bino Posted July 19, 2006 Share Posted July 19, 2006 A friend of mine in Singapore was telling me of how he was approached by people selling Thai real estate in Singapore- buying undeveloped land in Trat / Ko Chang for cheap prices, that will someday be developed into resorts. He asked me if it was real or not. I told him that it is highly suspect, because foreigners can not actually own land in Thailand. Their website: www.royalsiamtrust.com Has anyone come across this before, or have any knowledge? Seems like a big scam to me..... Link to comment Share on other sites More sharing options...
percy2 Posted July 19, 2006 Share Posted July 19, 2006 A friend of mine in Singapore was telling me of how he was approached by people selling Thai real estate in Singapore- buying undeveloped land in Trat / Ko Chang for cheap prices, that will someday be developed into resorts. He asked me if it was real or not. I told him that it is highly suspect, because foreigners can not actually own land in Thailand.Their website: www.royalsiamtrust.com Has anyone come across this before, or have any knowledge? Seems like a big scam to me..... From there FAQ's How is it that I can benefit from the dramatic increase in land values in Thailand even when foreigners can’t buy freehold land in their own name?For foreigners to be able to buy the land a Thai company is formed (in this case White Sands Beach Ltd.), with majority ownership being Thai nationals, however their class of shares is non-voting and gives them no say in the actual management or decision making of the company and therefore they have no economic interest in the assets of the company (in this case the land). The foreign ownership of the company, even though having a minority interest in numbers of shares, has 100% of the voting rights as they hold preferred shares, giving them 100% control over the company and its assets. This effectively enables foreigners to buy and sell land and benefit from the profit. Link to comment Share on other sites More sharing options...
Charma Posted July 19, 2006 Share Posted July 19, 2006 A friend of mine in Singapore was telling me of how he was approached by people selling Thai real estate in Singapore- buying undeveloped land in Trat / Ko Chang for cheap prices, that will someday be developed into resorts. He asked me if it was real or not. I told him that it is highly suspect, because foreigners can not actually own land in Thailand. Their website: www.royalsiamtrust.com Has anyone come across this before, or have any knowledge? Seems like a big scam to me..... From there FAQ's How is it that I can benefit from the dramatic increase in land values in Thailand even when foreigners can’t buy freehold land in their own name?For foreigners to be able to buy the land a Thai company is formed (in this case White Sands Beach Ltd.), with majority ownership being Thai nationals, however their class of shares is non-voting and gives them no say in the actual management or decision making of the company and therefore they have no economic interest in the assets of the company (in this case the land). The foreign ownership of the company, even though having a minority interest in numbers of shares, has 100% of the voting rights as they hold preferred shares, giving them 100% control over the company and its assets. This effectively enables foreigners to buy and sell land and benefit from the profit. These are exactly the kind of people that the recent turmoil has been aimed at. I am surprised at the comments in the FAQ as this clearly indicates unlawful practice. The whole issue involved in the "company" setups was whether the Thai shareholders were "bona fide"; i.e. that they were not stooges and had a genuine interest in the investment. Whilst most developers have kept quiet about this aspect, these guys seem to be almost boasting about it! This will do nothing tho help the foreigners who just want a place in Thailand to quietly hang their hat. Link to comment Share on other sites More sharing options...
percy2 Posted July 19, 2006 Share Posted July 19, 2006 Two rats so far I mean avatars not people or personalities. Link to comment Share on other sites More sharing options...
bino Posted July 19, 2006 Author Share Posted July 19, 2006 Two rats so far I mean avatars not people or personalities. Very funny percy! You are right! However, I think the real rats are these developers. As you pointed out in the FAQ, they describe the company route of owning land that we all know already. However, they say that the company already formed and owning the land is (in this case White Sands Beach Ltd.). They aren't advocating for the buyer to set up any company oftheir own to buy the land. I guess you buy your land from them? also in the FAQ... Q#2. How secure is it? A: Your security is in the land you buy. This is not a stock, bond or other intangible investment. This is a legal purchase of a piece of real estate that you own. It is YOUR very own piece of Thailand and sits well in ANY portfolio - yet unlike stocks, it can be touched, seen and visited. How can they possibly say this???? If the White Sands Beach Ltd goes belly up, or does a runner, what will the customer own?? Absolutely nothing as I see it. The best of the FAQ is this; Q#11. Will Thailand change their laws one day so that foreigners can own freehold land? If so, how will my investment be affected? A: Sure, they will most probably change. Nothing will change on the investment, all that needs to be done is to delete the current common shareholding. Oh sure- I really believe that Thailand will Thailand change the laws one day so that foreigners can own freehold land. NOT! Link to comment Share on other sites More sharing options...
Charma Posted July 19, 2006 Share Posted July 19, 2006 Two rats so far I mean avatars not people or personalities. Ah, but what good looking Rats they are... If you look on their legal and accounting page, there are some big names there. Just seems to make nonsense of all this "crackdown" stuff. Link to comment Share on other sites More sharing options...
bino Posted July 19, 2006 Author Share Posted July 19, 2006 Ah, but what good looking Rats they are... You that right Charma!! Link to comment Share on other sites More sharing options...
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