The Phuket property nightmare

[webfact]

The Phuket property nightmare
By Jonathan HeadFraud in paradise // The property nightmare where some expats have lost everything
BBC News, Phuket

PHUKET: -- The sparkling seas and warm beaches of Phuket are a magnet for sun-seeking holiday-makers and, increasingly, for foreigners seeking a comfortable and cost-efficient retirement. More than 100,000 foreigners have settled on the island - though some now bitterly regret it.

British expat Ian Rance and Irishman Colin Vard are now living almost penniless with their children on the outskirts of Bangkok as they struggle against overwhelming odds to recover properties they bought on Phuket. Both men lost all their investments through frauds that neither of them imagined were possible.

"I'd made my money in England and had enough to retire I thought. I was looking for a place that was warm, a place that had some rule of law, where I could live in safety and peace," says Rance, a chartered surveyor and professional arbitrator from Hertfordshire, who arrived in Phuket in 2000.

"When I came to Thailand on a trip to Australia it sort of seemed to fit the bill."

Full story: http://www.bbc.com/news/magazine-34346620


-- BBC 2015-09-25

RELATED: 'Defrauded by my wife and criminals in Thailand' - BBC special report

[schlog]

There is no such thing like a property nightmare. People are sometimes a nightmare. Phuket was good and is still good. I'm sure not the sharpest knive in the kitchen but it was no problem in 20 years to make a 500-1000% profit here.

Some guys loose some guys win. The game life is like the stockmarket so be prepared for chapter 7.

Edited September 25, 2015 by schlog

[NeverSure]

If the guy didn't remarry and have yet another kid I might feel sorry for him. Now he's broke and can't afford to go back to his home country?

Sorry Charlie, you did this to yourself.

Cheers.

[12DrinkMore]

If the guy didn't remarry and have yet another kid I might feel sorry for him. Now he's broke and can't afford to go back to his home country?

Sorry Charlie, you did this to yourself.

Cheers.

Yep, started with at least 1,200,000 Quid.

1,000,000 spent on property.

200,000 on legal fees.

Now broke with four kids and another wife.

Life could have been sooooooo easy.

[hansgruber]

These guys have kids so i dont understand why the land wasnt put into their names.

[Kasset Tak]

Yea and we come down to that what he did to loos the £1 million was actually by breaking the Thai law.
Forming a proxy company with nominees is... ILLEGAL

Wife buying land/property with HIS money is...ILLEGAL
If you did't already know that or don't trust me then just google it and you see!

[huawei]

These guys have kids so i dont understand why the land wasnt put into their names.

Because then they appear not to " trust" the wife. It's a pack of cards if things go wrong.

His mistake was " eggs in one basket"..

[Old Croc]

Yea and we come down to that what he did to loos the £1 million was actually by breaking the Thai law.

Forming a proxy company with nominees is... ILLEGAL

Wife buying land/property with HIS money is...ILLEGAL

If you did't already know that or don't trust me then just google it and you see!

A Thai lady, even if married to a foreigner, is legally allowed to buy property in her own country, as long as she is using her money to do so.

If she states she is using her husband's money it may be refused,

[huawei]

Yea and we come down to that what he did to loos the £1 million was actually by breaking the Thai law.

Forming a proxy company with nominees is... ILLEGAL

Wife buying land/property with HIS money is...ILLEGAL

If you did't already know that or don't trust me then just google it and you see!

A Thai lady, even if married to a foreigner, is legally allowed to buy property in her own country, as long as she is using her money to do so.

If she states she is using her husband's money it may be refused,

This has been allowed since 1998 or there abouts. Edited September 25, 2015 by huawei

[Old Croc]

Yea and we come down to that what he did to loos the £1 million was actually by breaking the Thai law.

Forming a proxy company with nominees is... ILLEGAL

Wife buying land/property with HIS money is...ILLEGAL

If you did't already know that or don't trust me then just google it and you see!

A Thai lady, even if married to a foreigner, is legally allowed to buy property in her own country, as long as she is using her money to do so.

If she states she is using her husband's money it may be refused,

This has been allowed since 1998 or there abouts.

Yes, amendments were made following the 1997 Asian Economic Crises.

[JoePai]

Well done the BBC

[Bakseeda]

Haha..... it's so funny to read from these non-sympathetic TV posters. Every one of them to the last man is so jealous of anyone with money or that had moneys..... All these penniless posters now happy to see these once rich guys down in the gutters with them.

Well, I am not normally a sympathetic guy, but the level of Thai corruption that stole and swindled and cheated these two guys out of their hard earned moneys is just not normal. There is no such thing as Thai justice for Farangs. It's no wonder that some guys commit suicide or worse take the law into their own hands.

The hard earned lesson to all us Farangs is...... NEVER trust a Thai.... But, I know ....she said she loves you.... haha.

I hope that some sort of justice waits for those Buddhist swindlers.........

[shirtless]

Maybe we should start a charity on Tv to help these poor souls, They trusted and were dudded dont laugh your pension funds could do this to you as well .

[WhizBang]

To me the most important thing to take away from the article is how useless and corrupt the Thai lawyers and legal system is.

First he got screwed by his wife, then he got screwed by the lawyers and corrupt legal system.

And lets not even start on the moneylenders.

Thailand, corrupt to the core.

[whatproblem]

What ever you think about these guys this effects everyone of us

[useronthenet]

Strange why foreigners even think of investing in Thailand, when clearly there is enough information out there.

1) Foreigners do not have any rights in Thailand.

2) In most cases foreigners are not even acknowledged by Thais or by the Thai system.

3) To Thais, foreigners are only ATM's on legs, nothing more.

