The Next Move On Foreign Land Ownership?

[BKK90210]

OK I did my best, my thai is passable and may not be perfect,....but understandable same same

or you can get a real thai to do this as second opinion

Here are what the thais had to say about this article - all 54 feedbacks

1-From Sayamlers

If I have additional info or anything else to report, what authority should I contact?

2- From Archakorn-kam-chad

We should also investigate more into as where these moneies are coming from. These funds could be the illegal monies, for example from….

Foreign tax evasion money…and investing these monies in thailand hoping to avoid paying taxes,

or Illigal money laundering schemes,

or wanting to hide these monies in thailand from their own govt for some reasons

or from brokering /or flipping thai realestate to other foreigners which is the illegal occupation in thailand as foreigner.

3- From KaLokKaLa

This is the old news! Everyone knew about it long time ago but no one and especially the land dept wants to do anything about it, I don’t know why.

4- From sj_acc

The law should also go after those thai nominees and there should be a stiff/heavy penalty for those thai nominees also. Shame on them!

5- From vn

Wow….don’t tell me they had just found this out?

6- From 123

Oh…. And don’t forget Krabi also, we have sooooo many willing thais helping farangs there too!

7- From เกลียดสิงคโปร์

Please investigate those lawyers and thai nominees in Pattaya also

These people got hired and are acting as a front owner of the property in Pattaya ….for many Singaporeans.

8- From Kon- Phuket

Singaporeans came, bought, and resold just about every available lands on the island, especially around the lagoon area and had already taken all those profits back to their homeland! However I think they are still holding many mountain properties for building future resorts! Come and take a look for yourself, if you don’t believe me!

9- From Panda

I hope this time they(the govt) are doing it for real!...w/ much blessings from me

10- From ps_suda

You should also check into the lady named “Sudalat”, she seems to owned vast amount of property in Phuket (Karon beach area), and Samui. Something smells here.

11- From Mukomna

I totally agree on giving very stiff penalty for those fake thai nominees, and also confiscating everything they have!.....house, car, or whatever!

12-

I know many farangs had set up a fake company for the purpose of land/house dealing and this is wrong and illegal.

But my questions are….

1) How did they bring that large sum into the country in the first place?, Didn’t the bank of Thailand check for its purpose?

2) Do they ever take these profit monies out of Thailand and how? Isn’t this being such a large sum would raise a red flag for the bank of Thailand or thai govt?

I think it’s about time for the investigation before we ended up loosing everything to the farangs.

-----------------------------------

13- From Ban Hong

Something something….. about Thaksin and his home town/birth place @SunKumpang

14- From Dee

Have they(the govt) just wake up? They’re as slow as a kwai, by now the falangs probably have brought up everything already!

15- From CEO mai-ru-si

Looks like these foreigners are wanting to conquer and divide our thailand. Should I be worry about my land too?, or just simply drop our resistance and give it to them at cost? Hmm..I can also dig a canal for free, as an added/extra bonus too.

16- From Rummadee

Oh don’t think/worry too much. So let them spend their money buying up these properties, at the end we will just simply take them back, because according to the law every talangInch belong only to the thai, our laws will protect us. They can just kiss their 10 mil baths goodbye.

17- From Because thai doesn’t love each other

What is your point of reporting this, don’t you have anything else better to do? Why don’t you just go back and report on “How to take care your old furnitures” instead or something that will be more useful to us as readers!

18- From Carjacked @every stop

I don’t very care about the falangs stealing from the thais, they are the minority here. But I am more concern on how many thais are stealing from our own thais, and there are plenty of these cases.

20-

If the govt havn’t found the solutions how to get these lands back by now, then forget it. Go ahead and let them owned everything we have, I will just simply rent it from them!

21-

I want to see every lawbreakers go to jail or get death panalty

You forgot to report on Phuket – Lagoona resort! 5000rais in the hands of Singaporean with thai nominees + members from Thanksin family!

22- From Nae-non

Are you sure we should go after those nominees, it will be such a big task w/ only negative results you know?

