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land ownership

KwokRenXing

By KwokRenXing
in Phuket

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nedkellylives Silver Member

nedkellylives

Posted
Posted

You can buy land, you just can't own it. biggrin.png

If you own land in your own name in Australia and you are in a long time relationship and anything goes wrong

with that relationhip especially if custody of children are concerned see how much you end up with FA if you do not have custody of the children

Here the only way for a expat to own land is a 30 lease or thru a company

i personally like a lot of people have put the property in my wifes name, but you have to have someone you trust to do that

Would not be suitable for the OP

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LivinginKata Star Member

LivinginKata

Posted
Posted

In general, no.

what is the work around to it? even if it is company held it has to have thai nominees, am i correct? i cant take a thai wife.

Thai company can only have a 49% non-Thai share holders.

Sure, a Thai wife can own the property, but does not give you any better ownership rights.

Most foreigners go the 30 year lease route.

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NamKangMan Diamond Member

NamKangMan

Posted
Posted

You can buy land, you just can't own it. biggrin.png

If you own land in your own name in Australia and you are in a long time relationship and anything goes wrong

with that relationhip especially if custody of children are concerned see how much you end up with FA if you do not have custody of the children

Here the only way for a expat to own land is a 30 lease or thru a company

i personally like a lot of people have put the property in my wifes name, but you have to have someone you trust to do that

Would not be suitable for the OP

"i personally like a lot of people have put the property in my wifes name" - so, i something "goes wrong" with your relationship here, you would end up with "FA" like you would if in Australia?

"Here the only way for a expat to own land is a 30 lease or thru a company" - so, if the only way to "own" the land here is to actually "rent" the land - why not just rent anyway?

Why pay a lump sum, for something you don't own, that has decreasing use rights with every year that passes, thus is a depreciating asset?

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NamKangMan Diamond Member

NamKangMan

Posted
Posted (edited)

I'm a belt and braces man.

Wife's name AND a 30 year lease.

What happens to your lease if your wife was to pass before you????

Whomever inherits the land has to honour the lease. That is why I did it.

My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased.

Also, the person inheriting the land, can sell it, to anyone, and you certainly don't have any lease contract with that third party.

This is why I bought it up.

I remember reading about it in the PG. A quick google revealed this article. I'm not sure if it's the one I read, but it does contain some information about this method of land ownership.

https://phuketgazette.com/property-legal/Phuket-Property-Legal-lease-be-buried-you/27846

Note where it says -

"In order to protect the inheritance of lease rights, the lessor and lessee may agree under the lease that the agreement shall be binding upon and enure on to their heirs, in case of either on to demise. However, such succession or inheritance clauses may not be accepted by a court if it comes to a dispute between the lessor and lessee’s heirs – it needs to be remembered that a lease right is basically considered as a personal right of the lessee, which cannot be transferred upon their demise."

It does talk more about the lessee's heirs, but does mention "in case of either on demise."

Edited by NamKangMan
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KarenBravo Diamond Member

KarenBravo

Posted
Posted

If the owner of the land with a lease sells it, thus, ending the lease, leased land would be just as valuable on the open market as land with no lease, which it isn't.

The lease is valid whoever actually owns the land. Otherwise nobody would ever lease, would they?

If you actually read your own article, it is about the lessee, not the lessor. If I die, the lease cannot be inherited, which I know about.

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NamKangMan Diamond Member

NamKangMan

Posted
Posted (edited)

If the owner of the land with a lease sells it, thus, ending the lease, leased land would be just as valuable on the open market as land with no lease, which it isn't.

The lease is valid whoever actually owns the land. Otherwise nobody would ever lease, would they?

If you actually read your own article, it is about the lessee, not the lessor. If I die, the lease cannot be inherited, which I know about.

If you read my post, I did mention it talks more about the leasee passing than the lessor.

I agree that it is one of the better out of a bad bunch of options, but, as mentioned, why "buy" something that you actually "rent" for 30 years?

Many say, "paying rent is dead money" but, for me, so is "buying" some land that you can not "own" and even with a 30 year lease, will most probably lose the use of, not to mention it's also a rapidly depreciating asset and/or very difficult to liquidate.

Edited by NamKangMan
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KarenBravo Diamond Member

KarenBravo

Posted
Posted (edited)

This is the first line of your post:-

"My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased"

Your "understanding" is wrong. You got the lessor mixed up with the lessee. Just admit it for once.

As for your other points, I've already had this discussion with you. I'm not going to discuss it again..

Edited by KarenBravo
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pagallim Platinum Member

pagallim

Posted
Posted

"i personally like a lot of people have put the property in my wifes name" - so, i something "goes wrong" with your relationship here, you would end up with "FA" like you would if in Australia?

Actually, all assets purchased during a marriage here in Thailand are divided equally in the event of divorce. People putting property and other assets in their girlfriends name, and subsequently the relationship breaks down, qualify for zilch.

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LivinginKata Star Member

LivinginKata

Posted
Posted

so the only way for foreign couple is to buy land on 30yr lease.

what about shophouses in town? can we own them?

You can own the building, but as a non Thai national you cannot own the land it stands on. Does not matter if in a town or the countryside, all the same under Thai law.

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NamKangMan Diamond Member

NamKangMan

Posted
Posted

This is the first line of your post:-

"My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased"

Your "understanding" is wrong. You got the lessor mixed up with the lessee. Just admit it for once.

