Buy A Condo In Koh Samui - Used Or New

[SamuiRes]

I need to know what I said that was wrong it is the only way I learn cheers

49% is not a controlling interest and you cannot have a Thai company owning land with majority foreign shareholders. Yes you only need three shareholders now not seven as previously. The "trick" as you put it is not about having the signatures on share transfer forms (although that is advisable) but making sure the Thai shareholders are legitimate and not nominees. It is also sensible that the Thai company ONLY owns the land and not the house. A foreigner can legally own a house here in their own name and as such would get a Yellow Tabien Baan. Any decent lawyer will guide a buyer through this and there are some here on the island.

[BigC]

Cheers for clearing that

They ate toughning up on share holders that do not have enough capital. In the bank to support the share value

I cannot understand why someone what is the managing director of a company put the house in their name

I have herd that some forans have a thai company purchase the land and the forang not even a share holder but he forang owning the house

What is to stop the company knockoff your house down and giving you the bricks back

Also what is to stop the company putting another building on the land as it is the companies land or blocking electric etc

[SamuiRes]

Cheers for clearing that

They ate toughning up on share holders that do not have enough capital. In the bank to support the share value

I cannot understand why someone what is the managing director of a company put the house in their name

I have herd that some forans have a thai company purchase the land and the forang not even a share holder but he forang owning the house

What is to stop the company knockoff your house down and giving you the bricks back

Also what is to stop the company putting another building on the land as it is the companies land or blocking electric etc

That is why you need a lawyer to set the company up correctly, a shareholders agreement, Articles of Association stating what can and cannot be done, and the shareholders do not need to be Directors who actually control the company. There are a few other things that you would do to protect your interests that I am not going to go into here.

[goldfinger]

and, better use a lawyer from outside of Samui......

and check ,before signing anything, at the land Office, if the Condominium Project is legally registered due to

Condominium Act.

[BigC]

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.

you can. you can own 49 % as long a the other share holders hold the remander 51% but the share are split betweeen them which makes you the forang the magoirty share holder.

As forbuying. Why not rent for6 months as a precaution. see if there are any deals where you can renta property. If after the 6 months you chooseto buy then the rent you paid gets discounted off the toal price. iff u decideto not buy it you pay thefull 6 months, dont have to rush

[BigC]

Cheers for clearing that

They ate toughning up on share holders that do not have enough capital. In the bank to support the share value

I cannot understand why someone what is the managing director of a company put the house in their name

I have herd that some forans have a thai company purchase the land and the forang not even a share holder but he forang owning the house

What is to stop the company knockoff your house down and giving you the bricks back

Also what is to stop the company putting another building on the land as it is the companies land or blocking electric etc

That is why you need a lawyer to set the company up correctly, a shareholders agreement, Articles of Association stating what can and cannot be done, and the shareholders do not need to be Directors who actually control the company. There are a few other things that you would do to protect your interests that I am not going to go into here.

but the forang can be the managing director hence having full control of his company

[sitta]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

[BigC]

U can find the rate in the bank but make sure when I pay your self u pay in aussie dollars so u get the exchange rate in thailand

Not sure about o z though because I am from England where the rate is worse in England

I do not transfer to baht then pay I pay on pounds and it gets turned into baht once it goes through the bank of Thailand

I'd u teenager more than 20000 u s dollars or the equal amount the. The bank of thailand might call I and ask what the money is for

For me I just say business that's enough then I get money

I don't know I that helps

[SamuiRes]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

This is the link you need. Use the Bank Buying Rate Telex Transfer Column.

Remember the rates constantly change and it can take a couple of days for funds transferred to reach here and they are converted on arrival.

Anything over USD 20,000 (or equivalent) will get you a Foreign Exchange Transaction Form. You need to ask your receiving bank for this.

Keep this form safe as it allows you at a later date to transfer the same amount out of Thailand without question.

Anything under USD 20,000 kssp all the transfer paperwork.

If you are buying a Condo you MUST transfer in foreign currency to get the FETF. Also in ten years of doing this I have always got a better rate in Thailand than I could have got overseas.

The bank will ask you for the reason for transfer and you simply state buying a Condominium.

[John 1]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

I didn't know there were any registered condo's in Maenam for sale to foreigners. As for transferring money from Australia sent it in Aus/dollars and it will be converted into Baht in Thai and receive a better rate.

[sitta]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

I didn't know there were any registered condo's in Maenam for sale to foreigners. As for transferring money from Australia sent it in Aus/dollars and it will be converted into Baht in Thai and receive a better rate.

Avxxxx Condominium in Maenam, Do you know anything about it?