If we’re going to investigate then we should net them over the entire country, not just only in those major tourist areas. Be careful many thais will be losing their jobs also due to the crackdown and now we all have to be working for the Laos, Khamere, Burmese, Malay and Singaporean!

23-

Thaksin who just loved to cheat left and right to get what he wants

Our kings with the people of Thailand have been doing everything we could to preserving the unity and our lands all these times. Then came Thaksin who had used his powers & priviledges and changed the laws to suit his needs and for him and his clan benefits. He’s so greedy and doesn’t know enough is enough or when to stop. His ultimate goal to happiness is having money and lots of it, even if he has to sell himself to the devil or give away part of Thailand to the foreigners, so be it!

24- From Por-chor-chor

Thanks you “square face”, he’s the root cause of this problem!

And why are we still keeping those officials responsible for this task on the job? What a waste of our tax baths?

25- From Thailand is belong to the thais only

I’m blaming it on our own “greedy thai lawyers”! and those foreign realtors who are doing a good job in selling out our lands. It’s our duty as a thai to do everything we could to safegard our country. Please point out and petition the case to the land dept., we need to get these lands back from them!

26- From Kon Hua Hin

Besides Hua Hin, there are also problem in nearby area such as Pranburi, Sam Roiyod, and Cha-Am.......There are so many foreign real estate companies who came, and set up the thai front company for the purpose of buying and developing lands and selling them to other unsuspected foreigners. We have huge problem of escalating land price for the locals who in many cases could not effort to even live in their own hometown where they’re born. The locals are very mad about this.

27- From คนอยู่ในสังคม

also in Tumbon – Kao Keaw, moo 2, the location of the Marina Boat Lagoon – problem with public land encroachment.

28- From KaoLam

What about Chonburi?....sooo many big, fancy, and expensive developments built specially for farangs and Japaneses ….with the thai front company set up for their thai mistress to live in.

29- From สักวัน...กรูจะเอาคืนจากพวกเมิงบ้าง

If the govt and the laws couldn’t do anything in getting our lands back, then let’s start our own little war and uprising in order to drive these foreigners out of Thailand ourselves!

Just name the time and the place….I will be there!

30- From jack

Man!....I kept getting sms spam messages from 01567128x/tor chor 3598….please check them out for me, will you?

31-

Please come to Phuket and check out around the Lagona Rayan(royal?) Kumla also

32- From jack

sms spam again!....about something something

33- From เค จี บี กับทักษิณใครสมควรตายมากกว่ากัน

On tv right now ……Somebody in UK just died and it’s not Thaksin…bummer!

34- From อย่าเขิน

Something about….How come we don’t have any capable govt looking after us except the news agency?

35- From Fish is dumb

Is this news for real, this time?

36- From นายราชการนอกแถว

our current set up laws for business are benefiting foreigners too much and have too many loopholes for ill used

37- From ff_bear

This is the long overdue case. I guess everybody was afraid to speak out during the Thaksin regime.

38- From Kor book

The biggest scheme of them all has to be…”The Peak” in Samui,…seems the business as usual. These foreigner seems not too afraid of the laws or thai govt!....actually they are flaunting it in the open!

39- From ขออบอก

In Samui, something/problem about the chanote scheme

ที่สมุย- ส.ค “สามารถงอกเป็นโฉนดได้มากกว่าที่ระบุจำนวนไม่น้อยกว่า 4 เท่าของตัวเลขที่ระบุไว้จริง”

40- From ขออบอก

Yes, in Samui…they are doing it all with nominees!

41- From Koh Samui and laws

In Samui….The govt should seriously come and investigate “Pensitand laws”. The foreigners and the lawyers are in bed together for the sake of buying the property.

42- From @@@@

You all are dreaming! If they want to do this crackdown, they should have done this long time ago!

43- From ทรราชใหม่

Same same old business dealing, nothing has changed since the beginning of Thaksin era

44-from Changmai

I say….investigate the lawyers!

