Buying House

[rhains]

Of course !!

Thanks.

[Tanaka]

Of course !!

Thanks.

And the company must show that it is actually doing some sort of business, paying taxes and salaries etc.

[PattayaPhom]

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

Like, Somchai Lotus I suppose

[rhains]

Well, I am back in Thailand and have met with 3 Lawyers...

Lawyer 1. Stated (as I thought he would) that the company ownership option is not legal and he would not risk his rep' on this way. He suggested 30 year lease back with prenuptial type agreement with my GF. So...... does anyone know if this is an option.

Lawyer's 2,3 endorsed the company route........ 51 % Thai etc etc.

I have to make a decision in the next fortnight and therefore I would appreciate any advice.

I do not want to buy a Condo.

What I will say is that I am becoming tainted with the whole affair. My confidence in a country where so called Lawyers can offer inaccurate advice advocating illegal activities and there be no recourse on this is worrying.

When discussing the situation with my GF (whom I have been with for 7 years and I trust), she like many Thai I meet, has total confidence in the systems. She believes anecdotal evidence of friends etc etc. Any conversations therefore seem to deteriorate into a trust issue or an attack of Thailand. From my point of view to sign over the ownership / monies so I have little or no control in a country 7000 miles from the UK seems to be fool hardy.

I may have answered my own apprehensions here but always appreciate the advice of people with greater knowledge and experience of these matters.

Regards,

Rhains.

[LennyW]

Well, I am back in Thailand and have met with 3 Lawyers...

Lawyer 1. Stated (as I thought he would) that the company ownership option is not legal and he would not risk his rep' on this way. He suggested 30 year lease back with prenuptial type agreement with my GF. So...... does anyone know if this is an option.

Lawyer's 2,3 endorsed the company route........ 51 % Thai etc etc.

I have to make a decision in the next fortnight and therefore I would appreciate any advice.

I do not want to buy a Condo.

What I will say is that I am becoming tainted with the whole affair. My confidence in a country where so called Lawyers can offer inaccurate advice advocating illegal activities and there be no recourse on this is worrying.

When discussing the situation with my GF (whom I have been with for 7 years and I trust), she like many Thai I meet, has total confidence in the systems. She believes anecdotal evidence of friends etc etc. Any conversations therefore seem to deteriorate into a trust issue or an attack of Thailand. From my point of view to sign over the ownership / monies so I have little or no control in a country 7000 miles from the UK seems to be fool hardy.

I may have answered my own apprehensions here but always appreciate the advice of people with greater knowledge and experience of these matters.

Regards,

Rhains.

Since you are not yet married - very simple, lifetime Usufruct in your favour, simple standard paperwork at the land office, loads of information about it throughout this forum.

[Khun Jean]

Yes, that is the way to go also read my post in the other topic.

In Thailand the only one who takes care of you is you.

Get used to it. Every 'professional' is just making a living and they absolutely not care what happens to you or their reputation.

To correct the old saying "one is born every day", or its derivative "one is born every minute" i am convinced after reading many posts and seeing lots of foreigners going broke that "one is born every second".

Don't be one like that, and because you asked information before you actually did it you fortunately seem to be not one of 'those'.

If you feel any hesitation to buy, follow that feeling and rent. At some time in the future you will know how it 'works' and probably can make a decision to buy more comfortable.

It might even be better to just 'buy' (meaning with a usufruct) land by yourself and leave the girlfriend out of the picture completely. It is easier to do business with a stranger, you can see and think more clearly then.

and,

Be patient, grasshopper!

[Gary A]

I would guess that many foreigners come from Western countries where lawyers are accountable for their work. This is Thailand and a lawyer will write a contract that says anything you want it to say. Maybe it gives farangs a feeling of security to have that contract but if the ship goes on the rocks that contract is not worth the paper it is written on.

Some farangs take comfort in that if there is a divorce, the marital property will be split 50/50. While that is true, try to find a farang that actually got the 50 percent WITHOUT the ex-wife first agreeing with it. The divorce settlement is determined by a civil court and that civil court has no powers to enforce their decision.

