Land

[klause]

farang can buy a CONDO % 100 his name and if he wants to buy a House

he can buy it only in company name (this i know too)

BUT : what if he wants to buy a LAND in company name in Thailand ? (500 sqr meter example.)

is it possible too by a little land to company name? same as buy a house or not ?

actually i want to buy a small land and build a House inside myself.

Thank.

[LennyW]

The house you can own outright same as a condo in your own name. The land must be separate by means of either a company, lease, or lifetime usufruct. Consult a poperty lawyer it is not difficult despite the barrage of bampot comments you are about to get here.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[dru2]

The house you can own outright same as a condo in your own name. The land must be separate by means of either a company, lease, or lifetime usufruct. Consult a poperty lawyer it is not difficult despite the barrage of bampot comments you are about to get here.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Lifetime usufruct - legal, easy and inexpensive - is a good way to go.

[JesseFrank]

The house you can own outright same as a condo in your own name. The land must be separate by means of either a company, lease, or lifetime usufruct. Consult a poperty lawyer it is not difficult despite the barrage of bampot comments you are about to get here.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Lifetime usufruct - legal, easy and inexpensive - is a good way to go.

But if he want an usufruct the OP first needs someone he can trust who can own the land.

From my understanding of the OP, he is a single person. If he buys the land in company name, he doesn't need an usufruct, but it is illegal to the letter of the law to make a company with the sole purpose of owning land.

That there haven't been any confiscation until today, doesn't change that fact.

[falang07]

In case it is illegal to the letter of the law to make a company with the sole purpose of owning land, what if the company is not with the sole purpose of owning land, but will also make some business activity?

[falang07]

Do you really think someone is going to confiscate anything? the most I would fear would be a court ruling forcing the owner to sell the property within a year.

[Langsuan Man]

.

But if he want an usufruct the OP first needs someone he can trust who can own the land.

From my understanding of the OP, he is a single person. If he buys the land in company name, he doesn't need an usufruct, but it is illegal to the letter of the law to make a company with the sole purpose of owning land.

That there haven't been any confiscation until today, doesn't change that fact.

" illegal to the letter of the law " Not according to our new Ask the Lawyer:

http://www.thaivisa.com/forum/topic/715316-opening-business-in-order-to-buy-property-is-this-legal/

[JesseFrank]

But if he want an usufruct the OP first needs someone he can trust who can own the land.

From my understanding of the OP, he is a single person. If he buys the land in company name, he doesn't need an usufruct, but it is illegal to the letter of the law to make a company with the sole purpose of owning land.

That there haven't been any confiscation until today, doesn't change that fact.

" illegal to the letter of the law " Not according to our new Ask the Lawyer:

http://www.thaivisa.com/forum/topic/715316-opening-business-in-order-to-buy-property-is-this-legal/

New lawyer, that answer sounds more to me as one from the new weatherman.

If the company does everything by law, meaning pay its taxes, make a balance sheet yearly, have a yearly general meeting etc. how can it be illegal?

Why he doesn't specify what is EVERYTHING, but uses the word etc. instead ?

If it was so legal, why every year there is a high official claiming that they gonna crack down on this practice, only to be silenced within days of course by people higher in the food chain, who realise what damage such a crackdown would do to the country. But the fact that EVERY year for the past 5 years someone in the government has stood up an announced a crackdown, is a clear indication that there is something they can crackdown on if they really want. And as I said, because something hasn't happened in the past is no guarantee for the future.

Below is the view from another well known lawyer connected to Thaiviss.

Foreigners are not legally allowed to own land although with a few exceptions they can own one rai of non-inheritable land.That said, many foreigners started majority Thai owned limited companies with the sole reason of buying land and this loophole is now being closed as more land offices are cracking down on non-active companies that purchase land. The Thai government has issued guidelines for local Land Offices to follow in regards to partially foreign owned companies buying and holding land. The use of nominee shareholders is being eliminated and this is not a wise way to obtain land.

Current regulations require that the company be an actively trading business with money flowing through the books, shareholders meetings must be held, minutes taken and yearly audits filed. Additionally the company must have a legitimate business purpose that is registered with the Business Registration Department.