The normal procedure is like this….A farang marries a thai women, then this farang will ask the lawyer to set up the front company in order to retain control over the land and his fancy house. This is a normal request/practice of many farangs and what happening here in Phuket.

45- From ถามลูกไอ้เลิศคนขายยาเสพติด

In Samui, Phaghan too!.... I’m so dumbfounded over this!

46- From

We should be investigating a fake marriage between a foreigner with thai partner also

47- From ถามลูกไอ้เลิศคนขายยาเสพติด

Thaksin and his clan are selling off our national treasure – our land – to the foreigners without any remorse as if they have every rights to do so.

48- From ง้วง

Are you sure the govt will follow this case through the end, or just blah blah blah again?

49- From "ถึงเวลาเอาจริงได้แล้ว" !

I for one would love to ask the govt of… how did we got ourselves into this mess if they were doing their job right in the first place. I think we should come up with the solutions and penalties for these fake front companies as soon as possible, so we can get the case moving, instead of a study and more study needed to be done. It may take forever and thus wasting of our precious times again.

These new set of solutions may not be perfect at first, it’s ok, we can always add or subtract as the times gone by. So let’s get going now! We all want to see these cases go to the supreme court asap and televise on tv so everyone can see.

50- From ข้าวไกลนา

I used to see on tv involving the foreigners who some

have set up the business in Phuket,

owned restaurants

owned boxing school

some as real estate agents

So I asked some of them and they all had one common answer, my life is in Thailand, I love Thailand and do not plan to go back, Phuket is like a paradise to me, good whether, smiling thais, so I’m very happy here because I can always find something to smile and laugh about, etc.

I had doubt at that time, how come a farang can be a realtor in Thailand or how come many farangs can buy houses here. Now I know – the fake company set up!

51- From นายยุทธ

I feel bad for the govt also. It’s so hard to do their job. For example

If they come down hard on these companies, then someone will complain they are too harsh, mean, or unreasonable, or they’re working too slow in getting the job done, etc.

I think it’s our human nature to complaining on just about anything.

52- From ตามล่า

Something about backhanded business dealings have been going on involving Thaksin in the area of Khonkhen and other major cities also. He and his clan ‘re trying to squeeze out the local businessmen from doing the business by using coarsing means.

53- From Bert Class Q

We can not let this go to waste, this is not right. Many of these foreigners came to Thailand as tourist and shouldn’t be allowed to buy the land using company route while on tourist visa!

54- From pim Rx

I think this is just a preliminary preparation statement for what to come next!

Edited December 5, 2006 by BKK90210

[thaigene2]

Outstanding work 90210.

I agree with the last post (54 - "I think this is just a preliminary preparation statement for what to come next!")

Let's hope the next statement doesn't refer to foreigners as 'cockroaches'. The future doesn't look very good does it.

It's time for an exit strategy I'm afraid..even for those of us who had nothing to do with this nominee stuff. Boy am I sure glad I didn't buy anything here in Thailand.

[dog412]

based on 90210's translation, which thanks by the way, i was at least impressed by the ability by some to criticize their own government, even while disagreeing with the reason for doing so. the thing that amazed me the most, was the belief this was NOT the norm before the Thaksin regime. this nominee strategy was in place at least as long ago as the early eighties, and i'm sure earlier. what the thais are forgetting is how much they themselves benefit from the ability to own property and business in "other" foreign lands. maybe the Thai government should restrict all of it's citizens to a "domestic" education, then all Thais could be a little more equal, and get the added benefit of less foreign influence.

[basjke]

From the translations from BKK90210 you can understand that the majority of thai's is against foreigners who own land in thailand.Now that they collected the money they want to take back the land.Don't they forget that nobody ever forced them to sell their once worthless land at high prices to foreigners.Don't they forget how much they earned by simply selling a small part of the huge part of farmland.If they don't want us to own a piece of land then why are they so happy if they can sell at a high price to us.

[Mobi]

Sterling Job BKK 90210, and thanks very much.