Thai law says that a foreigner cannot own property other than a condo. You would be well advised to heed that fact and there are no loopholes through or around that fact. Yes, I too am at risk, but I DON'T have a bogus company that I paid a lawyer to make nor do I pay an accountant and pay taxes on that bogus company. If my relationship goes pear shaped, I will simply pack my bags and head for the farang ghettos. There is no way I'm going to pay a lawyer regardless of what he says he can do. That's throwing good money after bad money. If you have confidence in the lawyer, tell him that he will be paid AFTER you have the successful settlement and the money in your hand. I can assure you that your trusted lawyer will NOT represent you.

[rhains]

Thank you to everyone who have taken the time and effort to help me.

I find the whole thing bizarre. Today acting on advice from the forum I visited two law offices next to each other Jomtien. One lawyer stated the company route is illegal and if I choose that route he could not work for me. However............ in the next office the lawyer stated "can do, can do' and explained at length how the company would be seen as a proper one because the monies paid for the house could be written in the accounts as rent!!!

I suppose it is blindingly obvious what the law states........... if bouying and owning ahouse was legal then why would Farang pay inflated prices for a Condo?? (other than sea view etc etc)

Rhains.

[Khun Jean]

It really is blindingly obvious, the law is very short and very clear.

The problem is people really really really want to buy house and land and because of that are open for suggestions.

The idea that in Thailand everything is for sale helps to make those suggestions more 'true' in their minds.

Everything involves risks.

I also paid for land in my wifes name and have a usufruct in case she dies before me, but i know the risk and am willing to take it.

The house that will be build upon it will be 50/50 and i also know that that will be a risk.

At some point you have to trust someone and having 2 children with her and 11 year marriage that point is reached a long time ago.

If still something goes wrong, and it is always possible i will loose the money spend. So be it.

I hope she will use it for the kids. If not, they are out of luck.

You can not control everything and you shouldn't because it will ruin your daily live with worries.

You can however asses risk and your willingness to take it.

Once taken, don't look back and hope for the best.

Doing something illegal (company for landownership with nominees) is not taking risks, it is doing something stupid.

Illegal actions ultimately not only end up costing you money it can include confiscation and deportation.

[Gary A]

It really is blindingly obvious, the law is very short and very clear.

The problem is people really really really want to buy house and land and because of that are open for suggestions.

The idea that in Thailand everything is for sale helps to make those suggestions more 'true' in their minds.

Everything involves risks.

I also paid for land in my wifes name and have a usufruct in case she dies before me, but i know the risk and am willing to take it.

The house that will be build upon it will be 50/50 and i also know that that will be a risk.

At some point you have to trust someone and having 2 children with her and 11 year marriage that point is reached a long time ago.

If still something goes wrong, and it is always possible i will loose the money spend. So be it.

I hope she will use it for the kids. If not, they are out of luck.

You can not control everything and you shouldn't because it will ruin your daily live with worries.

You can however asses risk and your willingness to take it.

Once taken, don't look back and hope for the best.

Doing something illegal (company for landownership with nominees) is not taking risks, it is doing something stupid.

Illegal actions ultimately not only end up costing you money it can include confiscation and deportation.

After putting up with me for about eight years, my Thai wife has indeed earned the property that I have purchased for her. I haven't bothered with a usufruct because if my wife were to pass away before me (not likely), I wouldn't want to stay here anyways. If she chooses to throw me out, I would pack up and leave. I would still have my condo in the farang ghetto and I wouldn't miss any meals. If you can't afford to lose what you buy for your Thai wife you just shouldn't buy it.

[ArranP]

how about putting it in the childrens name, that way your estate gets passed onto them, which in the longer term is what you would probably want anyways, right ?

I'm just about to buy a house for me, my thai wife keeps kicking me out the one I just built for her, I'm fed up of being un-settled. So I would like somewhere of my own, so I figure to buy in the kids name would be the best thing, I know I can't sell but that is the sacrifice i make, at least it is kept for my children when they grow older...

good idea right ? any advice comments welcome ... Thank you.

[benja1102]

first when you set a company, you've got 49% of the shares, you become the director and your vote is ten times any other vote. that works fine so far for hundreds of peoples. And you just need to think about it a little if tomorrow they seized all the houses in that case, after that no one will want to buy one, right? So imagine the lost of incoming of that it would be strange that thai government made their country so untrusworthy, don't you think ? after you just need to do what you think, and don't let someone decide for you. bye