Vacation Program Samui

[Kiiniow]

Today I received the following email: (I have no idea how I landed on their mailing list....

To whom it may concern

We would like to take this opportunity to inform you of the official Koh Samui launch of the much talked about Vacation Investment Program (VIP) by Thailand Longstay Management (TLM).

The event will be held at the Samui Palm Beach Hotel on the 18th November 2006, the event starts at 1.00pm.

The official Bangkok Launch of VIP is to be held on the 29th November 2006 at the Ministry of Tourism.

The Key people who will be speaking at the Koh Samui Launch are:

Mr Ruamnakorn Tabtimtongchai – President of TLM

Mr Niwat Sawadkeaw .- Chief of Surrathani Province

Mr Chaiykarn Sudampanthorn – CEO of Samui Estate Corporation

Representative’s of the Chief of Immigration

Officials from the Land Office

If you would like to attend this event please send your name and contact details to [email protected] to be added to the guest list.

Please note the event will be in Thai, but there is English literature available and English speaking representatives on hand to answer any questions you may have.

If you are unable to attend this event, a new company profile explaining VIP and its services will be sent to you via email.

If you have any further questions please do not hesitate to contact us.

Many Thanks

The VIP Team

Did anyone else received the same ?

They launch this on Samui, PRIOR to the official launch in Bangkok on the 29th (??? ) and they do this in Thai.....

Can't they find any Thai speakers to hold the launch in English ?

this is their website:

http://www.thailongstay.co.th/vip/index2.html

LaoPo

Chalk up another brillant show by the "SAMUI realESTATE...errr...VIP TEAM"! a review by someone who personally attended there "Bangkok Launch" at the TAT:

Well, what a complete waste of my afternoon attending this so called Longstay 'seminar'. It started an hour later than scheduled in typical Thai fashion. The Minister of Tourism and Sports then arrived another 10 minutes later and started the seminar by introducing himself, advising that he didn't have much time and asking who was present at the seminar, 'just one company or lots of companies?'. It was bizarre.

Then we watched some terrible video about the programme which was the least informative video in history.They gave no information about when the program starts, who can apply, how people apply, how much it is, nothing. All we were told was the benefit of the program was a retirement visa for those over 50 and a 30 year lease on a property. Oh, and if you decide not to renew the lease after the first 30 years, you get the full purchase price back with 3.5% interest! Believe that and you'll believe anything!

Then there was a brief Q&A session. One of few questions was 'as the retirement visa is only available to those over 50, what about people who want to invest in the program who are younger, say in the 35-50 bracket, who form about 40% of the foreigners investing in property in Thailand. Is there a visa available for them?' Answer from the Minister was 'I'm afraid I can't answer that question'. Pure brilliance. At that point it became obvious that only the Minister would be answering questions and he had no clue as to the actual workings of the program and so it would be pointless and embarrassing for him to ask more poignant questions.

Feedback from other attendees was that the seminar was a complete waste of time and we left knowing less than when we arrived!

[Kiiniow]

VIP is a private company. Shareholding is 40% TAT and the balance with whom?

I presume as a legitimate Thai company it must have seven shareholders.

Who are they and what role and financial participation do they have?

What is the Capitalisation of the company and is it paid up?

Can we be sure that these shareholders are themselves not Nominees.

Have they put money into the company and what will they get out of it?

Did TAT inject Capital?

It is claimed that the VIP programme is 100% supported by the government.

I have seen nothing outside of the VIP marketing material to support this.

Can some documentation be provided to support this claim?

The maximum term for which a lease can be registered is 30 years and that any renewal can only be contractual. The "Perpetual Lease" is therefore (if it exists) only a contract to renew - but would it be enforceable in the Courts?

There was a recent Supreme Court judgement enforcing a contractual renewal albeit for only 10 years. It would be useful to see the actual judgement. My concern there would be that after 10 years the original parties to the agreement will still be there whereas after 30 years, and especially after a further 30 years, the original landowner at least is unlikely to be the same. Does the Supreme Court ruling take this into account, or was the judgement easy in that this possibility did not come up? Essentially I do not see that VIP is offering any greater security for a renewal apart from a contractual obligation to do so.

The VIP web site states that the Leaseholder will get his name on the back of the Title Deed, implying that as a Leaseholder with another party, this would not happen. This I not correct and is mis-leading.

It also states that a 30 year lease can only be renewed for a further period of thirty years after the first thirty years have been completed. Is that really so? Surely with agreement between the parties any lease can be cancelled and a new lease agreed? What I fail to see is any change in the Thai Law which is allowing VIP to do anything differently than before or giving any greater security that currently available.

The implication of all this is that VIP can do something no one else can do. If this is the case, where is the legal backing for such a claim and if this is not the case, and they are only doing what another Thai entity can do, then their claims are disingenuous.

If you participate in the VIP programme, do you also have to participate in the Thailand Long Stay programme?

Capital Cost based on full price of house. Why not just on the land which is the only part a foreigner cannot own? The foreigner can own a house in his own right.

Why is this restricted to Koh Samui only? Surely if it is above board and legal it could apply to anywhere in Thailand.

Having spoken to various people involved in Real Estate on the island, no oen sees this as anything other than an attempt by one particular agent to scare people into dealing with him. Even some prominent Thais I have spoken to are less than impressed.

It may be difficult to label this as a pure scam, but it is certainly disingenuous and misleading.

Jimbo, somebody ought to write to the Post/Nation about this, put people on guard, quite seriously. Since you put things so well but with the "necessary" restraint...I NOMINATE YOU! Anybody else??

[twinkeltoes]

i herd that samui estates were the best and biggest realtor on ths island

[watchoutfarang]

They may be the biggest, but I can assure you that they are far from the best. The relators are bigger cowboys than John Wayne

Regards

watchoutfarang

[Kiiniow]

i herd that samui estates were the best and biggest realtor on ths island

AND be careful there...not even the "VIP Team" has enough integrity or is professional enough to admit who they actually are

[bangkoklotus]

samui estates seem to have gone quiet on this matter> what was it all about????? Dont hear them talking anymore... i wonder why

[gazza1]

samui estates seem to have gone quiet on this matter> what was it all about????? Dont hear them talking anymore... i wonder why

5 Farang have left since October 06!!!

[watchoutfarang]

samui estates seem to have gone quiet on this matter> what was it all about????? Dont hear them talking anymore... i wonder why

5 Farang have left since October 06!!!

That really does not surprise I would imagine that very few houses have been sold in Samui over the last few months. Where have they all moved to - other estate agencies? Or saw sense and gone back to falangland?

Best wishes wtchoutfarang