None of what the Thais say surprises me in the least. It's not much different to what I have heard personally - even my own wife agrees generally with the broad thrust of the Thai thread, despite my efforts to convince her otherwise.

Of course, you will always get the very opinionated and extreme views on any internet forum (as we do on TV ), and there are other, more moderate opinions out there from some of the more educated middle class Thais. And, of course, some officals in high government positions are a bit more 'worldly' and can see through the nationalist rhetoric.

Nevertheless, I don't think this problem will go away any time soon, and will almost certainly get worse, before it gets better. Even though I no longer own my house, and have doen a 'repair' job as best as I was able, I'm still a bit nervous that one day they may come after me for what I did before.

I have to say that after 30 years of coming and going to this fair land, I have nver felt so uncertain regarding my long term tenure here, and am slowly adjusting my thinking to the idea that I may not spend the rest of my days here.

We (farangs) are so unwelcome.

[Tolley]

You can hardly blame many Thais for feeling that they are being rorted by foreigners and well positioned Thais.

The land ownership laws were designed to limit ownership of land from foreigners.

All the schemes with nominees and lease backs etc are in fact against the spirit of the law.

Certainly there are those Thais that have benefited enormously from all the work around schemes that have been used to circumvent the spirit of the land ownership laws.

Equally however there are other Thais who have not benefited and are incensed at the rorting of the system feeling aggrieved that prices are rising and maybe pricing them out of the market.

Envy and resentment are strong motivation factors. Those Thais that have missed the foreign land ownership gravy train may well make things more and more difficult for foreigners who own land thru nominee companies and lease back arrangements etc. It is hard to say what the future holds but if you have a house in Thailand you always need to be prepared to walk away with nothing as you can never legally own that house in your own name.

[TOKI]

Number 29 is the best!!

[Casanundra]

This is all very interesting stuff and to just add fuel to the fire, a leading professor here has just produced a paper on the issues concerning nominee shares and land ownership whereby he was questioning who should be responsible and what laws should govern such transactions.

I won't obviously produce the whole paper here as it is too long but this was his conclusion:

"As we can see from the above, all sham structures of Thai registered companies associated with a foreign company are actually initiated by the foreign company. It is certain that with the above fact that the one who has to be blamed for the governance issue should be that of the foreign company who initiated and abused the Thai laws in the first place. It is thus unfair to say that a developing country needs to foster good corporate governance when in fact it is the foreign company who should be surveying themselves about the governance issue when they invest in another country and who should be behaving in a better governance manner."

Basically, he concluded that Thailand should not be responsible for checking the foreign companies and that it should be the responsibility of the foreign countries to prosecute and check their own people for breaking Thai laws by providing governance instead. Or in other words... it's not Thailand's fault why foreign companies break their draconian laws and that it's the fault of the foreign countries and it's citizens. All this does is simply passe the buck rather than working out why the foreign companies by-pass the Thai laws in the first place...

Edited December 7, 2006 by Casanundra

[Mid]

BKK90210

.

mid

[BigA]

What are the strategies to employ to thwart these would be indian givers?

Amity protection?

Transfer to Thai children?

The warning balloons are up, that obvious.

The discussion should now focus on proactive measures on how to protect ones investment.

[quiksilva]

The safest bet would be to transfer to someone you trust (wife/kids) and seek an usufruct.

[Casanundra]

What are the strategies to employ to thwart these would be indian givers?

Amity protection?

Transfer to Thai children?

The warning balloons are up, that obvious.

The discussion should now focus on proactive measures on how to protect ones investment.

If you own land under the banner of a company then I think your days are numbered.

If you can, transfer the land to a Thai partner and then set up an usufruct or a 30 years lease agreement on the property itself which you still own.

You can of course just sell up, cut your losses and get out or you can get a Condo providing it is one of the designated 49%.

What the Thai's have failed to ask themselves yet is once this is all over and done with is 'Why would a foreigner ever want to invest in Thailand" when they get nothing back for their troubles.

