Phuket Expat Frenchman Stands To Lose B100Mn Home In National Park Land Raid

[KarenBravo]

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

Good post. Have bought and sold property here since the eighties and have always made a profit.

I have a friend who has now been renting the same house for nigh on twenty years. The money he has paid in rent, he could have bought the house three times over.

[Shot]

OK, so who wants to be first?: 40M for 1 rai, everything is signed, and checked over by the lawyer of your choice. Any takers?

[davejones]

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

Good post. Have bought and sold property here since the eighties and have always made a profit.

I have a friend who has now been renting the same house for nigh on twenty years. The money he has paid in rent, he could have bought the house three times over.

Can I meet your friend. I will buy a condo and rent it to him. He sounds like my ideal tenant. LOL.

[davejones]

OK, so who wants to be first?: 40M for 1 rai, everything is signed, and checked over by the lawyer of your choice. Any takers?

You don't pay 40m for one rai. 40m is what you invest. No-one is suggesting that you invest 40m just to buy a rai of land. But if you're a big investor you can buy some land here. Sounds quite sensible to me. In the UK, investor visas are GBP1m I think, so that's around 50m baht. In USA an investor visa is $1m. So it's expensive in many countries. Some claim that Thais are allowed to buy land and property in the UK, but that is no use if you can't get a visa to live there. At least we can live here quite easily.

[falkan]

I would like to know how a foreigner can buy Thai land in own name ?

<snip>

Invest enough money in Thailand and you're allowed to buy a small piece of land to build a house on - one rai I think.

Really ??? I don't think so ....

Yes really. I'm sure other more senior posters on here can confirm. You have to invest quite a substantial amount though.

Section 96 bis The provisions of an alien who may acquire land by virtue of the provision of a treaty under Section 86 paragraph one shall not apply to alien who bring money to invest as amount specified in the Ministerial Regulation which not less than forty million baht. Thus, an alien shall acquire the land for residence not more than one rai and shall obtain permission from the Minister.

The acquisition of land of an alien in paragraph one shall be in accordance with the rules, procedures and conditions prescribed in the Ministerial Regulation in which shall contain at least the following essential matters:

(1) The type of business invested by an alien shall be beneficial to the economic and social of the country or shall be eligible to obtain the promotion of investment pursuant to the Investment Promotion Law as declared by the Board of Investment.

(2) The investment period needs to be maintained not less than three years.

(3) The location of land permitted for acquisition shall not beyond the confines of Bangkok, Pattaya, Municipality of land specified for residence purpose provided by the law of Town and Country Planning.

now you know something new LivinginKata

[steelepulse]

IIRC,this same bit about investing 40 million and being allowed to buy one rai has been brought up before, and not one example has been shown that this has actually happened. This topic gets brought up in the real estate forum from time time and nobody can point to a successful example of this happening.

[LivinLOS]

I would like to know how a foreigner can buy Thai land in own name ?

<snip>

Invest enough money in Thailand and you're allowed to buy a small piece of land to build a house on - one rai I think.

Really ??? I don't think so ....

Yes really. I'm sure other more senior posters on here can confirm. You have to invest quite a substantial amount though.

This has often been quoted.. That 40m baht inward investment allows legal ownership of one ria..

Every legal person I have asked about this denies it to be the case, I only hear it repeated on forums.

With lots of land in Phuket being over or close to 40m a rai it would be open and shut.

I suspect its confusing the old 'bring in 40m and get instant PR' that they used to operate. This did used to be the case and I know a fella who went this route. Had to have the money on deposit for 5 years or something.

[NamKangMan]

Simply don't buy or invest in Thailand.

It's a simple rule.

You broke rule number one.

Never mention the words "invest" and "Thailand" in the same sentence.

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

I've made several successful investments in my home country, which have allowed me to retire here, under the age of 50. I continue to invest, particularly in property, in my home country. I'm still making money, but in a secure environment in regards to the judicial system, stability of Government and economy, and a solid financial system.

