Clamp Down On Foriegn "land Ownership"

[Charma]

In one province, they are no longer looking at the income of any Thais, as of July 9th they are allowing any Thai company with a 49% foreign shareholder wanting to register land to do so, as long as that foreigner is only a shareholder of one Thai company that owns land and if that company is looking to buy no more than one rai of land with up to one house. This is the solution to cut down on foreign property developers and money launderers rather than causing problems for registration of land to Thai companies with individual investors.

I've read this before on another thread - but which province? This info is no good at all if there are no details!

[Khun Jean]

Who cares which province, the law is for whole Thailand! Is this circumventing the law a hobby?

Just wait until they start "enforcing" it again. Why take the risk?

It is still illegal (using nominees, lawyers employees/family/friends).

Better to stay at the right side of the law. When a house/land is bought who guarantees you can stay the owner for the future.

Not nice when the law will be really enforced say 10 years from now.

Don't only think about the present. Buying a property i think is to use it for a long time, trouble free. If that is not guaranteed, rent. Renting is also not free of minor trouble but at least it will not cost millions of baht.

[Charma]

Who cares which province, the law is for whole Thailand! Is this circumventing the law a hobby?

Just wait until they start "enforcing" it again. Why take the risk?

It is still illegal (using nominees, lawyers employees/family/friends).

Better to stay at the right side of the law. When a house/land is bought who guarantees you can stay the owner for the future.

Not nice when the law will be really enforced say 10 years from now.

Don't only think about the present. Buying a property i think is to use it for a long time, trouble free. If that is not guaranteed, rent. Renting is also not free of minor trouble but at least it will not cost millions of baht.

I would imagine the people considering buying or transferring land in that province would care. Not everyone will agree with you KJ and will make their decision based on their own view of the situation. Your statement about it being illegal using family and friends is not entirely correct. Who is to say that they would not be bona fide investors? Thousands have done this.

Of course there are no guarantees. But renting is not the perfect solution and can end up costing you millions. If you rent for the next 30 years, you will have paid millions and definately will end up with nothing! And who is to say rent inflation will stay reasonable during that period? If rental prices rise suddenly you could find yourself unable to afford a decent place to live.

I have asked this on other threads, but perhaps as your views are so clear on this issue KJ, could you give one factual example of someone who has had property seized because of an incorrectly set up company purchase. I ask not because I think this could never happen, but because there has been so much talk of this with very little in the way of substance. All I was asking for in my previous thread were some facts.

[Khun Jean]

Sorry for not making this sentence clear.

It is still illegal (using nominees, lawyers employees/family/friends).

I just meant nominees. And often those nominees are the laywers employees or friends, or your own family and friends.

Even when the company is structured the company still have to do bookkeeping, pay tax, make profit. Well at least show that it is a real company and not just a shell to own land.

My views are clear because the law is clear. For me it is not important if a law is enforced or not. I simply assume it will be enforced, now or in the future.

[Ollie]

TJ,

I appreciated your pm - sorry I didn't get back to you but it didn't make it to my main intray.

What you have said has been reported elsewhere as has now been reported on this thread and if things pan out the way you have described, it would be helpful for you to post another update here.

Those so inclined, can then make an informed decision on what to do.

Thanks

Ollie

[Deadcert]

TJ,

I appreciated your pm - sorry I didn't get back to you but it didn't make it to my main intray.

What you have said has been reported elsewhere as has now been reported on this thread and if things pan out the way you have described, it would be helpful for you to post another update here.

Those so inclined, can then make an informed decision on what to do.

Thanks

Ollie

I gather everything is as before, except that the maximum transfer to a company is 1 Rai. Obviously they are looking to prevent foriegners making money through development,so I guess that will count most of us out.

Edited August 16, 2006 by Deadcert

[Ollie]

I gather everything is as before, except that the maximum transfer to a company is 1 Rai. Obviously they are looking to prevent foriegners making money through development,so I guess that will count most of us out.

Well I don't claim to know all, but the 1 rai thing is a myth unless you have 40m baht to invest - thats laways been there (apparantly!)

But happy to be proved wrong.

[tominchaam]

Today it is no problem to get a Title of Deed for land up to 1 rai registered into “farang company”. This satisfies a lot of people and they appear to think everything is fine again.

But the law does not accept any farang to own land, directly or indirectly – except if they have invested 40 M and got a special permit.

But Thailand is different in many ways. The Thai people seem to follow those laws that make sense and the rest of them they just ignore. Those farangs buying land through companies show the same “Thai attitude”. I do not blame them – provided they know the facts.

But what I dislike a lot are those developers and estate agents saying it is according to the Thai law to own land through a company. Too often they have their own “legal experts” who acts on their behalf as well.

[TJ xpat]

TJ,

I appreciated your pm - sorry I didn't get back to you but it didn't make it to my main intray.

What you have said has been reported elsewhere as has now been reported on this thread and if things pan out the way you have described, it would be helpful for you to post another update here.

Those so inclined, can then make an informed decision on what to do.

Thanks

Ollie

Ollie

Thanks for your letter to the forum, yes it is great to see things are now moving again at the land office.

In answer to another reader in the forum my cake now tastes much better and if you need a good legal advice let me know.

I have just returned to Thailand after a much needed break and come back to more problems, it now seems that it is very difficult to form a Thai company for the foreigner in Prachuabkirikhan.

I can understand that the foreigners have increased property prices in Thailand out of reach of most Thais but this country needs foreign investment into the country, as before this is a hiccup and hopefully will sort itself out soon.

Regards TJ