Look at what the Thai's are currently doing to the big super market chains in a bid to drive them out or to limit their expansion programs in favour of local Thai retailers. This nominee share issue is gaining greater focus all the time and will just add icing to the cake.

Right now we have China, Vietnam and Malaysia all offering better alternatives and Thailand will just shoot itself in the foot and only when it's too late will they then realise that they may have erm um made a HUGE mistake by which time they will have made their bed and have to live in it.

Edited December 7, 2006 by Casanundra

[Night]

When i first came i asked could i buy a house and all the answers were yes yes yes easy no problem by thai sellers. I got screwed with a thai company and basically lost the price of the house an had to lease another one. I tell all my friends and tourists anever to invest in thailand as it's all a big trick here.

Thais can buy in our country but when we buy in theirs they steal it back. For shame.

[dvk1951]

Thais can buy in our country but when we buy in theirs they steal it back. For shame.

Just the thought of reciprocity (property ownership, visa's) makes me smile .......................................ok, enuf of that, back to the real world.

[Firefan]

BKK90210 - thanks a LOT for the translations - highly appreciated!

The trend seems pretty clear to me - I hope I am wrong.

Cheers!

[thaigene2]

...Basically, he concluded that Thailand should not be responsible for checking the foreign companies and that it should be the responsibility of the foreign countries to prosecute and check their own people for breaking Thai laws by providing governance instead. Or in other words... it's not Thailand's fault why foreign companies break their draconian laws and that it's the fault of the foreign countries and it's citizens. All this does is simply passe the buck rather than working out why the foreign companies by-pass the Thai laws in the first place...

Yes . .and by the professor's own reasoning then maybe those foreign countries should be investigating where rich Thais got THEIR money from to buy houses in our countries...I mean you know, since we're so worried about good governance....an' all.

[Indifferent]

Stirling work BKK90210.

The comments arn't surprising. But (IMHO) the only one with a bit of common sense is 44-from Changmai.

If the lawyers wern't hungry yes men going all out to take the money (with 0 accountability) then it really wouldn't be an issue. They are really the only ones that can set this system up (you can do it yourself but you still need a lawyers signature and copy of thier licence or ID card I believe. the actual cost I think is less than 1000 THB).

A lot of the company nominees are actually employees of the (dubious) law firm (secretaries, delivery boys etc). Punish the lawyers for duboius pratices (not only this example) by removing their licence and fining them and I think we would see more firms with integrity and actually offering sound advice based on the law and not how to circumvent it.

While I'm ranting about this.....same goes for accountants.

[daveb1]

I really get fed up of people smugly telling people who purchased there houses via the company route how stupid they are. Its not as if people were trying to break the law they took the advice they were given by lawyers and purchased there houses.

It’s about time the Thai government came to its senses on this one. Most of us are not criminals or money launderers we just fell in love with the country and wanted to own a house here. Surly it’s not much to ask to be able to own a small bit of land with your own house on it? Most of us bring vast amounts of money from abroad into Thailand to spend there why aren’t the Thais welcoming us a bit more? There is no logic in all of this

[Creeper]

I have a friend trying to unload 4 houses in Pattaya, he's finding it impossible at the moment.

Some Thai guy has offered him 30% of his asking price and said it was 'Up to him ' if he took it or refused it, as there are many Farangs in the same position that will have to sell at a massive loss anyway.

Good job most Farang can walk away from Thailand without being completely skint after losing houses.

[Mobi]

Stirling work BKK90210.

The comments arn't surprising. But (IMHO) the only one with a bit of common sense is 44-from Changmai.

If the lawyers wern't hungry yes men going all out to take the money (with 0 accountability) then it really wouldn't be an issue. They are really the only ones that can set this system up (you can do it yourself but you still need a lawyers signature and copy of thier licence or ID card I believe. the actual cost I think is less than 1000 THB).

A lot of the company nominees are actually employees of the (dubious) law firm (secretaries, delivery boys etc). Punish the lawyers for duboius pratices (not only this example) by removing their licence and fining them and I think we would see more firms with integrity and actually offering sound advice based on the law and not how to circumvent it.