[usernameforthaivisa]

Be sure to thoroughly investigate water supply. All to often this is overlooked & many condos etc run dry.

and check the electricity rate (govt is 3.5 ish) as well as the annual/monthly maintenance charges. Some condos go into disrepair because people get ripped off on the charges.

A good q to ask is "Who decides fees/and what work gets done? Owners or developers?

actually the first question is: is it really a condo...or just an apartment. if it is really a condo...those issues are all addressed by law. if not, then you can only lease it long term and unless it is really cheap...forget it.

[usernameforthaivisa]

Buying a house using a Thai company can be troublesome, anyone here have any experience using a company to buy house?

it is illegal, not merely "troublesome" though it is that too and costly, if you use it to buy land and house with nominee thais which almost all do. but in any event, if you do go that route and if you do have legitimate thai shareholders/investors, then you would be quite foolish to have the company own house too...should be just the land.

[usernameforthaivisa]

""Owning the house is not the real issue - a foreigner can own a house. It is the land that needs to be Thai owned.""

Do I need a Thai partner to buy a house, can you advice about "doing it correctly"?

Thanks.

a lawyer can explain all this clearly. you need to makea thai company. at first you shall own 39 % for the first month then they can transfer you another 10 % making you the majority share holder

the lawyers can find other share holders but the trick is that the thai share holders sign their share transfer forms and give them to you ( keep them safe )

then if you want to take that thai out of your company you can justget another thai to sign the share transfer form and sign a new one to give you a new copy of the the new forn..

in other words yo u shall have full control of the company,

sounds complicated but once you have beeb set up for about 1 year it is very easy.

also if you declair the share capital of 2, million baht you can give yourself a work permit. ( if you wish )

the capital has to be 2 million baht per forang in your comapny

ya...and all illegal!

[usernameforthaivisa]

""Owning the house is not the real issue - a foreigner can own a house. It is the land that needs to be Thai owned.""

Do I need a Thai partner to buy a house, can you advice about "doing it correctly"?

Thanks.

a lawyer can explain all this clearly. you need to makea thai company. at first you shall own 39 % for the first month then they can transfer you another 10 % making you the majority share holder

the lawyers can find other share holders but the trick is that the thai share holders sign their share transfer forms and give them to you ( keep them safe )

then if you want to take that thai out of your company you can justget another thai to sign the share transfer form and sign a new one to give you a new copy of the the new forn..

in other words yo u shall have full control of the company,

sounds complicated but once you have beeb set up for about 1 year it is very easy.

also if you declair the share capital of 2, million baht you can give yourself a work permit. ( if you wish )

the capital has to be 2 million baht per forang in your comapny

Sitta as you can see this is all complicated and I'm not sure 100% legal also you will need to file tax return for company. Some lawyers will say 100% legal but just make sure.

any decent and ethical lawyer will show you the relevant laws...you can then decide how legal it is or not...it is not complicated. the relevant laws are all in readily available english translations. note: there are ways of doing a long-term land leasing with house ownership that are very secure but not used widely as few lawyers, particularly on Samui are knowledgable enough to know about or understand.

[usernameforthaivisa]

""Owning the house is not the real issue - a foreigner can own a house. It is the land that needs to be Thai owned.""

Do I need a Thai partner to buy a house, can you advice about "doing it correctly"?

Thanks.

You do not need a Thai partner to own a house - but you do need one to own land.

Please go and talk to a reputable lawyer - preferably from an International company. If you are only concerned about owning the house - it is quite simple, but it does involve going to Bangkok a couple of times to visit one of the ministries.

Any advice given here, whilst being well-intentioned, may be out of date. Then again. as with a lot of the laws here - interpretation is what counts.

no, owning a house does NOT involve going to BKK...what rubbish is that? new though and entertaining!

[usernameforthaivisa]

So all points to buying a freehold Condo is safe bet?

YES!! if it is indeed really i.e. LEGALLY a condo

[usernameforthaivisa]

Safer - nothing in life is guaranteed. (But check the ongoing costs - management fees etc)

not an informed/knowledgable reply. the law allows the purchasers to control these matters. better not to ask Samui people including the "lawyers" there (and yes they all suck there) about condos, they have no real experience with them (as there are few and relatively new there) and none of the folks here on TV especially that live on Samui have any clue about the actual law that controls condos.

[usernameforthaivisa]

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.

actually you CAN. that is NOT the issue. the issue is whether the Thais that invest are real investors or not.

again, no "lawyer" or local on Samui can help you....you need a real lawyer an only can find that in BKK.