The Land Office will investigate all Thai shareholders of a company wishing to purchase land and ensure that they are legitimate investors with enough financial resources to actually invest the required amount of capital in the company.

http://www.sunbeltlegaladvisors.com/property/buying-land-in-thailand/

Or another one from Thailand law online

Thailand has strict laws prohibiting foreigners from directly purchasing property themselves although loopholes in the law allow them to own land and their houses through long leases or a "nominee company," providing the company is majority Thai-owned.

It is common practice for such "shell companies" to include Thai nationals who have been paid to act as nominees to facilitate the deal and who have invested nothing in the purchase.

The new regulation, signed by Suraart Thoingniramol, deputy permanent secretary of the Interior Ministry, is designed to halt the use of such companies for property purchases in the future.

"If it appears that an alien holds shares or is a director or it is reasonable to believe that a Thai holds shares as a representative of an alien, the officers shall investigate the income of Thais holding shares, delving into the number of years [they have spent] in the current profession and monthly salary," reads a translation of the law. "The provision of necessary evidence is required."

The new regulation is actually an enforcement of Thailand 's existing laws, legal experts said.

"It's not a radical change. It's a radical implementation," Ronachai said.

The regulation has already started to stall home sales to foreigners, sources said.

"There's a lot of confusion," said Simon Landy, managing director of the Primo Co, a property-development firm. "Some land offices don't know what to do with it, and many have simply stopped transferring land."

http://www.thailandlawonline.com/article-older-archive/new-real-estate-law-for-foreigners-in-thailand

Do you really think someone is going to confiscate anything? the most I would fear would be a court ruling forcing the owner to sell the property within a year.

You're right, confiscating is the wrong word, I should instead have said forced sale.But do you imagine that in case such a crackdown really happens, and there are hundreds of thousands fire sales at the same time, what the effect will be on the prices. Me think it will look the same as if your house was confiscated.

Now to make it clear I'm not interested to have a lengthy argument about the legality or illegality of owning a house under company name, as in fact we all have a different opinion and none of us is knowledgeable enough to proof he's correct, but the fact that there are continuous rumors on a crackdown by people in the government sends me a message. Where there is smoke, there is fire my dad used to say.

Edited April 11, 2014 by JesseFrank

[Langsuan Man]

Still waiting for the first "forced sale" or "confiscated" property post here at Thai Visa. I'm not worried since my lawyer has agreed in advance to defend the legitimacy of my company

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[JesseFrank]

Still waiting for the first "forced sale" or "confiscated" property post here at Thai Visa. I'm not worried since my lawyer has agreed in advance to defend the legitimacy of my company

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

I'm impressed that your lawyer in advance has agreed to drain some money out of you in case a problem arises.

However I'm sure he didn't in advance guaranteed you the results of an eventual court case, written on paper .

Let me make it clear again, the past is no predictor of the future, in the mean time keep your head buried in the sand .

[parallaxtech]

Each year some idiot Thai politician spouts out how they are going to take the land away from the evil farang, which is popular with some voters, and then he shuts up because he is reminded of a few things:

1. Thailand makes billions each year on land sales to foreigners through TMCs (Thai Majority Company).

2. Lawyers and accountants would dry up if foreigners couldn't purchase land this way.

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

LM is correct, no foreigner has ever lost his land because he set up a Thai company and if that ever happened it would be the end of Thailand, so give the Thais some credit for knowing how to keep everyone happy.

I meet "doomsday lunatics" all the time here so you can believe them and not cross the street or ignore them and get credible advice from professionals.

Edited April 12, 2014 by parallaxtech

[JesseFrank]

Each year some idiot Thai politician spouts out how they are going to take the land away from the evil farang, which is popular with some voters, and then he shuts up because he is reminded of a few things:

1. Thailand makes billions each year on land sales to foreigners through TMCs (Thai Majority Company).

2. Lawyers and accountants would dry up if foreigners couldn't purchase land this way.

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

LM is correct, no foreigner has ever lost his land because he set up a Thai company and if that ever happened it would be the end of Thailand, so give the Thais some credit for knowing how to keep everyone happy.