I am well aware of the golden rule on investing/business, "no reward without risk." In general, the higher the risk, the higher the return. The risk here, for me, is too high, and for that high risk, I make less return than I do back in my home country.

In relation to your "people are making money here" statement, I would suggest that whatever capital they started up with here, if that start-up capital was "invested" in their home country, I suggest their returns would be a lot higher, with significantly less risk.

Many here think they need to "buy" a property here to enjoy the freedom of lifestyle that Phuket/Thailaid offers.

In my opinion, that purchase exposes you to undue risk in regards to ownership, the purchase is only for 30 years, you have reduced freedom because you now have to sell to be able to move, with all the construction going on here - you have downward pressure on the price of property, due to very poor construction methods and materials - you have a fastly depreciating asset that will require maintainence and, in specifically to Phuket, in my opinion - the island's crime/corruption etc is taking the place in a direction that may see the island an undesirable place to retire to, in the future.

Each to their own, but my money is making more back home than it ever would here, and with a significant less risk.

Why would myself, or anyone else, "invest" at a higher risk for a less return, or the constant threat of no return at all, like the OP????

[LivinLOS]

Section 96 bis The provisions of an alien who may acquire land by virtue of the provision of a treaty under Section 86 paragraph one shall not apply to alien who bring money to invest as amount specified in the Ministerial Regulation which not less than forty million baht. Thus, an alien shall acquire the land for residence not more than one rai and shall obtain permission from the Minister.

The acquisition of land of an alien in paragraph one shall be in accordance with the rules, procedures and conditions prescribed in the Ministerial Regulation in which shall contain at least the following essential matters:

(1) The type of business invested by an alien shall be beneficial to the economic and social of the country or shall be eligible to obtain the promotion of investment pursuant to the Investment Promotion Law as declared by the Board of Investment.

(2) The investment period needs to be maintained not less than three years.

(3) The location of land permitted for acquisition shall not beyond the confines of Bangkok, Pattaya, Municipality of land specified for residence purpose provided by the law of Town and Country Planning.

now you know something new LivinginKata

Did this get legally signed into the royal gazette or was it a suggestion ??

[davejones]

Simply don't buy or invest in Thailand.

It's a simple rule.

You broke rule number one.

Never mention the words "invest" and "Thailand" in the same sentence.

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

I've made several successful investments in my home country, which have allowed me to retire here, under the age of 50. I continue to invest, particularly in property, in my home country. I'm still making money, but in a secure environment in regards to the judicial system, stability of Government and economy, and a solid financial system.

I am well aware of the golden rule on investing/business, "no reward without risk." In general, the higher the risk, the higher the return. The risk here, for me, is too high, and for that high risk, I make less return than I do back in my home country.

In relation to your "people are making money here" statement, I would suggest that whatever capital they started up with here, if that start-up capital was "invested" in their home country, I suggest their returns would be a lot higher, with significantly less risk.

Many here think they need to "buy" a property here to enjoy the freedom of lifestyle that Phuket/Thailaid offers.

In my opinion, that purchase exposes you to undue risk in regards to ownership, the purchase is only for 30 years, you have reduced freedom because you now have to sell to be able to move, with all the construction going on here - you have downward pressure on the price of property, due to very poor construction methods and materials - you have a fastly depreciating asset that will require maintainence and, in specifically to Phuket, in my opinion - the island's crime/corruption etc is taking the place in a direction that may see the island an undesirable place to retire to, in the future.

Each to their own, but my money is making more back home than it ever would here, and with a significant less risk.

Why would myself, or anyone else, "invest" at a higher risk for a less return, or the constant threat of no return at all, like the OP????