[usernameforthaivisa]

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

just because you have "had a company" doing what it was never intended to do and doing what I very much suspect is illegal...for you AND your Thai shareholders...means nothing other than you have not yet been caught

[usernameforthaivisa]

I need to know what I said that was wrong it is the only way I learn cheers

49% is not a controlling interest and you cannot have a Thai company owning land with majority foreign shareholders. Yes you only need three shareholders now not seven as previously. The "trick" as you put it is not about having the signatures on share transfer forms (although that is advisable) but making sure the Thai shareholders are legitimate and not nominees. It is also sensible that the Thai company ONLY owns the land and not the house. A foreigner can legally own a house here in their own name and as such would get a Yellow Tabien Baan. Any decent lawyer will guide a buyer through this and there are some here on the island.

you are getting there. but there is no trick to make non investing Thais into actual investing Thais...sorry. And no, that is not correct about the yellow book and also again...there are no decent lawyers on Samui

[usernameforthaivisa]

Cheers for clearing that

They ate toughning up on share holders that do not have enough capital. In the bank to support the share value

I cannot understand why someone what is the managing director of a company put the house in their name

I have herd that some forans have a thai company purchase the land and the forang not even a share holder but he forang owning the house

What is to stop the company knockoff your house down and giving you the bricks back

Also what is to stop the company putting another building on the land as it is the companies land or blocking electric etc

That is why you need a lawyer to set the company up correctly, a shareholders agreement, Articles of Association stating what can and cannot be done, and the shareholders do not need to be Directors who actually control the company. There are a few other things that you would do to protect your interests that I am not going to go into here.

shareholders "actually" control the company...directors are just agents of the shareholders/owners ...man never get legal advice here nor talk to the local samui lawyers that "educated" Samui Res on that...with all due respect Samui Res (who I suspect and sounds like is in the property agent business...???)

[usernameforthaivisa]

Cheers for clearing that

They ate toughning up on share holders that do not have enough capital. In the bank to support the share value

I cannot understand why someone what is the managing director of a company put the house in their name

I have herd that some forans have a thai company purchase the land and the forang not even a share holder but he forang owning the house

What is to stop the company knockoff your house down and giving you the bricks back

Also what is to stop the company putting another building on the land as it is the companies land or blocking electric etc

That is why you need a lawyer to set the company up correctly, a shareholders agreement, Articles of Association stating what can and cannot be done, and the shareholders do not need to be Directors who actually control the company. There are a few other things that you would do to protect your interests that I am not going to go into here.

but the forang can be the managing director hence having full control of his company

as usual...forget EVERYTHING Big C says, complete rubbish. no offense Big C you seem like an okay guy but you have no clue what you are talking about when you talk about legal matters.

[usernameforthaivisa]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

http://www.kasikornb...gnExchange.aspx

This is the link you need. Use the Bank Buying Rate Telex Transfer Column.

Remember the rates constantly change and it can take a couple of days for funds transferred to reach here and they are converted on arrival.

Anything over USD 20,000 (or equivalent) will get you a Foreign Exchange Transaction Form. You need to ask your receiving bank for this.

Keep this form safe as it allows you at a later date to transfer the same amount out of Thailand without question.

Anything under USD 20,000 kssp all the transfer paperwork.

If you are buying a Condo you MUST transfer in foreign currency to get the FETF. Also in ten years of doing this I have always got a better rate in Thailand than I could have got overseas.

The bank will ask you for the reason for transfer and you simply state buying a Condominium.

actually no again...the limit for a FET is now USD equivalent 50,000....few years now already. And no, it is not true that a foreigner MUST transfer currency into Thailand to buy...generally yes but not always. Again...do not listen to information here...almost every post was not accurate.

[usernameforthaivisa]

I am looking into buying a 1bed room condo in Maenam and need to transfer money from here in Aus, will I get better rate in A$ or US$?

I do have an account with Kasikornbank in samui,

Does anyone know a link to check the rate or know the current rate for A4 Us$ with Kasikornbank?

Thanks for any info in advance!

Cheers.

I didn't know there were any registered condo's in Maenam for sale to foreigners. As for transferring money from Australia sent it in Aus/dollars and it will be converted into Baht in Thai and receive a better rate.

Avxxxx Condominium in Maenam, Do you know anything about it?

they call many things here in Thailand "___" but unless it is legally that...it is not legally that.

[Tropicalevo]

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.

[BigC]

has anyone got a a yellow tabian baan cause i herd that it is impossible to get without a residence visa

[crazykopite]

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 !!!!!!

[crazykopite]

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 !!!!!

[sitta]

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?