Screwed Up And Got Stuck With A Company Owned Condo. Now Looking For Advice.

[Sophon]

I do read these pages often. And am still waiting for a link that shows where somebody has been kicked out of their house SOLELY due to ownership being in a Thai nominee company. No extraneous factors, such as pending legal matters due to marriage or debt.

Other than land confiscated from a foreign motocycle gang in Phuket, you won't find it ( and that was for money laundering) . A fact that is conveniently lost on the RENT, RENT, only RENT brigade

Just because something hasn't happened in the past doesn't mean that it can't happen in the future.

As long as you understand the legal position (i.e. that what you are doing is illegal) and are willing and can afford to take the (probably small) risk that things may change in the future, then fine. But listening to real estate agents and lawyers here, someone new to the country could very well get the impression that setting up a Thai company with nominee shareholders for the purpose of owning land is totally legit and that 30+30+30 leases are guaranteed.

So in my personal opinion the people here on ThaiVisa (the "RENT, RENT, RENT brigade" as you call them) who point out the illegality/unenforceability (is that a word?), of these schemes are doing everyone a favour. It allows people who would otherwise not know the true position to make an informed decision. I have no problems should that decision being to own under a nominee company, as long as the person doing it is aware of the legal aspects and accepts the risk.

Sophon

Edited May 18, 2012 by Sophon

[Darrel]

And am still waiting for a link that shows where somebody has been kicked out of their house SOLELY due to ownership being in a Thai nominee company. No extraneous factors, such as pending legal matters due to marriage or debt.

Kicked out for that reason alone? Perhaps not. At least not so far. The potential is there for this to happen though.

Kicked out of (or never even gained possession of) their company-name property following shenanigans that could not possibly have happened had they bought legal condos in farang-name? There are lots.