I meet "doomsday lunatics" all the time here so you can believe them and not cross the street or ignore them and get credible advice from professionals.

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

Yet another one who think the Thais need him to stay alive . Have you ever looked at prices of land in te big cities like Khon kaen, Ubon Ratchatani for example where almost no foreigners by land ?

Or take Bangkok, where maybe 1% of the land available belongs to foreigners.

Maybe you should reread the links I posted, they say LOOPHOLES. I'm sure you understand the definition of loopholes, and what can happen to them .

[rgs2001uk]

Each year some idiot Thai politician spouts out how they are going to take the land away from the evil farang, which is popular with some voters, and then he shuts up because he is reminded of a few things:

1. Thailand makes billions each year on land sales to foreigners through TMCs (Thai Majority Company).

2. Lawyers and accountants would dry up if foreigners couldn't purchase land this way.

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

LM is correct, no foreigner has ever lost his land because he set up a Thai company and if that ever happened it would be the end of Thailand, so give the Thais some credit for knowing how to keep everyone happy.

I meet "doomsday lunatics" all the time here so you can believe them and not cross the street or ignore them and get credible advice from professionals.

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

Yet another one who think the Thais need him to stay alive . Have you ever looked at prices of land in te big cities like Khon kaen, Ubon Ratchatani for example where almost no foreigners by land ?

Or take Bangkok, where maybe 1% of the land available belongs to foreigners.

Maybe you should reread the links I posted, they say LOOPHOLES. I'm sure you understand the definition of loopholes, and what can happen to them .

3. Land would be pretty worthless if only Thais could buy it. Who do you think is paying the 5MB plus prices for one rai of land?

I doubt very much if our regular two week millionaire blow ins could afford land in Bkk.

Pattanakarn, 100,000 per t/w, or lets say 40 million per rai.

I know people who land land up that way, they say why sell it, we can get a better return on the land price than we would get if we sold and put the money in the bank.

The other day I drove behind Ram hospital at the back of Ram soi 34, land priced at 80,000 per t/w, 7 ngan for sale, are you interested parralla?

[Delight]

I recall a proposal that went thru the lower house which stated that if a foreigner has the control of a Thai company -then that company must be a foreign company.

This was around 2007/8.

It failed.

The Thai goverment retains the right to instigate such legislation -but is unlikely to do so(in my view ) since 'money makes the world go round'.

[cheeryble]

You're right, confiscating is the wrong word, I should instead have said forced sale.But do you imagine that in case such a crackdown really happens, and there are hundreds of thousands fire sales at the same time, what the effect will be on the prices. Me think it will look the same as if your house was confiscated.

.

Hey Jesse,

Why not send your "friend" down to "buy" your forced sale property?

Oh, and he/she may as well register a usufruct for you whilst you're at it.

ps not sure about LO transfer fees in this situation, is it possible they would be wholly or partially written off as the original transfer was presumably illegitimate and THOSE fees should be returned?

Sent from my iPad using ThaiVisa app

Edited May 10, 2014 by cheeryble

[cheeryble]

Whoops

Edited May 10, 2014 by cheeryble

[marino28]

Hello, I am actually thinking to buy 1 rai of land in the village of my girlfriend. The land actually will be In her name but I want some protection. They told me was a good idea to do a 30 year lease, but now I read about lifetime usufruct. I think is better. What are the cost for doing that ? Thank you. Actually the land will be near nakon sawon

Inviato dal mio iPhone utilizzando Thaivisa Connect Thailand

[cheeryble]

Hello, I am actually thinking to buy 1 rai of land in the village of my girlfriend. The land actually will be In her name but I want some protection. They told me was a good idea to do a 30 year lease, but now I read about lifetime usufruct. I think is better. What are the cost for doing that ? Thank you. Actually the land will be near nakon sawon

Hi Marino

have you ever heard the expression "a cowboy surrounded by Indians"?

You may find yourself in that position.

[klause]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

The house you can own outright same as a condo in your own name. The land must be separate by means of either a company, lease, or lifetime usufruct. Consult a poperty lawyer it is not difficult despite the barrage of bampot comments you are about to get here.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Thank you for information.