While I'm ranting about this.....same goes for accountants.

It'll never happen - what ever action the government decides to take, I gurantee you that the Thai lawyers and accountants will not be touched. They know this, which is why they were so gung ho in giving bad advice in the first place. The only ones who will suffer are the farang owners, and develepers and...possibly... some of the farang lawyers?

Even in the unliklely event that some of the Thai law firms were closed down, they'd simply change their firms' name, and start up again in a couple of months after taking a nice holiday in their newly acquired poroperties.

BTW there's plenty of unlicensed lawyers out there too.

Don't forget - this is lawless, Deadwood - where anything goes.

[Maigo6]

I have a friend trying to unload 4 houses in Pattaya, he's finding it impossible at the moment.

I also know guys that are desperate to sell. Mission impossible

The Thais are often portrayed as stupid by many on this forum, yet once again it turns out to be the Farang that has been stupid.

The Thais have sold land at a very high price, the Thai builders have built houses of a dubious quality and charged high prices, the Thai lawyers and accountants have grown rich parting farangs with millions of baht for a worthless scrap of paper.

Now Farangs are desperate to sell and will accept another loss to sell to a Thai national.

Thais stupid.........?

I don't think so.

[HenryB]

I have a friend trying to unload 4 houses in Pattaya, he's finding it impossible at the moment.

Some Thai guy has offered him 30% of his asking price and said it was 'Up to him ' if he took it or refused it, as there are many Farangs in the same position that will have to sell at a massive loss anyway.

Good job most Farang can walk away from Thailand without being completely skint after losing houses.

Get new friends why would anyboby want 4 homes in Pattaya.

Just wait 4 more months owners of compianes shall be in jail and crying I did known why he told me.

I was just a big baby would a lot of money I believe what he told me I just wanted to be rich.

[genobkk]

Ok lets make it simple, some will people will always take advantage of any loophole. In my mind I honestly think the government of Thailand and most Thai do NOT mind foreigners to buy one small peace of land to live, or for a vacation home. Yes the company route has been used for years and the government had to know about this. The thing is just like when you were in high school a few bad people will mess it up for everyone. Many of these foreigners are buying large amounts of land, then divide the land in small plots and resale it.....it is one thing to have normal people bend

The law just to buy a home to live, but a total different issue with these big developers coming in, and yes their is a LOT of them...Blame these people for the crackdown. Blame the lawyers for using new and even more dangerous loopholes, if the dirty lawyers had not came up with new loopholes I really think the Thai government would have backtracked. the new loophole, take a 100 percent Thai company and register it with the land office, then sale that 100 percent Thai company to a foreigner (the land office does not require the reporting of this) The fact is, if NO foreigners were buying land and the if the high end property market was in serous trouble the government would take another look. Yes the market has slowed but not to degree it would have if the dirty lawyers did not come up with this new and very bad way to buy land.....really think about who is to blame here. It has gone from a few normal people buying land and house to live or for a vacation home to the now very large land developers buying ever tying they can get their hands on.

Ok the other side, it seems from reading the Thai post that most Thai do NOT realize that in most every country in the world anyone can own land. I know in San Francisco many Thais owned hotels, restaurants, etc....I do understand the Thai thinking, they do NOT want their country to be controlled and owned by foreigners....Some groups will feed on this and use websites and the media to get people all mad about this, why? Money, selling ads on a website, selling newspapers, etc... The same thing happed in the USA in the 80s, the Japanese was buying everything, and frankly many Americans was very upset about this, but in the late 90s it was the Americans buying everything in Japan.

The bottom line is Thailand does need to change its laws for land owner ship. A Thai can come to most all of are countries and buy any amount of land, and many do, but it is the land foreign land developers that has crossed the line and this will affect the rest of us for years to come. Please blame the correct people

[JimmyGreaves]

I have a friend trying to unload 4 houses in Pattaya, he's finding it impossible at the moment.