I mostly agree with everything you said. If I could make a property investment either here or in the UK, I'd make it in the UK, mainly for the reasons you outlines above. And for most people what you say is mostly likely true. But there are opportunities here that are not available in the UK. One example is manufacturing - the labor costs in the UK are so high that I think you'd make much more money investing here. Also, I have a small investment in a bamboo plantation - certainly not available in the UK. There are bound to be other situations where people with certain business skills in a particular sector can make more money here than they can at home. This is a developing country and it offers some huge opportunities for people who know what they are doing and in the right industry.

While investing here may not be as safe as UK, USA in some respects, things like fixed-term bank deposits, share trading, etc, seem very safe to me. Also, some people make a much better return on property here than they could back home.

So while I agree with most of what you say, there are exceptions, and just saying 'don't invest in Thailand' is the wrong advise if given to everyone.

Two final points. Firstly is that you could invest 70% at home and 30% here, so you are not risking everything. Secondly is that many expats have been here for quite a while and intend to stay, and feel that this is their 'home' country, so they want to invest here. If it's a hands-on investment then you may not be able to pull it off in your home country because you're not there. For example, I can't properly check out properties in the UK when I live in Thailand, but I can easily check out properties here.

So lots to consider.

[NamKangMan]

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

Good post. Have bought and sold property here since the eighties and have always made a profit.

I have a friend who has now been renting the same house for nigh on twenty years. The money he has paid in rent, he could have bought the house three times over.

If they did "buy" that house, they would only have 10 years left on the use of the land that house sits on. In reality, the bricks and motar are theirs to "own" but the land is not - so, they would only be renting for 30 years anyway - so why pay such a high purchase price????

I accept you have bought and sold property here and made some money. However, those days have gone. You will struggle to buy a property now, and sell it in the future, for the same returns.

Of course, your friends could have bought their house and a year later find out their land title is false, due to corruption, and face the same problem as the OP.

Ask your friends, if there was even the slightest risk of losing their property, in the same way as the OP, would they still buy, or just rent and live here happily everafter, as they have done for the last 20 years?

The old argument of "paying rent is dead money" may be a valid argument in the west - BUT, this is Thailand, and in my opinion, paying rent here is a solid financial decision, especially when you put the purchase capital into a western bank and it makes more than enough money in interest to cover the rent here, and that capital is available to you at any time.

[davejones]

This has often been quoted.. That 40m baht inward investment allows legal ownership of one ria..

Every legal person I have asked about this denies it to be the case, I only hear it repeated on forums.

With lots of land in Phuket being over or close to 40m a rai it would be open and shut.

I suspect its confusing the old 'bring in 40m and get instant PR' that they used to operate. This did used to be the case and I know a fella who went this route. Had to have the money on deposit for 5 years or something.

I think the investment has to be a proper investment in a real business that creates local jobs. If you buy land for 40m baht a rai, then that is on top of the 40m investment. You can't just buy land for 40m for yourself and claim it is an investment. You make the investment first and buy the land second.

In any case, I don't suppose anyone on here has 40m to invest. There is another way around the situation and that's to buy in your Thai wife's name (assuming you have a Thai wife). Much cheaper than the 40m option. I know it's not in your name, but a way for you to legally build or buy a house.

[davejones]

IIRC,this same bit about investing 40 million and being allowed to buy one rai has been brought up before, and not one example has been shown that this has actually happened. This topic gets brought up in the real estate forum from time time and nobody can point to a successful example of this happening.

The type of person who invests 40m probably isn't the type who comes on here to debate whether it's possible or not. Even if someone had done this and they came on here to tell everyone, most people wouldn't believe them and would tell them how stupid they were to invest. There is nothing to gain by sharing investment knowledge on here. All you get is a load of grief from the usual Thailand knockers.

If you don't believe it's true, then just forget about, as there's no point you debating it.

[davejones]

The old argument of "paying rent is dead money" may be a valid argument in the west - BUT, this is Thailand, and in my opinion, paying rent here is a solid financial decision, especially when you put the purchase capital into a western bank and it makes more than enough money in interest to cover the rent here, and that capital is available to you at any time.

