Shell Company Ownership Of Property

[eljeque]

How are foreigners "buying" property now?

I have heard of this route.

a. Put the company shares in the name of the foreigner's Thai accountant.

b. The accountant signs a sales agreement to sell the foreigner the shares and listed assets back in two weeks, therefore he has presold the shares to the foreigner, and he can sleep at night, knowing hthe accountant cannot go and sell the property or company elsewhere.

c. Transfer the property from the developer to the farangless company at the land office.

d. After the property is safely in the company, transfer the shares of the company back into the name of the foreigner at the Commercial Office.

The land office never see a foreign name on the company and the comercial office does not care about the transfer of shares regardless of the company's assets.

To be done with an accountant whom the buyer has known for many years.

What has everyone else heard?

[Khun Jean]

Again?

a. Not very smart.

b. This will be the agreement that will be used against you. Actively trying to circumvent the law.

c. Great the farang paid money and has nothing.

d. You hope.

To be done with an accountant whom the buyer has known for many years.

Great thinking. Yes, many buyers will have a Thai accountant for years. Why did not everyone think of that before?

What has everyone else heard?

I heard a foreigner can not own land. And guess what. It is really true!

Poooff!! Another theory shot down.

Why find ways to circumvent the law. It is so much easier to just follow the law. Really you should try. It gives piece of mind and it will prevent you from getting worked up how unfair everything is. Poor poor foreigner.

Edited July 18, 2006 by Khun Jean

[gustave]

can I get more infos about buying on private farlang name, property (without using a company)

Thanks in advance

gp

[lannarebirth]

Again?

a. Not very smart.

b. This will be the agreement that will be used against you. Actively trying to circumvent the law.

c. Great the farang paid money and has nothing.

d. You hope.

To be done with an accountant whom the buyer has known for many years.

Great thinking. Yes, many buyers will have a Thai accountant for years. Why did not everyone think of that before?

What has everyone else heard?

I heard a foreigner can not own land. And guess what. It is really true!

Poooff!! Another theory shot down.

Why find ways to circumvent the law. It is so much easier to just follow the law. Really you should try. It gives piece of mind and it will prevent you from getting worked up how unfair everything is. Poor poor foreigner.

From my studying the question, observations, and experience the best ways for a foreigner to "own" land in Thailand would be ranked in this order.

1) Be married to a Thai national.

2) Be American and set up company under Amity Treaty rules (that is if it's still in effect)

3) Do a 30 year lease while holding mortgage from lessor.

4)Properly setup Thai company (most of the scary stories one reads are improperly setup companies.)

[SunbeltAsia]

From my studying the question, observations, and experience the best ways for a foreigner to "own" land in Thailand would be ranked in this order.

1) Be married to a Thai national.

Sorry this does not give you the right to own land.

2) Be American and set up company under Amity Treaty rules (that is if it's still in effect)

It is still in effect but does not give you the right to own land

3) Do a 30 year lease while holding mortgage from lessor.

30 year lease is fine; you have the rights to be on the land then. No need to have the mortgage with a lease and could be construed you were circumventing the land laws.

4)Properly setup Thai company (most of the scary stories one reads are improperly setup companies.)

Companies with a majority of shareholders being Thai are allowed to register land. The only thing that has changed, some Land officers are looking at the Thai shareholders to determine if they have income to purchase shares. Foreigners are indeed seeking more sophisticated advice and sound structured companies for them to get the land purchase approved by the Land Dept. The holding company structure is a simple routine registration.

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.

can I get more infos about buying on private farlang name, property (without using a company)

Invest 40 million Baht in Thailand or inherit up to one rai per estate. (In certain cases, you may inherit land from other estates as well so in theory you could own more than 1 Rai.)

www.lawyer.th.com

[lannarebirth]

From my studying the question, observations, and experience the best ways for a foreigner to "own" land in Thailand would be ranked in this order.

1) Be married to a Thai national.

Sorry this does not give you the right to own land.

2) Be American and set up company under Amity Treaty rules (that is if it's still in effect)

It is still in effect but does not give you the right to own land

3) Do a 30 year lease while holding mortgage from lessor.

30 year lease is fine; you have the rights to be on the land then. No need to have the mortgage with a lease and could be construed you were circumventing the land laws.

4)Properly setup Thai company (most of the scary stories one reads are improperly setup companies.)

Companies with a majority of shareholders being Thai are allowed to register land. The only thing that has changed, some Land officers are looking at the Thai shareholders to determine if they have income to purchase shares. Foreigners are indeed seeking more sophisticated advice and sound structured companies for them to get the land purchase approved by the Land Dept. The holding company structure is a simple routine registration.

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.

can I get more infos about buying on private farlang name, property (without using a company)

Invest 40 million Baht in Thailand or inherit up to one rai per estate. (In certain cases, you may inherit land from other estates as well so in theory you could own more than 1 Rai.)

www.lawyer.th.com

With regard to:

1) Marry a Thai national

I was speaking about the nature of marriage rather than the letter of Thai law.

http://www.thailand-lawyer.com/land_purphase.html

and 3) Amity Treaty. (allowing Americans to own a majority share in a Thai business)

I know there are limitations having to do with "exploitation of land and natural resources", but is it implicit that the Thai company may not own any land? If so, I did not know that.

[SunbeltAsia]

and 3) Amity Treaty. (allowing Americans to own a majority share in a Thai business)

I know there are limitations having to do with "exploitation of land and natural resources", but is it implicit that the Thai company may not own any land? If so, I did not know that.

Some restrictions on American investment still exist. They include:

Owning land;

Engaging in the business of inland communication;

Engaging in inland transportation and communication industries;

Engaging in fiduciary functions;

Engaging in banking involving depository functions;

Engaging in domestic trade in indigenous agricultural products;

Exploiting land or other natural resources

www.lawyer.th.com

[rockytimeshere]

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.

Which province is that Sunbelt ?

[donx]

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.

Which province is that Sunbelt ?

I'll make a guess while we wait for Sunbelt to reply ... Phuket.

[tornado40]

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.

Which province is that Sunbelt ?

I'll make a guess while we wait for Sunbelt to reply ... Phuket.

From reading another site - I believe it to be Hua Hin

[suiging]

The people in all land offices have to eat, and as a great deal of, if not all their income comes from the volume of traffic through their doors, I would not be surprised if before long they are all open as normal. I have it on good authority Pattaya is up and running .

[Moonfruit]

Im a long time critic of those who believe it is 'safe' to invest in land here in Thailand, as it certainly is far from safe.

However, i do believe that before long, all will be back to normal and people will be buying up their overpriced houses just as before.

I think investor confidence has been severely shaken up though.

[suiging]

Im a long time critic of those who believe it is 'safe' to invest in land here in Thailand, as it certainly is far from safe.

However, i do believe that before long, all will be back to normal and people will be buying up their overpriced houses just as before.

I think investor confidence has been severely shaken up though.

People will be back because the demand is there. Big wave hits ######et, within a matter of months investment floods back in the market (sorry).

The airport will be news around the world and folk sitting on expensive concrete boxes on the Costa del Sol will take note. sad but true, piss poor warm bitter coming to a street near you.