As for your other points, I've already had this discussion with you. I'm not going to discuss it again..

I thought I did admit it when I said, "It does talk more about the leasee than the leasor.:"

Anyway, I do stand corrected.

The lease lives on in the event the leasor dies. In the event the leasee dies, the lease is ends.

This is why I said, "it appears to be the better of of a bad bunch of options."

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nedkellylives Silver Member

nedkellylives

Posted
Posted (edited)

I'm a belt and braces man.

Wife's name AND a 30 year lease.

What happens to your lease if your wife was to pass before you????

Whomever inherits the land has to honour the lease. That is why I did it.

Same, same wife also left property to me in her will as recommended by law firm but you will always get bush lawyers who think they know better

believe everything they read on google cheesy.gif

Edited by nedkellylives
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NamKangMan Diamond Member

NamKangMan

Posted
Posted

"i personally like a lot of people have put the property in my wifes name" - so, i something "goes wrong" with your relationship here, you would end up with "FA" like you would if in Australia?

Actually, all assets purchased during a marriage here in Thailand are divided equally in the event of divorce. People putting property and other assets in their girlfriends name, and subsequently the relationship breaks down, qualify for zilch.

I've clearly stated on this forum, many times, I will never buy land in Thailand. For me, with the laws as they stand, it's a poor investment that carries a high risk and therefore make no economic sence to me.

My money can stay in my home country, where it earns higher in interest than the rent I pay here each month, I have no maintanence or repair issues, I pay no taxes/fee/levies etc, it's always at call and I am free to move addresses should my area become undesirable.

I'm always happy to learn new things here and did a little reading on the subject last night, mainly in relation to KB's method of "ownership."

What I stumbled across was if a Thai and foreigner married couple bought land, the foreigner has to sign away any rights to the land, in the case of divorce, as he can not have any right to land in Thailand because he is a foreigner.

There's quite a bit on the internet about it.

"all assets purchased during a marriage here in Thailand are divided equally in the event of divorce" - so, I believe your statement does not apply to land, even if you are married, only to assets that foreigner are allowed to own here. Eg. a car.

Here's just one paragraph from a well know law office in Thailand.

A foreigner can buy land in Thailand if he is married to a Thai however there are limitations as follows:

  • As the non-Thai spouse, you need to state that you have no rights over the land; effectively waiving your rights to claim the property.
  • The property, though purchased by you, cannot be in your name but will have to be in the Thai spouse.
  • The married couple may be asked to sign declarations at the Land Department stating that the funds used are the separate property of the Thai spouse.
  • Problems may still arise during a divorce case. Proving that the land is marital property will be difficult.

There are basic guidelines that the law provides in the management of matrimonial assets and in this case, a skilfully drafted prenuptial agreement may help to minimize your risks as the non-Thai spouse.

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NamKangMan Diamond Member

NamKangMan

Posted
Posted (edited)

I'm a belt and braces man.

Wife's name AND a 30 year lease.

What happens to your lease if your wife was to pass before you????

Whomever inherits the land has to honour the lease. That is why I did it.

Same, same wife also left property to me in her will as recommended by law firm but you will always get bush lawyers who think they know better

believe everything they read on google cheesy.gif

I think you will find you have to sell that land/property within 1 year of your wife's death.

Edited by NamKangMan
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NamKangMan Diamond Member

NamKangMan

Posted
Posted

This is the first line of your post:-

"My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased"

Your "understanding" is wrong. You got the lessor mixed up with the lessee. Just admit it for once.

As for your other points, I've already had this discussion with you. I'm not going to discuss it again..

Can I ask KB, what happens with a 30 year land lease, from a Thai wife, in the event of divorce?

Does divorce effect the 30 year land lease in any way?

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keestha Platinum Member

keestha

Posted
Posted

This is the first line of your post:-

"My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased"

Your "understanding" is wrong. You got the lessor mixed up with the lessee. Just admit it for once.

As for your other points, I've already had this discussion with you. I'm not going to discuss it again..

Can I ask KB, what happens with a 30 year land lease, from a Thai wife, in the event of divorce?

Does divorce effect the 30 year land lease in any way?

May I also answer?

She'll still be legally bound to honor the contract, but she might find a way to make you pack your bags anywaysmile.png

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NamKangMan Diamond Member

NamKangMan

Posted
Posted

This is the first line of your post:-

"My understanding is your lease contract is with your wife. If she passes before you, someone inherits the land that has no lease contract with you and doesn't have to honour any lease contract from the deceased"

Your "understanding" is wrong. You got the lessor mixed up with the lessee. Just admit it for once.

As for your other points, I've already had this discussion with you. I'm not going to discuss it again..

Can I ask KB, what happens with a 30 year land lease, from a Thai wife, in the event of divorce?

Does divorce effect the 30 year land lease in any way?

May I also answer?

She'll still be legally bound to honor the contract, but she might find a way to make you pack your bags anywaysmile.png

Well, I wasn't talking about her having the ex thrown off a balcony, or planting drugs and tipping off police or paying Somchai to come down from Issan and stab you as a warning, or borrowing money from loans sharks with the land as security which leaves the ex dealing with the Thai mafia etc etc - I was talking about the Thai Law. :)

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