Which Western bank are you talking about. I haven't seen any that have interest rates high enough to cover rent here. And what about inflation? Over the years the interest you get will cover less and less of the rent. And you also have currency fluctuations to deal with. Could go in your favour, but what if it goes 50% against you in the next 10 years. If you intend to live in Thailand for the rest of your life it makes much more sense to buy a property.

I think you worry far to much about getting a property confiscated? How often does that actually happen? I've never heard it happen with anyone who bought a condo. The only places I've heard about it is where the property is built in the wrong place (e.g. in a national park) or where the land has been bought illegally (e.g. setting up a company specifically to around laws that don't allow you to own land). Stick to the laws and you'll be ok.

Build a property in a national park in the UK and I can guarantee you that it will get demolished much more quickly than here. In the UK, properties have recently been demolished because they were 6" to high and 6" too wide. That is the reality in the UK. And in Spain, tens of thousands of properties have been demolished. The buyers did everything correctly in these cases but didn't get any compensation. So that is the West for you.

I think you spend too much time listening to the Thailand knockers on here and need to get out into the real world and meet some real people who have bought property and live happy lives, free from any hassle.

But I would advise you against buying anything in Thailand because it would be far too stressful for you worrying about could happen.

[steelepulse]

IIRC,this same bit about investing 40 million and being allowed to buy one rai has been brought up before, and not one example has been shown that this has actually happened. This topic gets brought up in the real estate forum from time time and nobody can point to a successful example of this happening.

The type of person who invests 40m probably isn't the type who comes on here to debate whether it's possible or not. Even if someone had done this and they came on here to tell everyone, most people wouldn't believe them and would tell them how stupid they were to invest. There is nothing to gain by sharing investment knowledge on here. All you get is a load of grief from the usual Thailand knockers.

If you don't believe it's true, then just forget about, as there's no point you debating it.

I know plenty of people with this kind of money as do quite a few other board members. Not all of us are on pensions. Point is there has not been one case shown as someone buying one rai of land this way. There's plenty of other ways to buy, just ask the Russian that bought the 15 million USD beach front land in Koh Kloi, or someone with the initials of AZ that has a successful development in Kamala. They didn't buy via the invest 40 million route .

[xylophone]

This is usually the rule of people who can't make money. Because they can't, they assume no-one else can either. It's not just here either, you hear the same silly quotes from people all over the world about how things can't be done, when in fact many people are actually doing the things that they claim can't be done.

There are even people on this forum who have explained how they make money here. So people are actually making money, yet some still claim it's not possible.

Good post. Have bought and sold property here since the eighties and have always made a profit.

I have a friend who has now been renting the same house for nigh on twenty years. The money he has paid in rent, he could have bought the house three times over.

If they did "buy" that house, they would only have 10 years left on the use of the land that house sits on. In reality, the bricks and motar are theirs to "own" but the land is not - so, they would only be renting for 30 years anyway - so why pay such a high purchase price????

I accept you have bought and sold property here and made some money. However, those days have gone. You will struggle to buy a property now, and sell it in the future, for the same returns.

Of course, your friends could have bought their house and a year later find out their land title is false, due to corruption, and face the same problem as the OP.

Ask your friends, if there was even the slightest risk of losing their property, in the same way as the OP, would they still buy, or just rent and live here happily everafter, as they have done for the last 20 years?

The old argument of "paying rent is dead money" may be a valid argument in the west - BUT, this is Thailand, and in my opinion, paying rent here is a solid financial decision, especially when you put the purchase capital into a western bank and it makes more than enough money in interest to cover the rent here, and that capital is available to you at any time.

Have to say that I agree with just about everything that NamKangMan has said in his posts. I too have bought and sold a couple of properties as well as a small business in Phuket and have made some money on the deals……………would I do it now, NO, for all of the reasons he has mentioned.

