John 1 Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? Re read some of the advise on here and be aware. As for a real estate agent giving correct info maybe????????? they are like car salesmen. Link to comment Share on other sites More sharing options...
crazykopite Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! Link to comment Share on other sites More sharing options...
sitta Posted August 3, 2012 Author Share Posted August 3, 2012 They say the home is on a Chanote title (Freehold)! Link to comment Share on other sites More sharing options...
Boater Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! There is one townhouse development in Samui that does have a condo licence , why and how I don't know Link to comment Share on other sites More sharing options...
Boater Posted August 3, 2012 Share Posted August 3, 2012 They say the home is on a Chanote title (Freehold)! In theory this is correct , but only to a Thai national and freehold to the company that would own the land. Link to comment Share on other sites More sharing options...
John 1 Posted August 3, 2012 Share Posted August 3, 2012 They say the home is on a Chanote title (Freehold)! That is correct if you are a Thai buyer. Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 Well well well, The font of all knowledge has spoken. Sorry user - I do not wish to be rude, but what makes you think that you are correct? Your cage is cetainly rattled. 14 posts (I think that it was 14 - it's a bit like counting sheep - I dozed off.) You pretend to know every lawyer on Samui? ("there are no decent lawyers on Samui") Well, from my own point of view - I definitely had to go to Bangkok to transfer my house into my name. But I did also write "Any advice given here, whilst being well-intentioned, may be out of date." as it was 11 years ago. Things may be different now. Still - I am glad that I entertained you. I cannot say the same for your posts. what makes you think I do not know what I am saying? not rattled. I went through each post (fairly quickly I think you have to agree) and just pointed out there (as generally on this forum) the accuracy of the knowledge was wanting...very wanting. Why not help out the OP? Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 I have two properties with two separate companies both companies are now 7 years old have used the same accountant and have never had any problems as the accounts are kept up to date every year 1 company has a dwelling which is leased the other is a plot of beach land on koh Phangan I intend building a property on the beachland which will have two 100 mtr 2 bed apartments and a shared pool the price for one of the apartments will be in the region of 10/12 million bht my neighbour who has his own property plus 3 spanish type 2 bed villas without pool and gets 20,000 bht per week and last year had 70% occupancy on top of this he charges 7 baht per unit of electrc If you are going down the road of getting an apartment you need to be able to make it pay for you when you are not there i live on samui make sure you shop around as there are some good deals Good Luck !!!!!! so? first what does "using the same accountant" have to do with whether those companies are legal? and, no, you do "have" those companies. all this fundamental BS...sad...listening too much here and to agents on the islands Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 Sitta the advice you are getting on this web board is simply wrong. Go and talk to a good lawyer. Big C you cannot as a foreigner own the controlling shares in a Thai Land owning company. I am not a lawyer but I know a for ant can own 49 per cent I have had a company for over 10 years so there must be some truth in what I am saying I also agrees with you that a lawyer would have to be consulted no one is silly enough to do what someone says be ausr it says so on here. Normally you split the other 51 per cent between I think minim 3 Thais it used to be 5 But you must get then to sign a share transfer form but leave the new treferee blank and do not date it A farang can have preferential shairs in a thai ltd co which means although he only ownes 49% each share is worth 10 votes where a thai shairholder owner 51 % has 1 vote per share therefore the farang does have a control over the company and now you no longer need 7 thai shareholders Big C is right in what he is saying unless my Lawyers have told me a pack of lies for the past 7 years !!!!! your lawyers are liars or idiots/not good lawyers...which I find easy to believe on Samui. again, I would say as above, ask the said lawyer to show you the law(s) that matter here and you can decide with your own common sense if your company is legal. that law(s) is very readily available in English and BTW you should ALWAYS make your lawyer show you the law...not sure if the lawyers there even know though Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? impossible Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? impossible by itself...you would need someone to own or lease the land Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! and you think your extra 30 years is meaningful...sure?...and the land company...if it is ILLEGAL Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! There is one townhouse development in Samui that does have a condo licence , why and how I don't know legally that is completely possible, but then legally it would have to be a condo, not a townhouse. Link to comment Share on other sites More sharing options...
ripstanley Posted August 3, 2012 Share Posted August 3, 2012 (edited) I wouldnt buy anything that isn't finished yet. I totally agree with the above statement. I bought off the the plans in Phuket and lost my deposit after someone stole the money. Be very careful. Edited August 3, 2012 by ripstanley Link to comment Share on other sites More sharing options...
sitta Posted August 3, 2012 Author Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! There is one townhouse development in Samui that does have a condo licence , why and how I don't know Is it in Bang Rak? Link to comment Share on other sites More sharing options...
Boater Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! There is one townhouse development in Samui that does have a condo licence , why and how I don't know Is it in Bang Rak? No Link to comment Share on other sites More sharing options...
