DeeMak9 Posted October 8, 2013 Share Posted October 8, 2013 (edited) A few months ago we have paid a deposit for a little less than 7 rai in Pattaya. In a few months we'll be paying the outstanding balance and transfer. Normally we deal with the law firm Magna Carta in Pattaya, however they refuse to deliver nominees now. Today we've called Siam Legal and they are telling us the same. Regarding to them since a few months theres a new division in Pattaya that makes this almost impossible now. Using my wife, wifes family or one of the few Thai people I know as a shareholder is no option for us. I don't want to involve my wife in any business I do and my wife, wifes family or the few thai people I know I wont trust with a land plot that has a value of half a million euros. Our plan is to build a small village with around 20 houses on it. A fair amount will be available to buy and the rest we'll be renting out. Are there any other options? I would very much like to go the company route as it seems the best way to go in our situation and with our plans. I just absolutely don't want to deal with a small, shady law firm. Edited October 8, 2013 by DeeMak9 Link to comment Share on other sites More sharing options...
Popular Post Soutpeel Posted October 8, 2013 Popular Post Share Posted October 8, 2013 did you not consider the legality of what you were doing before you put Euro 500k into this and further you do know that using a company to circumnavigate land ownership laws is also illegal 4 Link to comment Share on other sites More sharing options...
Langsuan Man Posted October 8, 2013 Share Posted October 8, 2013 All they are telling you is that they, ( Magna Carta, Siam Legal ) are not providing nominees, which is not an opinion or judgement on the legality of using a company structure as Soutpeel may want you to believe Get you own nominees and I am sure that these two law firms will set up a company for you without a problem Link to comment Share on other sites More sharing options...
jbrain Posted October 8, 2013 Share Posted October 8, 2013 All they are telling you is that they, ( Magna Carta, Siam Legal ) are not providing nominees, which is not an opinion or judgement on the legality of using a company structure as Soutpeel may want you to believe Get you own nominees and I am sure that these two law firms will set up a company for you without a problem But that's just the problem of the OP, he doesn't trust his wife or her family, but he would trust some strangers provided by a lawyer company. By the way, if he set up a completely Legal company, he should be able to buy the land and build the houses legally, or does someone want to claim that those foreign companies that build condo's all work through a shoddy company with nominees. But of course, he will have to pay taxes on the sales and rents since everything will be legal. Link to comment Share on other sites More sharing options...
saakura Posted October 8, 2013 Share Posted October 8, 2013 OP will sink half a million euros in the names of unknown nominees provided by a lawfirm? Not a wise move i would say. Sooner or later you will get cheated. Link to comment Share on other sites More sharing options...
DekDaeng Posted October 8, 2013 Share Posted October 8, 2013 OP will sink half a million euros in the names of unknown nominees provided by a lawfirm? Not a wise move i would say. Sooner or later you will get cheated. Much less chance than with wife / gf. Wfs & gf can disappear in 5 minutes - get a law co thats been around a while, & got references. WHEN YOU FIND ONE, POST NAME HERE & ASK FOR FEEDBACK - SOME MAY PM YOU as many comments re Pattaya lawyers (Particularly farangs) could be considered libellous - even tho true. Link to comment Share on other sites More sharing options...
Khun Jean Posted October 8, 2013 Share Posted October 8, 2013 Ain't Thailand great for doing business. I suggest finding a Thai partner that contributes 51% of the money to get 51% of the company. Otherwise it is just a risky business. Just say goodbye to your deposit and redo your homework. It will be the best and cheapest option. Link to comment Share on other sites More sharing options...
beach Posted October 8, 2013 Share Posted October 8, 2013 (edited) Newbie and 7 posts says it all (apologise my prejudice) but just browse through all posts for the last 10years++ and you'll learn that this won't work at the end. Edited October 8, 2013 by beach Link to comment Share on other sites More sharing options...
