.

Even one meets the financial backup, there's never a guarantee that you get permission for construction. Local laws are altered frequently, especially when at the starting point. - The name of the game to fight competitors in the scamming industry.

[Deeral]

"This case is tarnishing the reputation of Thailand.”

more like confirming or re-enforcing.....

[tombkk]

Exactly right, He should have gone to Paraguay with the loot, what an idiot. Of course innocent bla,bla but no building permit ???

One hel_l of a salesman no doubt. They are everywhere so mind your money folks.

Don't tarnish the name of Paraguay...

[tombkk]

Option 2: set up an usufrucht agreement on the land and property with the house owner (My Thai wife of 11 years in this case)- gives you guaranteed tenancy of house/land for your lifetime.....no sale or house amendments without your legal agreement.

My kids charge me a $1USD per annum rent.

regards,

Brewsta

That may be legally waterproof. I have really no idea, as I am not a lawyer. But don't you find it degrading?

Thai people can buy property outright in Europe and don't need to ask their children to rent it to them for a pittance.