Furthermore, I think it's worth remembering that there are a lot of older expats living here and no matter how you do the maths, it is cheaper for these folk to rent for 10 or 15 years and have use of the interest earned from the capital, rather than to buy. Also for the fact that you are at the mercy of the market if you want to sell, and I know some very reasonable properties which have been on the market for five years and have not sold.

I really don't see a good future for the property market in Phuket especially in Patong.

[taninthai]

IIRC,this same bit about investing 40 million and being allowed to buy one rai has been brought up before, and not one example has been shown that this has actually happened. This topic gets brought up in the real estate forum from time time and nobody can point to a successful example of this happening.

Obviously the people with that sort of money are not the same type of peole that read and post on Internet forums

[fester471]

Ridiculous. They should have either sorted this out in 1984, or if it's found that the authorities illegally allowed this to be built, then the corrupt officials should be jailed. If the paperwork is in order then it's not the builder or owner that should suffer. Same is happening in Spain. The only people that suffer seem to be the owners and not the corrupt officials.

If you had followed this a bit, you'd know that they are also going after the corrupt officials. What's going to come of it remains to be seen.

The corrupt officials are shaking in their boots , they will be jailed along side the jet ski /tuk tuk/ fugitive pm/ etc. etc etc.

They will be transferred to "inactive" posts thats the normal way Thailand seems to deal with corrupt officialdom isnt it ?

[steelepulse]

IIRC,this same bit about investing 40 million and being allowed to buy one rai has been brought up before, and not one example has been shown that this has actually happened. This topic gets brought up in the real estate forum from time time and nobody can point to a successful example of this happening.

Obviously the people with that sort of money are not the same type of peole that read and post on Internet forums

Obviously you didn't read my post 2 or 3 posts above yours.

[stevenl]

Which Western bank are you talking about. I haven't seen any that have interest rates high enough to cover rent here.

Wouldn't that simply depend on the amount of money in the account and the interest%?

And what about inflation? Over the years the interest you get will cover less and less of the rent.

And why would that be? The rent will stay the same (that is the way Thai rental contracts are setup), and in general in the west if there is a big inflation also interest rates go up.

[davejones]

Which Western bank are you talking about. I haven't seen any that have interest rates high enough to cover rent here.

Wouldn't that simply depend on the amount of money in the account and the interest%?

And what about inflation? Over the years the interest you get will cover less and less of the rent.

And why would that be? The rent will stay the same (that is the way Thai rental contracts are setup), and in general in the west if there is a big inflation also interest rates go up.

Thai rents don't stay the same over 20-40 years, so I have no idea what you are talking about. To take a simple example, suppose your choice was to buy or rent a 7m baht condo. Condos in my building sell for that amount and rent for 25k-30k per month. So put 7m in the bank and you'll get around 3% interest (before tax). So that's 210k baht a year interest. Assuming you could rent at the lower rate of 25k per year, then you would be paying 300k a year rent. So you are paying 90k baht extra per year renting vs. buying. Both rental and selling prices in the condo are up over the last 5 years. So buy renting you are paying more every month, but are losing out on capital appreciation. Rents will be much higher in 20 years time, just due to inflation. It happens everywhere. And what if money is in your home country and the currency moves against you? You could then only be getting 100K baht a month interest. If someone is planning to live here forever and have family to consider, the security of owning their own place is important. There will be no worries about rent rises, inflation, currency movements, etc. You will own your home and at least know that you and your family have a roof over their head.

But would I buy here if I was planning to stay only 5 years on not sure what my long-term plans were? No I wouldn't. But that would be the same in my home country. Whether buying is better than renting is down to individual circumstances. To say it's better to rent for everyone is plainly wrong. Buying works very well for some people.

And what if you can't sell? Again, depends on circumstances. If you have $10m and spend $0.5m on a condo, then it's no big deal if you can sell, need to sell at a loss or whatever. If you invest every last cent you have in a condo, then maybe that's not the right thing to do. But these situations are totally different, and you can't have one rule to cover them all.

