No DSI probe into nominee firms in Phuket – for now

[webfact]

No DSI probe into nominee firms in Phuket – for now
The Phuket News


No complaints about nominees in Phuket right now.

PHUKET: -- The Department of Special Investigation (DSI) is not planning to launch a drive against nominees in Thai registered companies in Phuket – for now.

Pattayaone.net reported that in Pattaya, the DSI held a meeting this morning (August 22) to discuss plans to begin a crackdown on foreign business people using Thai nominee shareholders in order to control Thai companies.

But a spokewoman for the DSI in Phuket told The Phuket News this morning, “We have not received any complaints or information about [nominee shareholders] in Phuket. Though we will crack down on it as soon as we do receive information.”

“Using Thai nominee is illegal under the Foreign Business Act of 2542, and DSI will take part in investigating cases.”

Anyone wishing to report cases should call the DSI hotline, 1202, or the Security Operations Division of the DSI at 02-142-2794.

“Officers can speak both Thai and English,” the spokeswoman said, adding that tip-offs will be passed to Pol Lt Col Pong-in Intarakhao, who is responsible for investigating nominee cases.

Source: http://www.thephuketnews.com/no-dsi-probe-into-nominee-firms-in-phuket-for-now-47986.php


-- Phuket News 2014-08-22

[khwaibah]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

[Just1Voice]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

[siampolee]

BANGKOK: -- THE FORMER HEAD of the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development (Unctad), Supachai Panitchpakdi, has suggested that Thailand promote more overseas investment, trade more with emerging markets, and urgently develop human-resource skills to deal with the possibility of slow global economic expansion.

It's certainly a wonderful way to enhance the standing of Thai investors abroad who the W.T.O. advise to invest in foreign firms.

Yet we clearly see a government department here is fighting against foreign investment here.

When there are barriers thrown up against Thai investors listen to the screaming from the xenophobic jingoistic Thais.

Edited August 22, 2014 by siampolee

[Chang_paarp]

It is not Phuket's turn, they did this farce a couple of years ago. The sale of real-estate stopped for a couple of months till the powers that be decided to shine their light some other place.

This time it is Pattaya's turn, time for the real-estate sales folk to have that long planned holiday so they can do something other than sit in their office. (Maybe go home for the correct visa )

[Living in a cartoon]

I would be in favor of this, but the action needs to be reciprocal.

For my country, that would mean that no Thal national can own land, work without paid in capital of an appropriate amount and the hiring of four US citizens for every work permit, and duties of 100% to 300% of any Thai products imported.

Is it a deal?

[steelepulse]

Is it that time of the year again already? Seems this story comes out once a year, maybe to get page views up here on TV .

[EBlair48]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Why? According to this report, the DSI does not consider it to be a problem. Talk about selective enforcement. Not too long ago pre military dictatorship, it was reported that ALL companies with foreign shareholders would be investigated, now, oh well no foreigners are breaking the law. What a load, check out just about ever single foreigner company that owns land and find the fake shareholders ...

And is more evidence supporting my claims the recent enforcements are all about targeting low wage Thai workers.

[EBlair48]

Is it that time of the year again already? Seems this story comes out once a year, maybe to get page views up here on TV .

The story has always been WILL be investigated, this one is new..there are "no complaints...." So here the law needs not be enforced because ... Well I guess land owning foreigners are considered desirable aka rich.

[Valentine]

Is it that time of the year again already? Seems this story comes out once a year, maybe to get page views up here on TV .

The story has always been WILL be investigated, this one is new..there are "no complaints...." So here the law needs not be enforced because ... Well I guess land owning foreigners are considered desirable aka rich.

There are many countries who allow foreigners to own land so why is not desirable here? If the only way they can do it is through forming a company so be it. Most of these foreigners put a good deal of money into the local economy which in my book is desirable.

[keestha]

2 Months ago officials from Phangnga (capital of the province) carried out a shareholder check on companies with foreign shareholders in Khao Lak. I posted about this in the business forum, was surprised to get no reactions, because there are bound to be people worried about this.

Edited August 22, 2014 by keestha

[belg]

invest in thailand .............. 100 % of your money is directly worth only 49% max

[dotpoom]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Why in Phuket, they haven't started there yet. What about Pattaya where they are starting. No problem though, just sign it over to the wife and take out a 30 year lease. People like to make a big drama out of nothing.

[pookiki]

The approach of Thailand on this issue is schizophrenic. If you look at the laws/regulations governing foreign investment in the numerous industrial estates in Thailand, the laws/regulation allow the foreign enterprise to own land in fee simple, be 100% foreign owned, AND the enterprise is allowed to repatriate all of the profits. There are also considerable tax breaks and relief from import tariffs. Under these circumstances, why not create a level playing field for all?

[rickirs]

The ownership restrictions imposed on foreigners under List 3 of the FBA (“Business in Which Thai Nationals Are Not Yet Ready to Compete with Aliens”) are apparently not in line with the ASEAN Economic Community being rolled out in 2015 and needs to be amended. - “Is it Possible for a Foreigner to Gain Majority Ownership of a Company in Thailand?”, Vincent Birot of LegaVox, 12/09/2013.

Maybe this is why DSI in part will not now conduct its probe into Thai business ownership.

[EBlair48]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Why in Phuket, they haven't started there yet. What about Pattaya where they are starting. No problem though, just sign it over to the wife and take out a 30 year lease. People like to make a big drama out of nothing.

Good way to lose your money, sign it over to someone else. And it is actually illegal to do this -something about circumventing the law.

