Thai Nominee Shareholding Crackdown in Pattaya announced by DSI

[tomacht8]

dominated businesses such as restaurants, laundry services, Thai massage, tour guides and spas?

They're mostly all small businesses.
How many of them have only open a shop to get a 1 year Business Visa?
Many are under 50 yo, not married with a thai, doesen´t want to work as staff 50 hours a week for other or can´t get a work permit in there field.
Easy, go to a lawyer, pay and then comes your LTD with one work permit.
For this reason, many operate a simple business, coz they must have 4 thais on the payroll.
So they rent some space, opened a restaurant, Thai massage, travel agency, .....
Make these little shops here astronomical profits? I think not.
Quite the contrary, many subsidize their loss-making businesses.

Others have bought land with their company.
Many already retired who want to enjoy their twilight years in peace on their little plot.

So many are worried because of this witch-hunt.
Now they are trying to criminalize - non asean- foreigners.

The country sets the legal framework.

There is a legal loophole.

This was heartily used by foreigners and their Thai lawyers.

Ok, the loophole should be closed now.

I miss really a clear course of action.

Everyone interprets the laws here, as it just fits into their own populist agenda.

Investment security, especially for smaller investors, has here no clear standard.
Unfortunately, there is no investor-friendly environment, only antiquated business, visa and labor laws.

All ministries cook their own soup.

But a coherent overall concept is not present.

[JSixpack]

DSI Holds Seminar About Foreign Businesses In Pattaya

Pol.Lt.Col.Pongin revealed that according to the policy which Thailand had promoted and supported free trade, foreign investors had invested in Thailand more and more. As a result it affected the SME in the local area because the foreign investors had dominated businesses such as restaurants, laundry services, Thai massage, tour guides and spas.

Therefore the Department of Special Investigation held a seminar in order to reach a goal to stop this kind of business. They aimed to run the project in Pattaya first because there were a lot of foreign investors.

Full story:http://www.pattayadailynews.com/pattaya-news/dsi-holds-seminar-foreign-businesses-pattaya/

-- Pattaya Daily News 2014-08-23

Funny, after our 13 pages here of fear-mongering and doom called down on the real estate market, we don't see a word here (or in the OP) that implies anything whatsoever about companies formed for the purpose of holding a real estate asset. It's very clear which small-fry they're going after--as was observed almost immediately at the start of the thread. But let that not stop the party. They might move the goalposts!

Under BOI people like me have 100% western owned investment company with no Thai Nationals. Its 100% legal and includes special benefits such as Work Permits. So legal options do exist!

Right up until they move the goalposts.

So then why stop at foreign-controlled companies anyway? Seems we're artificially restraining ourselves and overlooking some fine opportunities for panic in other financial areas as well.

Now, I've already given the TV forum poster Primal Laws Of Survival In Thailand. If that's enough reassurance, then you might try:

Aluminum Foil Deflector Beanie

[Thai at Heart]

Companies in Thailand don't have 51% foreign ownership, they have 51% Thai ownership.

Bent is a company with 51% of shareholders that have nothing to do with the company and are only straw men.

Bent is a company that is set up for the only purpose of owning a property, but has no real activities, and declares some fictitious business dealing on it's balance sheet at the end of the year.

Bent is a company that declares fictitious yearly shareholding meetings, including some shareholders that may have already deceased a few years.

Bent is a company that has forced his shareholders to sign an undated share transfer document .

You want some more definitions of bent ?

That is the issue. Define straw men. There are literally hundreds of companies where Thais have been gifted shares by family where the owner has less than 51% but still exercises full control by using share classes.

The only difference here is whether the minority owner is Thai or foreign.

Why would a Thai have to gift shares to family members to hold control of a company. A Thai can hold 98% of the shares of a company LTD, have 2 minority shareholders of each 1%.

They do it a the time. Family members are given shares in companies in Thailand all the time and they sit on the board, but the old man keeps final say.

Do these family members go to work every day? Some yes, some no. They are rubber stamps and vote to support the old man. The only difference is, the old man in this case is Thai not Farang.

So I fail to see the difference other than the nationality of the minority man. It is a fundamentally racist law. This law is about less than 51% owners of a company exercising control and saying that a Thai can do it but a Farang cannot.

