Buying House

[Liukunhsin]

Hi Guys,

I am looking to buy house in/near Sampran, or Salaya area and was wondering if anyone know any good web-site or information regarding foeigner buying house property in Thailand. Thanks a lot!

[CiaranO]

Who wants to start with this post them?

[CiaranO]

As a foreigner you cannot own or buy land.......I presume when you say house, you are talking about buying a house on land etc....if you are married to a Thai citizen she can buy it in her name.....

A little bit of research on TV will give you all the answers you need.

[Liukunhsin]

Thanks, abviously I know I cannot buy any property under my name so I was thinking of buying house under my company name, I assume this would work not?

[WebBangkok]

Yeah you sort of can own land.

I cant remember the full details on how to do it.

You have to register a company, have 48% of it with 3 people or something.

Deactivate some of the shares or something so your decision is the only one that matters.

Company buys the land.

Then build the house on it.

Something like that....

[jamescollister]

Yeah you sort of can own land.

I cant remember the full details on how to do it.

You have to register a company, have 48% of it with 3 people or something.

Deactivate some of the shares or something so your decision is the only one that matters.

Company buys the land.

Then build the house on it.

Something like that....

Not anymore you can't law changed 2009, now the Thai share holders have to put up the money and be able to prove it was there money. Company is then a majority Thai company. Meaning they if fact own 51 %. Very trusting to give strangers the real control.

Sure some lawyer or estate agent will give you the words you want to hear and say things like no problem, but there can be big problems. There are other ways, but none are real guarantees of security.

Try and find an honest lawyer, maybe hard or next to impossible. Jim

[WebBangkok]

Yeah you sort of can own land.

I cant remember the full details on how to do it.

You have to register a company, have 48% of it with 3 people or something.

Deactivate some of the shares or something so your decision is the only one that matters.

Company buys the land.

Then build the house on it.

Something like that....

Not anymore you can't law changed 2009, now the Thai share holders have to put up the money and be able to prove it was there money. Company is then a majority Thai company. Meaning they if fact own 51 %. Very trusting to give strangers the real control.

Sure some lawyer or estate agent will give you the words you want to hear and say things like no problem, but there can be big problems. There are other ways, but none are real guarantees of security.

Try and find an honest lawyer, maybe hard or next to impossible. Jim

Well that sux.

[rhains]

I was also wondering about this.

Everyone I have spoken to have said that you can set up a Thai company. However I am hearing another side. I know of friends who have houses. It is all starting to become bewildering.

I do not have much turst is someof the ' legal firms'.

Advice??

[thenervoussurgeon]

I was also wondering about this.

Everyone I have spoken to have said that you can set up a Thai company. However I am hearing another side. I know of friends who have houses. It is all starting to become bewildering.

I do not have much turst is someof the ' legal firms'.

Advice??

Advice??

you wont like it ,rent ,only buy in your wifes name if you trust her 100% then take a lease for 30 years, and if it all goes wrong ,be prepared to walk away .

my father once gave me two pieces of advice

1/never put your head above the parapet

2/ trust no one.

ps i know you Have to trust sometimes ,but i am sure you know what i mean.

Edited June 19, 2012 by thenervoussurgeon

[rhains]

The 'law companies' which I have spoken with all state that I can set up a Thai limited company. However a more reputable company have stated that it is infact illegal to do this for the purpose of buying property. If the company was audited for business activity it would soon become apparent that there was none. Further it must employ 4 Thai nationals for every foriegner. Failing to meet this criteria would result in it being liquidated and all assetts either seized and sold.

Either way the house would by lost.

Unfortunately professional advice unlike in the West is not regulated. Therefore vested interests may overcome truth.

Fair comment?

[PattayaPhom]

Thanks, abviously I know I cannot buy any property under my name so I was thinking of buying house under my company name, I assume this would work not?

You have opened a can of worms on this website....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated as a few on here will tell you..do your research on other websites and enact a recommended lawyer. ...

[Liukunhsin]

Thanks, abviously I know I cannot buy any property under my name so I was thinking of buying house under my company name, I assume this would work not?

You have opened a can of worms on this website....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated as a few on here will tell you..do your research on other websites and enact a recommended lawyer. ...

any lawyer in Thailand you would recommend?

[guzzi850m2]

I have a 30 year lease from my wife on the house/land and since we got a kid together I am taking the change.