John 1 Posted August 3, 2012 Share Posted August 3, 2012 I am being advise to buy an Townhouse in Samui which is Freehold (Foreign ownership is allowed) as per real estate agent, is this correct? No No No you either have to have a thai ltd co or take it on a 30 year lease which can be renwed for another 30 years according to Thai law get yourself a good lawyer regardless of some comments I have used a good lawyer on Samui the only time I had problems was with a lawyer on Koh Phangan because the island is much smaller and they are all one big family. An agent will tell you what you want to hear times are hard business is slow do not sign anything or leave a deposit !!!!! There is one townhouse development in Samui that does have a condo licence , why and how I don't know Is it in Bang Rak? I think you need to get out of here your questions are starting to make no sense. You are naive and will be burnt. Link to comment Share on other sites More sharing options...
Boater Posted August 3, 2012 Share Posted August 3, 2012 That's a bit harsh on the op john1 Link to comment Share on other sites More sharing options...
Tropicalevo Posted August 3, 2012 Share Posted August 3, 2012 A farang can have preferential shairs in a thai ltd co which means although he only ownes 49% each share is worth 10 votes where a thai shairholder owner 51 % has 1 vote per share therefore the farang does have a control over the company and now you no longer need 7 thai shareholders Big C is right in what he is saying unless my Lawyers have told me a pack of lies for the past 7 years !!!!! your lawyers are liars or idiots/not good lawyers...which I find easy to believe on Samui. again, I would say as above, ask the said lawyer to show you the law(s) that matter here and you can decide with your own common sense if your company is legal. that law(s) is very readily available in English and BTW you should ALWAYS make your lawyer show you the law...not sure if the lawyers there even know though You make broad, slanderous statements with no backing. All you seem to really say is "Samui lawyers are liars or idiots" and that you must be (by implication) the font of all knowledge. I think that you are trolling. Why do I say this? Because your statement above is definitely inaccurate. You can legally have preference shares in Thailand and many people do. This follows the letter of the law. It does go against the spirit of the law in Thailand (saying that a farang is better than a Thai) but it is totally legal. A Thai judge actually said that if there were to be a conflict - the foreigner would probably loose. Thai law tends to support the spirit of the law. This was explained to me at a seminar for foreigners who wished to invest in Thailand. The seminar was managed and under the auspices of the Faculty of Law, Dhurakijpundit University. I tend to believe them rather than you. (By the way - this university is in Bangkok - not Samui. see http://en.wikipedia....ndit_University) As to your comment about "you should ALWAYS make your lawyer show you the law." This is really pointless as I am sure you know. Most people looking for friendly help on TV would struggle with law statutes in their own language. Not many foreigners around looking for legal advice that could read the statutes in Thai I would guess. So... which bar did you get your law degree from? Link to comment Share on other sites More sharing options...
Tropicalevo Posted August 3, 2012 Share Posted August 3, 2012 not rattled. I went through each post (fairly quickly I think you have to agree) and just pointed out there (as generally on this forum) the accuracy of the knowledge was wanting...very wanting. As are some of your posts - very wanting. (You can legally have a 30 year lease with an option for a second 30 years. BUT the lease is only valid as long as the signatories are still alive!) The only thing that we agree on is that the OP should take legal advice. There are some (not too many) good lawyers on Samui. However, I use the word good carefully. Who really trusts lawyers? I have used lawyers on Samui - in Bangkok and in other major cities in SE Asia. The good ones are not always good, Some of the smaller ones are excellent. Link to comment Share on other sites More sharing options...
Rooo Posted August 4, 2012 Share Posted August 4, 2012 The topic is getting close to it's use by date. Some posters on here are just out to bash Samui lawyers . Secondly I am starting to have doubts if this is not a topic leading to a promotion of a certain development. Let's hope I am wrong. Original question was Re buying a CONDO. Either get back on topic or it's closed. Link to comment Share on other sites More sharing options...