falang07 Posted October 9, 2013 Share Posted October 9, 2013 Indeed, why bother investing in this country which does not provide basic rights for the investor? Keep your 500,000 Euros and live well, perhaps invest in something safer and hassle-free. 1 Link to comment Share on other sites More sharing options...
garyk Posted October 10, 2013 Share Posted October 10, 2013 (edited) 500k euros is a very tidy sum. I am afraid to even buy a small home here. Thailand is for fun and sabai living. Very easy here and a very decent retirement destination if you keep your cards close to your vest. LOL, I don't trust anyone here let alone the Thai's. The law is the law. Obey it and you will be safe and comfortable, Break the law and face the consequences. Edited October 10, 2013 by garyk Link to comment Share on other sites More sharing options...
geordieman2 Posted October 10, 2013 Share Posted October 10, 2013 (edited) Easy, they do not want to do it because a nominee shareholding structure is illegal. The government is now really checking and cracking down on these illegal structures. I'm not talking about people owning a house to live in, but multi million Baht land development/real estate projects. Illegal to do 100% for foreigners, breaches at least 2 laws, namely the foreign business act an land ownership laws. Edited October 10, 2013 by geordieman2 Link to comment Share on other sites More sharing options...
noikrit Posted October 10, 2013 Share Posted October 10, 2013 My wife said she'd go nominee, I can vouch for her ! Link to comment Share on other sites More sharing options...
Arkady Posted October 11, 2013 Share Posted October 11, 2013 I don't understand exactly what your business plan was. If you can't trust your wife or her family or any Thai friends to be your nominees, who are you looking for? There are many cases of Thai lawyers setting up foreign clients with crooked nominees who sell the property off as soon as they can. You can't go to the police because you would have to admit to a criminal offence and they would immediately start extorting you and probably leave the thieves alone. What you are trying to do is rather risky, even if you have trustworthy nominees. Using a company, you and your nominees would be in violating of Land Code and the Foreign Business Act. Also foreign developers these days are very much above the radar screen as prime targets for extortion. The normal business risks of an amateur developer are pretty substantial without adding the risks of being cheated by nominees and being arrested and extorted or imprisoned for criminal offences. There are a lot great developers and property funds listed on the SET that pay 4-5% dividend yields and you can sell up any time you want. If you want to invest in Thai property development, do yourself a favour and put your money in those. Don't donate your money to a bunch of sharks in Pattaya. 1 Link to comment Share on other sites More sharing options...
icare999 Posted October 17, 2013 Share Posted October 17, 2013 illegal move on and 99% chance you'll loose i tall anyway One born each minute Link to comment Share on other sites More sharing options...
VisaProblem Posted October 18, 2013 Share Posted October 18, 2013 Dude, 20 houses is a commercial property development. Anything over, I think 4 - 7 houses is commercial (can't remember the exact number), and in Chonburi Province , with a farang on the books you will have the GlomTiiDin crawling up your backside with a magnifying glass re these nominees. You cant avoid the Glom Tii Din and i think the tetsaban too as you will have to get planning approval for a commercial dev, and with shaky nominees, it won't be worth it. Cut your losses and head for the exit, find an easier investment. Link to comment Share on other sites More sharing options...
NanLaew Posted October 18, 2013 Share Posted October 18, 2013 ... Using my wife, wifes family or one of the few Thai people I know as a shareholder is no option for us. I don't want to involve my wife in any business I do and my wife, wifes family or the few thai people I know I wont trust with a land plot that has a value of half a million euros. Our plan is to build a small village with around 20 houses on it. A fair amount will be available to buy and the rest we'll be renting out. ... If the OP doesn't trust his wife and doesn't want her involved, to whom does us, our and we refer too? Link to comment Share on other sites More sharing options...
Khun Jean Posted October 19, 2013 Share Posted October 19, 2013 Remember one born every minute second. So the we,our and us refer to dumb, dumber and dumbest. Link to comment Share on other sites More sharing options...
falkan Posted October 19, 2013 Share Posted October 19, 2013 i give you a good advice, open a bar instead! Link to comment Share on other sites More sharing options...
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