I am happy to invest here, so will continue to do so. If you don't want to then that is your choice, and if it makes you happy then we are both happy.

[stevenl]

Which Western bank are you talking about. I haven't seen any that have interest rates high enough to cover rent here.

Wouldn't that simply depend on the amount of money in the account and the interest%?

And what about inflation? Over the years the interest you get will cover less and less of the rent.

And why would that be? The rent will stay the same (that is the way Thai rental contracts are setup), and in general in the west if there is a big inflation also interest rates go up.

Thai rents don't stay the same over 20-40 years, so I have no idea what you are talking about. To take a simple example, suppose your choice was to buy or rent a 7m baht condo. Condos in my building sell for that amount and rent for 25k-30k per month. So put 7m in the bank and you'll get around 3% interest (before tax). So that's 210k baht a year interest. Assuming you could rent at the lower rate of 25k per year, then you would be paying 300k a year rent. So you are paying 90k baht extra per year renting vs. buying. Both rental and selling prices in the condo are up over the last 5 years. So buy renting you are paying more every month, but are losing out on capital appreciation. Rents will be much higher in 20 years time, just due to inflation. It happens everywhere. And what if money is in your home country and the currency moves against you? You could then only be getting 100K baht a month interest. If someone is planning to live here forever and have family to consider, the security of owning their own place is important. There will be no worries about rent rises, inflation, currency movements, etc. You will own your home and at least know that you and your family have a roof over their head.

But would I buy here if I was planning to stay only 5 years on not sure what my long-term plans were? No I wouldn't. But that would be the same in my home country. Whether buying is better than renting is down to individual circumstances. To say it's better to rent for everyone is plainly wrong. Buying works very well for some people.

And what if you can't sell? Again, depends on circumstances. If you have $10m and spend $0.5m on a condo, then it's no big deal if you can sell, need to sell at a loss or whatever. If you invest every last cent you have in a condo, then maybe that's not the right thing to do. But these situations are totally different, and you can't have one rule to cover them all.

I am happy to invest here, so will continue to do so. If you don't want to then that is your choice, and if it makes you happy then we are both happy.

Thanks for the example, I can give an example showing that renting is better. These kind of examples are therefor meaningless IMO.

I'm glad though with your final sentence, it is all about personal choices.

But Thai rents do normally stay the same: my rental contracts states an amount and that amount can not be changed. So for 10 years already I'm paying the same.

[crazykopite]

“As we were unable to ask the owner to provide the land title for the property, we asked the Land Office instead, who informed us that the current registered owner is a Mr Bernard Gautier,” explained Mr Sermyos.

Something dodgy obviously happened in the Land Office if they accepted and registered a foreign individual as the owner of a Thai property.

Whether Mr. Bernard knows it or not, or if he was the one who paid for this "special exemption" to the laws of Thailand remains to be seen.

“He bought the property for 100 million baht. However, as Mr Bernard is not the original builder of the house, which violates zoning laws by being on park land, Mr Bernard is not liable for prosecution,” he said.

If he did bend the rules, at least he won't go to jail, but will learn the 100 MTHB lesson.

Foreigners are allowed to buy Thai land. This guy may also have become a Thai citizen if he's been here so long.

If you invest 40 million bt in Thailand you are allowed to own 1 rai of land !!!!!!!!

[Jimi007]

“As we were unable to ask the owner to provide the land title for the property, we asked the Land Office instead, who informed us that the current registered owner is a Mr Bernard Gautier,” explained Mr Sermyos.

Something dodgy obviously happened in the Land Office if they accepted and registered a foreign individual as the owner of a Thai property.

Whether Mr. Bernard knows it or not, or if he was the one who paid for this "special exemption" to the laws of Thailand remains to be seen.