30 year leases are worthless for resale. Who will buy such a thing when the land reverts back? But so many bought the 30 + renewal misinformation, took a lot of posts over the years to get that one out in the open, was absolutely the biggest scam ever perpetuated on expat discussion forums- quite deliberately, too.

Edited August 22, 2014 by EBlair48

[EBlair48]

The approach of Thailand on this issue is schizophrenic. If you look at the laws/regulations governing foreign investment in the numerous industrial estates in Thailand, the laws/regulation allow the foreign enterprise to own land in fee simple, be 100% foreign owned, AND the enterprise is allowed to repatriate all of the profits. There are also considerable tax breaks and relief from import tariffs. Under these circumstances, why not create a level playing field for all?

Because it is not a country that considers people equal, the rich get more rights, foreign or domestic.

[icare999]

i always said company route to buy a hop use here was very stupid Apart from fact that one day they might actually investigate i know at least 2 cases where forang died and many years later their heirs unable to get the property since shareholders rightly claimed jot was theirs.

Serves them right IMO

[icare999]

I would be in favor of this, but the action needs to be reciprocal.

For my country, that would mean that no Thal national can own land, work without paid in capital of an appropriate amount and the hiring of four US citizens for every work permit, and duties of 100% to 300% of any Thai products imported.

Is it a deal?

difference is in UK its legal for anyone to own land or poverty and here its not legal for non thais to own land so forang doing this ares knowingly breaking the law and i hope they get stung for it like anyone else breaking the law. ITs of course almost impossible to change law in UK so stupid suggestion

[icare999]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Why in Phuket, they haven't started there yet. What about Pattaya where they are starting. No problem though, just sign it over to the wife and take out a 30 year lease. People like to make a big drama out of nothing.

because thats exactly who people use stupid company route because they dont trust their wives and 30 year lease is no good if wife then get nasty which she can't do if in company name but i can never understand why people marry id they can't trust their wives or why they buy a house via a company since as I've already posted if they die before sorting it out its a nightmare for any inheritors to get it anyway. I know 2 cases where (1 is now 12 years later) the nominee shareholders simply claimed it was theirs and little inheritors seem able to do. In one case it involved property costing over 100 million baht and wife/GF has been collecting rents for all those years and openly boasts she just pays shareholders a bit. I understand her husband put in bios will all to go to his children and they have spent many many millions of baht in court and legal fees. IO doubt they will ever win and wife has told them shell settle and give then 10 million or shell just continue and they will never get the property. At start she offered 1/2 but now says stupid forang soon ill offer 5 million then nothing and let them go broke trying to get courts here to support them.

[Mudcrab]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Why in Phuket, they haven't started there yet. What about Pattaya where they are starting. No problem though, just sign it over to the wife and take out a 30 year lease. People like to make a big drama out of nothing.

because thats exactly who people use stupid company route because they dont trust their wives and 30 year lease is no good if wife then get nasty which she can't do if in company name but i can never understand why people marry id they can't trust their wives or why they buy a house via a company since as I've already posted if they die before sorting it out its a nightmare for any inheritors to get it anyway. I know 2 cases where (1 is now 12 years later) the nominee shareholders simply claimed it was theirs and little inheritors seem able to do. In one case it involved property costing over 100 million baht and wife/GF has been collecting rents for all those years and openly boasts she just pays shareholders a bit. I understand her husband put in bios will all to go to his children and they have spent many many millions of baht in court and legal fees. IO doubt they will ever win and wife has told them shell settle and give then 10 million or shell just continue and they will never get the property. At start she offered 1/2 but now says stupid forang soon ill offer 5 million then nothing and let them go broke trying to get courts here to

Doesn't anyone have a normal life anymore??

I mean you meet a woman..fall in love get married.

Buy a house/land etc together (can't own the land - so what?) maybe have kids.

If all goes bad - go to court - split the marital assets 50/50 INCLUDING the land.

Same as where I come from in Oz. (in theory..most times the wife gets a lot more)

What's the big deal? Trust me... the man will get screwed in any event.

Why go through all the drama of creating a dodgy company?

What's the point?

Unless of course your original intention was less than honourable.

If that's the case don't come here whining for understanding and sympathy.

Wear your losses because there is fair chance you deserve it.

[EBlair48]

^...but everybody does it !!!! Well seems they will get away with breaking this law a little while longer.....

Thailand has set it up to take everything it can from foreigners. Caveat emptor !!

[Roel]

To icare999:

Why do we need punctuation?

Punctuation marks are essential when you are writing. They show the reader where sentences start and finish and if they are used properly they make your writing easy to understand.

[jpeg]

Gee..How many foreigners are looking over their shoulders at the Thai Company they set up to buy a house?

Gee .. I'm astounded by the amount of Thais driving around Sai Yuan with fistfulls of cash looking to buy up all those bloody great condos and 'willas' being sold at knockdown prices by Thai developers

You'll be okay in your little rental room with no tenancy protection law, don't worry

[jpeg]

Or to buy land, or to start a business, etc. Could be some nervous, sweaty palms in Phuket about now.

Um, if you read the header again, it states NO plans to participate in usual witch hunt every time reins change hands

[EBlair48]

^ And why not , if enforcing laws is now paramount, why not this one?

[Jimi007]

The approach of Thailand on this issue is schizophrenic. If you look at the laws/regulations governing foreign investment in the numerous industrial estates in Thailand, the laws/regulation allow the foreign enterprise to own land in fee simple, be 100% foreign owned, AND the enterprise is allowed to repatriate all of the profits. There are also considerable tax breaks and relief from import tariffs. Under these circumstances, why not create a level playing field for all?

Because it is not a country that considers people equal, the rich get more rights, foreign or domestic.

Name a country that is not true of?