[lucjoker]

Someone please wake me up when there is a credible report of one farang losing his private house due to this new enforcement; otherwise it is just another smoke and mirrors crackdown

I hope you're right for so many people on this board that it's all smoke and mirrors, but fact is that NOBODY at this point knows if it is so or not, and that include our local troll Jsixpack.

The future will tell how serious it is, but nobody will lose his property since I think the courts will allow a certain period to get legal.

Pity thing is that when a few thousand properties are on fire sale, the prices will drop as a rock, and that will include condo sales in foreign name and rental prices.

It is all scary stuff,not just for property owners,for everyone.

Nobody in their right mind would want to stay in Thailand if these things come to pass,even the renters would want out with all their possessions,cars,bikes,furniture even their dogs and animals would be abandoned . The decline would be remarkable,guys who have known each other for years would suddenly vanish.

But these things have happened before ,so just getting used to the idea that it will all ba a'changin',easier when young,not so getting old.

Iam a renter (because I cannot own land in my own name).....

Why would I not want to stay ? not as though my life will change because people that have houses in dodgy companies lost their lot.

if you want to rent ,it will be from a Thai.

And if the Thai doubles the rent (because the farang houses are not there anymore) than you pay or leave.

Thais will buy all those farang houses and then start pressing you.

Or a new law forbids you to rent more than 30 days?

See who will be a renter then?

[petercool]

two flame posts removed

7) You will respect fellow members and post in a civil manner. No personal attacks, hateful or insulting towards other members, (flaming) Stalking of members on either the forum or via PM will not be allowed.

[Spoonman]

I hope you're right for so many people on this board that it's all smoke and mirrors, but fact is that NOBODY at this point knows if it is so or not, and that include our local troll Jsixpack.

The future will tell how serious it is, but nobody will lose his property since I think the courts will allow a certain period to get legal.

Pity thing is that when a few thousand properties are on fire sale, the prices will drop as a rock, and that will include condo sales in foreign name and rental prices.

It is all scary stuff,not just for property owners,for everyone.

Nobody in their right mind would want to stay in Thailand if these things come to pass,even the renters would want out with all their possessions,cars,bikes,furniture even their dogs and animals would be abandoned . The decline would be remarkable,guys who have known each other for years would suddenly vanish.

But these things have happened before ,so just getting used to the idea that it will all ba a'changin',easier when young,not so getting old.

Iam a renter (because I cannot own land in my own name).....

Why would I not want to stay ? not as though my life will change because people that have houses in dodgy companies lost their lot.

if you want to rent ,it will be from a Thai.

And if the Thai doubles the rent (because the farang houses are not there anymore) than you pay or leave.

Thais will buy all those farang houses and then start pressing you.

Or a new law forbids you to rent more than 30 days?

See who will be a renter then?

The day that happens will be the same day that we start seeing pink elephants flying overhead.

Funny you should mention the rent doubling though. I have been expecting that to happen for a few years now but my landlord seems to prefer to keep the house rented rather than empty like all the others in my little village that are advertised for double what I pay.

[Basil B]

Told you so...

This has been debated for years and too many people saying OK to use the loopholes and own property in company name.

That's what they were loopholes, it was clear the law did not want foreigners to own land but for lawyers, developers and real estate agents it was easy money, I can see a lot of people loosing out big time.

[Bernard Flint]

Thai Nominee Shareholding Crackdown in Pattaya announced by DSI

Such messages certainly do not promote the investment climate.

It's not like the DSI fights organized crime and money laundering here,

but going against the little ones, like family shops, restaurants, bars, travel agencies, diving schools, language schools, etc.

The advice can only be: Do not start any business with a LTD, if your have not 3 active Thai partners with equal captal.

To open a business with 100% Foreign capital is calculated then only for the investor 49% business share.

From a business perspective this is really moronic.

Sounds advise, but you are a few years too late

Unfortunately, yes.

I feel pity for the small business owners, who believed their lawyers years ago.

Not forgetting the dodgy real estate agents

[doggie888888]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

[petercool]

a derogatory post and its duplicate removed

[Bernard Flint]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Hmmmmm, you/we now have a different governing structure looking at stuff, under the table stuff could become a thing of the past, I mean dodgy stuff.

SIR

Do you actualy believe that Thailand,s under the table stuff and dodgy deals will stop, because of Military government leader, dream on.