“He bought the property for 100 million baht. However, as Mr Bernard is not the original builder of the house, which violates zoning laws by being on park land, Mr Bernard is not liable for prosecution,” he said.

If he did bend the rules, at least he won't go to jail, but will learn the 100 MTHB lesson.

Foreigners are allowed to buy Thai land. This guy may also have become a Thai citizen if he's been here so long.

To become a Thai citizen, you have to give up any other citizenship you have. Not worth in IMO. You can become a permanent resident though and own land in your name I do believe.

[Sophon]

To become a Thai citizen, you have to give up any other citizenship you have. Not worth in IMO. You can become a permanent resident though and own land in your name I do believe.

Neither of your statements are true.

• No need to give up your existing citizenship to become a Thai citizen, though some countries doesn't allow dual citizenship and may strip you of your existing citizenship.
  
• Permanent residents cannot own land in Thailand, only Thai citizens can.
  

Sophon

[Jimi007]

To become a Thai citizen, you have to give up any other citizenship you have. Not worth in IMO. You can become a permanent resident though and own land in your name I do believe.

Neither of your statements are true.

• No need to give up your existing citizenship to become a Thai citizen, though some countries doesn't allow dual citizenship and may strip you of your existing citizenship.
  
• Permanent residents cannot own land in Thailand, only Thai citizens can.
  

Sophon

I stand corrected. Thank you.

[davejones]

To become a Thai citizen, you have to give up any other citizenship you have. Not worth in IMO. You can become a permanent resident though and own land in your name I do believe.

Neither of your statements are true.

• No need to give up your existing citizenship to become a Thai citizen, though some countries doesn't allow dual citizenship and may strip you of your existing citizenship.
  
• Permanent residents cannot own land in Thailand, only Thai citizens can.
  

Sophon

I stand corrected. Thank you.

Not true. Companies can also own land and so can foreign citizens (under certain circumstances).

[Sophon]

To become a Thai citizen, you have to give up any other citizenship you have. Not worth in IMO. You can become a permanent resident though and own land in your name I do believe.

Neither of your statements are true.

• No need to give up your existing citizenship to become a Thai citizen, though some countries doesn't allow dual citizenship and may strip you of your existing citizenship.
  
• Permanent residents cannot own land in Thailand, only Thai citizens can.
  

Sophon

I stand corrected. Thank you.

Not true. Companies can also own land and so can foreign citizens (under certain circumstances).

But we are not talking companies here but people.

I assume that you are referring to the 40 mio. baht investment scheme that in theory allows ownership of up to 1 rai of land? If so, even that requires ministerial approval of the land ownership, and there has never here on ThaiVisa been anyone confirming a single example of anyone actually receiving such approval.. If you are referring to "other circumstances" then I would be very interested in you expanding on your comments, as there AFAIK are no other ways for foreign individuals to own land in Thailand legally - even in theory.

Sophon

[Tanaka]

Simply don't buy or invest in Thailand.

It's a simple rule.

I wouldn't say "don't invest" many - among myself are benefiting, from low salary's, and BOI's recent change in willingness to accept applications. Especially within IT.

Workpermits come within weeks, tax freedom, etc - Bangkok is a good place to do business atm IMHO.

Buy buying my own house here....never. Not even through loopholes in the BOI setup.

It's so easy and cheap to rent here - that buying your own house/condo here is idiotic.

Sure. If you accept the quality they have used. And if you accept not being able to have the home you want where you want it.

[theslime]

I expect they will compensate the French guy at the going market rate, being as how its not his fault.

I think he should just consider him self lucky, not being made the scapegoat "loooook wat baad farang do to our beuatifuyl Thai nature"

And jailed for 5 years or something - but i do agree, that the scumbag Farang "real-estate-agent" that properly sold him the property, an knew about it and made his decent little 8-10% of the sales price....should be hanged from the nearest electric pole.

Too Right Mate.