crazykopite Posted August 4, 2012 Share Posted August 4, 2012 Sitta the advice you are getting on this web board is simply wrong. Go and talk to a good lawyer. Big C you cannot as a foreigner own the controlling shares in a Thai Land owning company. I am not a lawyer but I know a for ant can own 49 per cent I have had a company for over 10 years so there must be some truth in what I am saying I also agrees with you that a lawyer would have to be consulted no one is silly enough to do what someone says be ausr it says so on here. Normally you split the other 51 per cent between I think minim 3 Thais it used to be 5 But you must get then to sign a share transfer form but leave the new treferee blank and do not date it A farang can have preferential shairs in a thai ltd co which means although he only ownes 49% each share is worth 10 votes where a thai shairholder owner 51 % has 1 vote per share therefore the farang does have a control over the company and now you no longer need 7 thai shareholders Big C is right in what he is saying unless my Lawyers have told me a pack of lies for the past 7 years !!!!! your lawyers are liars or idiots/not good lawyers...which I find easy to believe on Samui. again, I would say as above, ask the said lawyer to show you the law(s) that matter here and you can decide with your own common sense if your company is legal. that law(s) is very readily available in English and BTW you should ALWAYS make your lawyer show you the law...not sure if the lawyers there even know though Sounds like your a very well informed person regarding Thai Business law Suggest you go stand outside Tesco with a big sandwich board with a statement " Buyers Beware " it is clear from your op you are very bitter towards Samui lawyers !!!!!!!!! I can honestly say that I know and am good friends with the Thai shareholders named on my company documents we have a very good understanding if I have a problem they are always helpful and never ask anything in return. Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 5, 2012 Share Posted August 5, 2012 That's a bit harsh on the op john1 I agree, advice on this here is worthless. And too many in the game that want your money. In any event, what you need is accuracy that can and is backed up...not forum gibberish..from a bunch of folks who, frankly and please forgive, have no clue. Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 5, 2012 Share Posted August 5, 2012 not rattled. I went through each post (fairly quickly I think you have to agree) and just pointed out there (as generally on this forum) the accuracy of the knowledge was wanting...very wanting. As are some of your posts - very wanting. (You can legally have a 30 year lease with an option for a second 30 years. BUT the lease is only valid as long as the signatories are still alive!) The only thing that we agree on is that the OP should take legal advice. There are some (not too many) good lawyers on Samui. However, I use the word good carefully. Who really trusts lawyers? I have used lawyers on Samui - in Bangkok and in other major cities in SE Asia. The good ones are not always good, Some of the smaller ones are excellent. did I say anything about a 30 year lease? In any event, you mean to say that the said option would only be enforceable against a lessor who is still around AND who still owns the property in 30 years. Signatories really don't have much to do with that....but I would not expect a non-lawyer to get this. NO there are NO good lawyers in Samui....sorry, I actually really know Link to comment Share on other sites More sharing options...
usernameforthaivisa Posted August 5, 2012 Share Posted August 5, 2012 A farang can have preferential shairs in a thai ltd co which means although he only ownes 49% each share is worth 10 votes where a thai shairholder owner 51 % has 1 vote per share therefore the farang does have a control over the company and now you no longer need 7 thai shareholders Big C is right in what he is saying unless my Lawyers have told me a pack of lies for the past 7 years !!!!! your lawyers are liars or idiots/not good lawyers...which I find easy to believe on Samui. again, I would say as above, ask the said lawyer to show you the law(s) that matter here and you can decide with your own common sense if your company is legal. that law(s) is very readily available in English and BTW you should ALWAYS make your lawyer show you the law...not sure if the lawyers there even know though You make broad, slanderous statements with no backing. All you seem to really say is "Samui lawyers are liars or idiots" and that you must be (by implication) the font of all knowledge. I think that you are trolling. Why do I say this? Because your statement above is definitely inaccurate. You can legally have preference shares in Thailand and many people do. This follows the letter of the law. It does go against the spirit of the law in Thailand (saying that a farang is better than a Thai) but it is totally legal. A Thai judge actually said that if there were to be a conflict - the foreigner would probably loose. Thai law tends to support the spirit of the law. This was explained to me at a seminar for foreigners who wished to invest in Thailand. The seminar was managed and under the auspices of the Faculty of Law, Dhurakijpundit University. I tend to believe them rather than you. (By the way - this university is in Bangkok - not Samui. see http://en.wikipedia....ndit_University) As to your comment about "you should ALWAYS make your lawyer show you the law." This is really pointless as I am sure you know. Most people looking for friendly help on TV would struggle with law statutes in their own language. Not many foreigners around looking for legal advice that could read the statutes in Thai I would guess. So... which bar did you get your law degree from? I think your cage is rattled You do not want to go up against me with Wikipedia on Thai law or any law for matter, trust me on that and I will let you drop it here instead of embarrassing you more. ...but...if you want me to Link to comment Share on other sites More sharing options...
Rooo Posted August 5, 2012 Share Posted August 5, 2012 Ok I have had enough. Pure trolling not allowed & that is what we are getting here from a pat banned member. You sir have no right to advise on law. As you fully appreciate this is one profession you are not allowed to practice. You might have a law office but your capacity is advisor in which you have Thai Lawyers to practice & advise on legal matters. As for your knowledge of Thai law this is a joke.We have adequate legal advise on Samui pertaining to local conditions. As for consequences leading to your business failure here, we better not discuss. We are a local community & as such we do look after ourselves, we are smart enough to be able to share our experiences & recommendations without rubbish posts. Topic CLOSED. 1 Link to comment Share on other sites More sharing options...
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