According to Thai law, everything must be split 50/50 that is bought during the marriage in case of a divorce but I don't know if that the case in the real world but a high profile expat here in Patts told me that he got 50% back when his wife walked out on him after a long court struggle.

OP: I don't know if you are married to a Thai lady or not but as another poster also mention, thousands and thousands of houses are either leased (from Thai wife in most cases) or bought though company name and you don't hear many horror stories BUT sometimes it happens, so don't use all your hard earned money on a house/land. If you divorce in the West it will cost you big $ and the same applies here.

[Khun Jean]

Just read the Thai law about this subject and act accordingly.

When doing something illegal, like starting up a company for the purpose of owning land and house, don't be surprised when it all goes wrong.

You can still however think that it is a good trade off. Up to you they say here in Thailand.

My personal opinion is that you have to be a complete idiot to do something knowingly illegal especially in a foreign country.

Many of those people pattayphom always talks about were under the impression that it was legal, if in doubt ask a few!

If they were told the truth they would never do it!

Edited June 20, 2012 by Khun Jean

[Liukunhsin]

I have a 30 year lease from my wife on the house/land and since we got a kid together I am taking the change.

According to Thai law, everything must be split 50/50 that is bought during the marriage in case of a divorce but I don't know if that the case in the real world but a high profile expat here in Patts told me that he got 50% back when his wife walked out on him after a long court struggle.

OP: I don't know if you are married to a Thai lady or not but as another poster also mention, thousands and thousands of houses are either leased (from Thai wife in most cases) or bought though company name and you don't hear many horror stories BUT sometimes it happens, so don't use all your hard earned money on a house/land. If you divorce in the West it will cost you big $ and the same applies here.

Thanks for the info pal, not married to a Thai lady yet.

[mosan]

All is not as it appears here in Land of Smiles. However, some very good advise has been given. If you still find yourself asking too many questions, then this is something you shouldn't do. Rent until you have it all (researched) figured out. Plus, I know you're not married, but leasing from your wife? What the h_ll is that all about? This is of course Thailand, and lease or not, if someone wants you out of a house, then I couldn't think of a better place to make that happen than here. Besides, many have plunked down their money and then found their surroundings unacceptable after being in place for anywhere from 6 months to whatever. There are no building codes, no noise restrictions, no boundaries on what business may pop up next door or down the street, no pollution control and little, if any, recourse on said aforementioned items. I've said it before and I'll say it again—rent until you have it all (researched) figured out. Cheers...

[Liukunhsin]

All is not as it appears here in Land of Smiles. However, some very good advise has been given. If you still find yourself asking too many questions, then this is something you shouldn't do. Rent until you have it all (researched) figured out. Plus, I know you're not married, but leasing from your wife? What the h_ll is that all about? This is of course Thailand, and lease or not, if someone wants you out of a house, then I couldn't think of a better place to make that happen than here. Besides, many have plunked down their money and then found their surroundings unacceptable after being in place for anywhere from 6 months to whatever. There are no building codes, no noise restrictions, no boundaries on what business may pop up next door or down the street, no pollution control and little, if any, recourse on said aforementioned items. I've said it before and I'll say it again—rent until you have it all (researched) figured out. Cheers...

Thanks for the advice, appreciated

[Liukunhsin]

Just read the Thai law about this subject and act accordingly.

When doing something illegal, like starting up a company for the purpose of owning land and house, don't be surprised when it all goes wrong.

You can still however think that it is a good trade off. Up to you they say here in Thailand.

My personal opinion is that you have to be a complete idiot to do something knowingly illegal especially in a foreign country.

Many of those people pattayphom always talks about were under the impression that it was legal, if in doubt ask a few!

If they were told the truth they would never do it!

Very true

[ballbreaker]

OP check the website below and many of your questions will be answered.

http://www.samuiforsale.com/knowledge/land-holding-company-structure.html

[rhains]

So what are the options?

[soi41]

So what are the options?

Buy a condo, just make sure that your unit are within the 49% quota allowed for farang.

OR go down to the local bar, find a brown little beauty, 20-25 years your junior, buy a house in her name, and see where the ride takes you.

Some poster above mentioned leasing from your wife. NO good, lease voided by divorce.

[LennyW]

Talk to a reputable lawyer to assess your particular situation, there is no "one fits all" solution. Lease, Company, Usufruct, Servitude, are all options for you, just don't be fooled into the "buy a condo in your own name" nonsense, existing in a condo is a poor substitute for living in a house!!

[Darrel]

....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated.....

.... so far.