[Thai at Heart]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Hmmmmm, you/we now have a different governing structure looking at stuff, under the table stuff could become a thing of the past, I mean dodgy stuff.

I don't think they will ever do it though.

The stink it would cause would be enormous because it involves so many people. The developers were in on it, the lawyers were in on it and it would ruin the property market in the resorts. And I mean ruin.

The consequences would then involve embassies and there would be thousands of court cases with people suing lawyers and developers. It would really be a mess.

[lovetotravel]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Hmmmmm, you/we now have a different governing structure looking at stuff, under the table stuff could become a thing of the past, I mean dodgy stuff.

I don't think they will ever do it though.

The stink it would cause would be enormous because it involves so many people. The developers were in on it, the lawyers were in on it and it would ruin the property market in the resorts. And I mean ruin.

The consequences would then involve embassies and there would be thousands of court cases with people suing lawyers and developers. It would really be a mess.

And let's not forget the last paragraph of this article. Nowhere does it mention land:

They are particularly concerned with businesses associated with Tourism and at the meeting discussed how departments can cooperate better in the future to ensure these companies are detected and prosecuted if found to be in contravention of Thai Law.

They are particularly concerned with businesses associated with Tourism and at the meeting discussed how departments can cooperate better in the future to ensure these companies are detected and prosecuted if found to be in contravention of Thai Law. - See more at: http://www.pattayaone.net/pattaya-news/140902/thai-nominee-shareholding-crackdown-in-pattaya-announced-by-dsi/#sthash.xUiwoGaU.dpuf

[Likener1]

"because the foreign investors had dominated businesses such as restaurants, laundry services, Thai massage, tour guides and spas."

Notably absent are bars, Go Go,s and, guest houses.

The inclusion of laundry services, Thai massage and spas sounds more like some individuals pushing for particular competitors they want removed from Pattaya.

[craigt3365]

An off topic post has been removed from view. This is about Thailand, not other countries around the world.

[Naam]

if you want to rent ,it will be from a Thai.

And if the Thai doubles the rent (because the farang houses are not there anymore) than you pay or leave.

Thais will buy all those farang houses and then start pressing you.

Or a new law forbids you to rent more than 30 days?

See who will be a renter then?

[JSixpack]

if you want to rent ,it will be from a Thai.

And if the Thai doubles the rent (because the farang houses are not there anymore) than you pay or leave.

Thais will buy all those farang houses and then start pressing you.

Or a new law forbids you to rent more than 30 days?

See who will be a renter then?

>> Aluminum Foil Deflector Beanie <<

[Arkady]

This happened last time we had a military installed government. They tried to amend the Foreign Business Act (FBA) to make control of companies through preference shares with greater voting rights illegal but in the end it was not approved in the NLA as there was a hard core of members that thought it wasn't tough enough. Ministers and bureaucrats also went around issuing threats about foreigners who illegally owned "nearly all the Thai coastline" etc. In the end nothing happened at all. All the bitter and twisted bureaucrats have their own pet projects that always get shot down by elected governments, so they bring out to try on with military governments. The Sarayud government was unable to achieve anything meaningful at all, so it went after cheap brownie points by playing the nationalist card and bashing foreigners. Who can say what will happen this time?

At the end of the day, this is a real problem for foreign direct investment in the services sector which is largely blocked for majority foreign ownership under the FBA. Just like Thai investors abroad, foreign investors in Thailand have no interest in investing, if they can't have control of their own business and Thai-Chinese joint venture partners hardly ever add any significant value at all. It's time to scrap the FBA completely and replace it with a modern investment code and also permit leases of more than 30 years. There are plenty of examples they can follow: Laos, Cambodia, Vietnam and Burma etc.

I have posted about that event in post #130

http://www.thaivisa.com/forum/topic/753763-thai-nominee-shareholding-crackdown-in-pattaya-announced-by-dsi/?p=8281274

Only difference with then is that this time the NLA and the military are one and the same.

Correct. The 2007 NLA looked far more disparate than this one and was susceptible to lobbying from specialised interest groups. I think the Thai Chamber of Commerce pushed hard for FBA amendment, maybe the Federation of Thai Industries too.