4) Foreigners will never be accepted by Thais as equals.

5) There is no legal justice for foreigners.

6) Thailand is only for Thais.

Keep your money out of Thailand, only rent, then you will be fine.

If you don't understand the above, best not to even come.

[rufanuf]

Strange why foreigners even think of investing in Thailand, when clearly there is enough information out there.

1) Foreigners do not have any rights in Thailand.

2) In most cases foreigners are not even acknowledged by Thais or by the Thai system.

3) To Thais, foreigners are only ATM's on legs, nothing more.

4) Foreigners will never be accepted by Thais as equals.

5) There is no legal justice for foreigners.

6) Thailand is only for Thais.

Keep your money out of Thailand, only rent, then you will be fine.

If you don't understand the above, best not to even come.

I think one of the biggest problems is that each persons circumstances often dictate their decisions. You could have researched til' your blue in the face about Thailand and its risks for foreigners when it comes to investment, but if you have already been defrauded out of half your life savings in other countries, or by members of your own family.or your pension fund manager or investment swindlers.but you live in Thailand happily...it might not seem such a bad idea to bring your remaining capital closer to you. Possession in the physical sense of the word, is 9 10ths of the law. And Thailand isn't so unique when it comes to dishonest acts.

[stevenl]

Strange why foreigners even think of investing in Thailand, when clearly there is enough information out there.

1) Foreigners do not have any rights in Thailand.

2) In most cases foreigners are not even acknowledged by Thais or by the Thai system.

3) To Thais, foreigners are only ATM's on legs, nothing more.

4) Foreigners will never be accepted by Thais as equals.

5) There is no legal justice for foreigners.

6) Thailand is only for Thais.

Keep your money out of Thailand, only rent, then you will be fine.

If you don't understand the above, best not to even come.

Strange why people find it necessary to write this nonsense, there is plenty of evidence to the contrary of this post.

[LivinginKata]

Yea and we come down to that what he did to loos the £1 million was actually by breaking the Thai law.

Forming a proxy company with nominees is... ILLEGAL

Wife buying land/property with HIS money is...ILLEGAL

If you did't already know that or don't trust me then just google it and you see!

A Thai lady, even if married to a foreigner, is legally allowed to buy property in her own country, as long as she is using her money to do so.

If she states she is using her husband's money it may be refused,

Would not have mattered if he had bought his properties in his wife's name. She is the one that got into deep truble borrowing money from loan sharks. Having the land in her name would only have saved her the time to forge his name on the Thai company documents.

[shaurene]

There is no such thing like a property nightmare. People are sometimes a nightmare. Phuket was good and is still good. I'm sure not the sharpest knive in the kitchen but it was no problem in 20 years to make a 500-1000% profit here.

Some guys loose some guys win. The game life is like the stockmarket so be prepared for chapter 7.

Did you watch the program on UK TV the Telegraph paper did a full investigation. Thai lawyers involved and council officials. It was a right rip off. I know a lot get done by their own faults but the his guy had every document that where todo with his deals.

[Sam Jones]

"I'd made my money in England and had enough to retire I thought. I was looking for a place that was warm, a place that had some rule of law, where I could live in safety and peace," says Rance

Warm - yes

Rule of Law - NO

Safety - No

Peace - No

and still he did it ... Never Invest one satang here, its not worth it unless you ask a Realtor or other kind of scam artist ...

[Nobb]

So true all over Thailand. They will believe Thai wife even tough she never had 1 baht before being married.

[Nobb]

If the guy didn't remarry and have yet another kid I might feel sorry for him. Now he's broke and can't afford to go back to his home country?

Sorry Charlie, you did this to yourself.

Cheers.

Never Pure you are wrong as usual . Lies by his Thai wife and not no honest judges to see he had a honest legal dispute. They always believe the Thai wife no matter what!

[maidee]

next time go to SPAIN

you can own the property you buy, it's hot & full of brits

[lavender19]

Strange why foreigners even think of investing in Thailand, when clearly there is enough information out there.

1) Foreigners do not have any rights in Thailand.

2) In most cases foreigners are not even acknowledged by Thais or by the Thai system.

3) To Thais, foreigners are only ATM's on legs, nothing more.

4) Foreigners will never be accepted by Thais as equals.

5) There is no legal justice for foreigners.

6) Thailand is only for Thais.

Keep your money out of Thailand, only rent, then you will be fine.

If you don't understand the above, best not to even come.

Strange why people find it necessary to write this nonsense, there is plenty of evidence to the contrary of this post.

Please state the evidence Oh wise one

[lavender19]

I can see the BBC being blocked soon if they keep stating the facts about this place

[Colabamumbai]

There is no such thing like a property nightmare. People are sometimes a nightmare. Phuket was good and is still good. I'm sure not the sharpest knive in the kitchen but it was no problem in 20 years to make a 500-1000% profit here.

Some guys loose some guys win. The game life is like the stockmarket so be prepared for chapter 7.

Oh how much did you make? And how long did it take you????

[jackh]

next time go to SPAIN

you can own the property you buy, it's hot & full of brits

Thanks for the warning..(scratching Spain off my list)

[lifeincnx]

So Soda, wife #1 transferred Rance's properties out of the company, removed him as a company director, and had a forged power of attorney to eliminate the remaining 30 year property lease.

But, "Ian Rance has a new wife now, and they have a young baby girl."

I'm reminded of the definition of insanity: doing the same thing over and over, expecting a different outcome.

[MaeJoMTB]

What ever you think about these guys this effects everyone of us

No, it only affects criminal foreigners trying to own land illegally in Thailand.