In Pattaya I remember a time not very long ago when nearly all the bar workers were well under 20 and no one ever got hassled for it or indeed even gave it a second thought. Try that today. I remember a time when no one there was ever stopped or fined for not having a helmet or a licence on a motorbike. Try that today.

The techniques recommended by lawyers, estate agents and property vendors (who, curiously enough, all have a vested interest in selling company-name property) are mostly either against the letter or the spirit of Thai law, or both.

One day I suspect that this may come back and bite buyers in the bum.

[Darrel]

...existing in a condo is a poor substitute for living in a house!!

That depends on what you want from your property.

If you want a nice sea/city view for relatively low cost, no maintenance worries, good security, relative ease of buying/selling, no neighbours with dogs, and the ability to up and leave at a moment's notice without having to worry about your property then a condo is far and away the best choice.

If you want to find snakes in your bathtub and termites in your flooring, sunbathe naked by your pool, keep a pack of wild dogs and run a karaoke bar in your garage then you should probably get a house.

[PattayaPhom]

....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated.....

.... so far.

In Pattaya I remember a time not very long ago when nearly all the bar workers were well under 20 and no one ever got hassled for it or indeed even gave it a second thought. Try that today. I remember a time when no one there was ever stopped or fined for not having a helmet or a licence on a motorbike. Try that today.

The techniques recommended by lawyers, estate agents and property vendors (who, curiously enough, all have a vested interest in selling company-name property) are mostly either against the letter or the spirit of Thai law, or both.

One day I suspect that this may come back and bite buyers in the bum.

Its not an ideal situation, nothing like owning property/land in your own name freehold...however its an option there and the discussion of clampdowns etc has been going on for 10 years and still owners havnt had their properties seized. Providing a potential buyer is made fully aware and they are prepared to take that small risk then there isnt a problem.

[Darrel]

Interesting to see that Myanmar (I still want to write Burma) is apparently voting a law to allow foreigners 100% ownership of local companies. I wonder if this will extend to companies owning land?

[trogers]

....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated.....

.... so far.

In Pattaya I remember a time not very long ago when nearly all the bar workers were well under 20 and no one ever got hassled for it or indeed even gave it a second thought. Try that today. I remember a time when no one there was ever stopped or fined for not having a helmet or a licence on a motorbike. Try that today.

The techniques recommended by lawyers, estate agents and property vendors (who, curiously enough, all have a vested interest in selling company-name property) are mostly either against the letter or the spirit of Thai law, or both.

One day I suspect that this may come back and bite buyers in the bum.

Its not an ideal situation, nothing like owning property/land in your own name freehold...however its an option there and the discussion of clampdowns etc has been going on for 10 years and still owners havnt had their properties seized. Providing a potential buyer is made fully aware and they are prepared to take that small risk then there isnt a problem.

Like it or not, acquiring real property is an investment, even if it is for self occupation. The question years down the road will be "Will there be potential foreign buyers for my house, or only Thais?".

We know foreign ownership of land is a no-no, even if we can now still work around loopholes. Will these loopholes be closed years later and kill off demand from foreigners?

[Sophon]

....hundreds of thousands of people have bought property through a company and none ...except I think one example of a ganster...has had their property seized, been jailed, fined, deported or castrated.....

.... so far.

In Pattaya I remember a time not very long ago when nearly all the bar workers were well under 20 and no one ever got hassled for it or indeed even gave it a second thought. Try that today. I remember a time when no one there was ever stopped or fined for not having a helmet or a licence on a motorbike. Try that today.

The techniques recommended by lawyers, estate agents and property vendors (who, curiously enough, all have a vested interest in selling company-name property) are mostly either against the letter or the spirit of Thai law, or both.

One day I suspect that this may come back and bite buyers in the bum.

Its not an ideal situation, nothing like owning property/land in your own name freehold...however its an option there and the discussion of clampdowns etc has been going on for 10 years and still owners havnt had their properties seized. Providing a potential buyer is made fully aware and they are prepared to take that small risk then there isnt a problem.

Agreed with your post until you said "small risk". The fact is that nobody has any idea what the chances are of people owning land through illegal companies getting into trouble in the future.

Sophon

[rhains]

So can anyone tell me what a legal company would be?

[Sophon]

So can anyone tell me what a legal company would be?

A legal company would be a company where the majority of the company is owned by Thai investors, and by investors I mean people who have actually put their own money into the company in a ratio relative to the share capital they own.

Sophon