Very blatant protectionism with can only benefit a few already rich families, while damaging competitiveness and denying opportunities to Thai consumers and workers.

Sent from my iPhone using Thaivisa Connect Thailand

I understand from your post that you consider there is this time even less chance for the amendment to be approved ?

I think the opposite.

This will be more top down but it's too early to say what the view from the top on foreign investment will be. Pridyathorn was very pro the FBA amendment, the crack down on nominees and illegal land ownership (which never actually happened), not to mention the ill fated capital controls. He might want to finish off the job this time but I think some more liberal thinkers will also be in the line up like Somkid too. Prayuth has already seen some of the ideas re foreigners proposed to him backfire fast, eg the expulsion of the Cambodians. He might be wary of a crack down on foreign investment when he is trying to boost the economy. There is also the issue of the AEC that will make any new protectionist measures in services sector somewhat redundant, as ASEAN companies, incl Singaporean subsids of non-ASEAN companies will have to be permitted 70% ownership of Thai companies.

Sent from my iPhone using Thaivisa Connect Thailand

[Thai at Heart]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Hmmmmm, you/we now have a different governing structure looking at stuff, under the table stuff could become a thing of the past, I mean dodgy stuff.

I don't think they will ever do it though.

The stink it would cause would be enormous because it involves so many people. The developers were in on it, the lawyers were in on it and it would ruin the property market in the resorts. And I mean ruin.

The consequences would then involve embassies and there would be thousands of court cases with people suing lawyers and developers. It would really be a mess.

And let's not forget the last paragraph of this article. Nowhere does it mention land:

They are particularly concerned with businesses associated with Tourism and at the meeting discussed how departments can cooperate better in the future to ensure these companies are detected and prosecuted if found to be in contravention of Thai Law.

They are particularly concerned with businesses associated with Tourism and at the meeting discussed how departments can cooperate better in the future to ensure these companies are detected and prosecuted if found to be in contravention of Thai Law. - See more at: http://www.pattayaone.net/pattaya-news/140902/thai-nominee-shareholding-crackdown-in-pattaya-announced-by-dsi/#sthash.xUiwoGaU.dpuf

Unless uncle John or uncle Franz is working in the shop, can't be proven.

[KittenKong]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Think for a moment about just how many "loopholes" have been addressed in the last 10 years. Or even the last few months for that matter. This particular one will surely get on the list some day, if it isn't already.

When other legal alternatives are readily available I see little point deliberately choosing to follow a path of dubious legality.

[loppylugs1]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Think for a moment about just how many "loopholes" have been addressed in the last 10 years. Or even the last few months for that matter. This particular one will surely get on the list some day, if it isn't already.

When other legal alternatives are readily available I see little point deliberately choosing to follow a path of dubious legality.

50 years,40 years 30 years ago,..after that the numbers of farang in thailand start to add up. Once an action the thais have started likened to this,who knows where they will finish. Too many sabre rattling actions and quotes not to sit up and take notice at the moment

[atsiii]

My wife is a Thai national; I am a USA national. We live in each country roughly six months per year. But the difference in the way we are treated by each other's native country is night and day. My wife travels in and out of the USA on her Thai passport never needing a Visa. She can work, own property, own businesses, go to school, whatever. She is protected against overt discrimination and welcomed as a tax-paying, contributing part of society. But no matter how long we are married, nor how long we are in Thailand, I can never do any of those things. We are both college educated experienced professionals; but she is welcomed and wanted in my country, and I never will be in hers. Xenophobic or not, it's just plain dumb.

Cannot believe this, Travels in and out of the USA on Thai Passport never needing a visa, very special lady here. Please explain how this happens, if you have an explanation

Sure. We are married and so she is a permanent resident. She doesn't need a visa to travel to the US, and she doesn't need a visa to travel to Thailand.

[atsiii]

My wife is a Thai national; I am a USA national. We live in each country roughly six months per year. But the difference in the way we are treated by each other's native country is night and day. My wife travels in and out of the USA on her Thai passport never needing a Visa. She can work, own property, own businesses, go to school, whatever. She is protected against overt discrimination and welcomed as a tax-paying, contributing part of society. But no matter how long we are married, nor how long we are in Thailand, I can never do any of those things. We are both college educated experienced professionals; but she is welcomed and wanted in my country, and I never will be in hers. Xenophobic or not, it's just plain dumb.

Well go somewhere else where you feel Americans are appreciated more.

BTW every guy's wife or GF on this forum is college educated with multiple doctorates.

No, that statement is just dumb. This is where our two families live, these are our two countries, this is our life. I am just stating fact.

Perhaps logic like yours is why you think your gf has multiple doctorate degrees and yet still needs your monetary support.

[NCFC]

This happened last time we had a military installed government. They tried to amend the Foreign Business Act (FBA) to make control of companies through preference shares with greater voting rights illegal but in the end it was not approved in the NLA as there was a hard core of members that thought it wasn't tough enough. Ministers and bureaucrats also went around issuing threats about foreigners who illegally owned "nearly all the Thai coastline" etc. In the end nothing happened at all. All the bitter and twisted bureaucrats have their own pet projects that always get shot down by elected governments, so they bring out to try on with military governments. The Sarayud government was unable to achieve anything meaningful at all, so it went after cheap brownie points by playing the nationalist card and bashing foreigners. Who can say what will happen this time?

At the end of the day, this is a real problem for foreign direct investment in the services sector which is largely blocked for majority foreign ownership under the FBA. Just like Thai investors abroad, foreign investors in Thailand have no interest in investing, if they can't have control of their own business and Thai-Chinese joint venture partners hardly ever add any significant value at all. It's time to scrap the FBA completely and replace it with a modern investment code and also permit leases of more than 30 years. There are plenty of examples they can follow: Laos, Cambodia, Vietnam and Burma etc.

I have posted about that event in post #130

http://www.thaivisa.com/forum/topic/753763-thai-nominee-shareholding-crackdown-in-pattaya-announced-by-dsi/?p=8281274

Only difference with then is that this time the NLA and the military are one and the same.

Correct. The 2007 NLA looked far more disparate than this one and was susceptible to lobbying from specialised interest groups. I think the Thai Chamber of Commerce pushed hard for FBA amendment, maybe the Federation of Thai Industries too.

Very blatant protectionism with can only benefit a few already rich families, while damaging competitiveness and denying opportunities to Thai consumers and workers.

Sent from my iPhone using Thaivisa Connect Thailand

I understand from your post that you consider there is this time even less chance for the amendment to be approved ?

I think the opposite.

This will be more top down but it's too early to say what the view from the top on foreign investment will be. Pridyathorn was very pro the FBA amendment, the crack down on nominees and illegal land ownership (which never actually happened), not to mention the ill fated capital controls. He might want to finish off the job this time but I think some more liberal thinkers will also be in the line up like Somkid too. Prayuth has already seen some of the ideas re foreigners proposed to him backfire fast, eg the expulsion of the Cambodians. He might be wary of a crack down on foreign investment when he is trying to boost the economy. There is also the issue of the AEC that will make any new protectionist measures in services sector somewhat redundant, as ASEAN companies, incl Singaporean subsids of non-ASEAN companies will have to be permitted 70% ownership of Thai companies.

Sent from my iPhone using Thaivisa Connect Thailand

I think we have to draw a distinction between the big investors going down the BoI route, who are welcomed, and the small time guys who want to open a shop or a restaurant.

These proposals seem aimed at the latter group who's combined investment is not insignificant but has the effect of displacing local mom and pop businesses. There is also the imported cultural values question which I think plays a part in this division.

I fully understand that small investors are employing at least 4 Thais per business and that's quite a contribution to the economy but when you see large areas of the tourist areas now under foreign ownership and difficult to control, it's easy to see where this order is coming from.

Sent from my iPhone using Thaivisa Connect Thailand

[JesseFrank]

This will be more top down but it's too early to say what the view from the top on foreign investment will be. Pridyathorn was very pro the FBA amendment, the crack down on nominees and illegal land ownership (which never actually happened), not to mention the ill fated capital controls. He might want to finish off the job this time but I think some more liberal thinkers will also be in the line up like Somkid too. Prayuth has already seen some of the ideas re foreigners proposed to him backfire fast, eg the expulsion of the Cambodians. He might be wary of a crack down on foreign investment when he is trying to boost the economy. There is also the issue of the AEC that will make any new protectionist measures in services sector somewhat redundant, as ASEAN companies, incl Singaporean subsids of non-ASEAN companies will have to be permitted 70% ownership of Thai companies.

Sent from my iPhone using Thaivisa Connect Thailand

I read some time ago that there are some conditions in Asean to which Thailand still hasn't signed the agreement.

[Bernard Flint]

Keep calm and carry on. Lol. Name one person who has lost his property or has had his nominee arrangement voided simply because he owned his property via a nominee company. Anyone, anywhere in Thailand, say for the last 50years?

Loopholes are legal until the government enacts legislation to close the loophole. How close did they come to passing such legislation in the last 50 years?

Hmmmmm, you/we now have a different governing structure looking at stuff, under the table stuff could become a thing of the past, I mean dodgy stuff.

SIR

Do you actualy believe that Thailand,s under the table stuff and dodgy deals will stop, because of Military government leader, dream on.

No idea, visa stuff has been attacked, now farang "mafia" I think is in the spotlight as well as farang businesses supposedly owned by Thai folk. To me it is a shake down to stop farangs from all over the place taking over the money pits.......Wait and see.........

SIR

Where did it say FARANG

The article mention foreigners,which are non thai, not farang.

[Pistol101]

Just another nail in the countrys economic coffin... the level of discrimination in the country is so blatantly obvious... How many other countries take this absurd and unfair position?? Most foreigners I know have funded 100% of the capital for their current ventures in Thailand,, which low and behold, strengthens the economy.....

What is this if its not some sort of attempt to allow thais to have more power? whenever they feel inclined just allow them to waltz in and take over, and probably mess it up anyway...

how many people know of a foreigner who was robbed by their thai business partners?

Perhaps if all host nations of thais living or working abroad implemented similar rules ONLY for thais, they may pull their heads in???....

start by forbidding all thai nationals from owning land in other countries, make them jump through hoops of fire... withhold information and make it difficult or virtually impossible to understand visa requirements and change the rules constantly (or enforce them haphazardly), plead ignorance at every turn when they're seeking information and give them the runaround...make them prove everything from bank records, medical records, employment history, language tests, and the colour of their underwear and photos of their neighbours cat taking a shit....

we are all children of the earth... when will the fools realize the age in which we live??

[petercool]

A number of off topic and argumentative posts removed

[Jayman]

After about 8 pages I will try to explain what to do to "own" legal right for house and land.

The right way is using usufruct on land.

Let a thai buy it registered it as usufruct for lifetimes with you name in thai on the backside

Make the thai to sign a paper, where she is unable to claim the land, borrow money in it and so on.

He/she will not be able to go to the bank and borrow money on it.

You has now a land and house for you lifetime. He/she will then get it when you die

The laws

Under Thai Law, the owner of a piece of land (immovable property) can grant the right of usufruct to another person, or many people, foreigners or not. The person receiving this right of usufruct is called usufructuary. The usufructuary can enjoy, use and possess the land for a limited period of time (maximum 30 years) or for his lifetime (even more than 30 years).

Following a Supreme Court judgment, a usufruct agreement must be registered to be valid. And you

can only register a usufruct contract on land having title deeds Nor Sor Sam or higher (like Chanote).

You must register a usufruct agreement at the local land department.

A usufruct is a real right. It means that it's attached to a thing, meaning the immovable property.

Even if the owner of the land die, or if the land is sold, the usufructuary will keep his right to stay on this piece of land. Usufruct agreements are a very easy way to protect a foreigner married to a Thai spouse, in case something happens to her.

This usufruct contract ends at when the usufructuary dies (if it's done for lifetime) or when the period of time is expired according to the contract.

Sections 1417 to 1428 of the Thai Commercial and Civil Code are related to usufruct contract in T

hailand.

I have this very thing on my land. My name is listed in Thai on the chonote as the leinholder next to the land owner name (my wife). You must register this at the land office and pay taxes on the 30 year lease for it to be valid. You can then have a contact that allows you to extend or transfer the lease which gives you full control over the land and the structure and allows you to sell it when the time comes without changing the land holder name.

[petercool]

A derogatory slur post removed

11) You will not post slurs, degrading or overly negative comments directed towards Thailand, specific locations, Thai institutions such as the judicial or law enforcement system, Thai culture, Thai people or any other group on the basis of race, nationality, religion, gender or sexual orientation.