Some Thai guy has offered him 30% of his asking price and said it was 'Up to him ' if he took it or refused it, as there are many Farangs in the same position that will have to sell at a massive loss anyway.

Good job most Farang can walk away from Thailand without being completely skint after losing houses.

Get new friends why would anyboby want 4 homes in Pattaya.

Just wait 4 more months owners of compianes shall be in jail and crying I did known why he told me.

I was just a big baby would a lot of money I believe what he told me I just wanted to be rich.

Gobshite!

[Gary A]

Many people like to refer to LOOPHOLES! There are no loopholes. The law is quite clear. The Thai AND farang lawyers have set up bogus companies to make money from farangs who did NOT do their homework. I really can not feel too sorry for farangs who have purchased many properties to make a profit. I CAN feel sorry for the people who simply wanted a home to call their own. I would hope the government will show some compassion and allow these people who simply wanted a place to live an exit that will not hurt them too much.

[twix38]

Most people made a conscious decision to circumvent the law and particularly the spirit of the law deliberately and knowingly.

When asking about property it is immediately obvious and clear that a foreigner cannot own land. It is the very reason that the company scheme work around (cheat) is used in the first palce.

If you are right minded there must have been at least a small alarm bell ringing! Rather than just being a simpleton and looking at what Mr Jones had done down the road. Maybe he's jumped off a cliff now!

Therefore anybody doing it and having a brain cell or 2 will be aware that it is not really allowed and this is a way to do it by circumventing the law and as such there is a risk to it.

So, it follows that in the future, you may have to take the consequences of your own actions because you are responsible for them and any resulting financial loss.

It is not meant to be smug, but to ignore this plain fact misses the core and principle point in this discussion. You knew (or should have) what the risk was, what the law was (and still is) and what the company scheme was needed for and why.

Once this is understood any purchaser has made the decision to take on the risk and may have to accept the outcome.

I refused to take the risk even when all estate agents and lawyers stated it was common practice and fine. Fine for their business maybe, but REALLY not fine.

It is true, without being smug, that the risks were clear and the future outcome clearly unknown. Nobody could have had their head that far in the sand not to know the reason for the company scheme that they were entering into and hence the risk it may potentially pose in a 3rd world country at some later date.

Some people (Daveb1)need to wake up to reality.

Nevertheless I have the utmost sympathy for yet another fleecing of foreigners allowing themselves to become the victim in a previously accepted corrupt practice allowed by the authorities to continue knowingly for years until big business tipped it over the edge.

Edited December 8, 2006 by twix38

[jing jing]

I still have yet to hear of a single foreigner who has had his land deed taken away due to a "bogus" corporate ownership scheme, which is not to say that it hasn't happened or won't ever happen. At this point there's been some saber rattling but it remains to be seen if any of the many thousands of folks "owning" property by this method are affected in any real way other than possibly a softer market for their property if they intend to sell it.

I was considering going that route but in light of the current situation have decided to hold off indefinitely.

[Maigo6]

I was considering going that route but in light of the current situation have decided to hold off indefinitely.

Very wise.

Only a fool would buy in the company name route now.

Those that have already done so, I hope you can sell quick without losing your shirts!!

But I doubt it!!!! Who is gonna buy, a Thai buyer at stupidly high prices ?

The Thais have once again outsmarted the Farangs, you make it so easy for them.!

Edited December 8, 2006 by Maigo6

[stevejones123]

It's doubtful if buying a house in a company's name is against the law. What the Thai government seems to be doing is trying to change the law retroactively.

The big offenders will have sold on anyway.

[dog412]

I have a friend trying to unload 4 houses in Pattaya, he's finding it impossible at the moment.

I also know guys that are desperate to sell. Mission impossible

The Thais are often portrayed as stupid by many on this forum, yet once again it turns out to be the Farang that has been stupid.

The Thais have sold land at a very high price, the Thai builders have built houses of a dubious quality and charged high prices, the Thai lawyers and accountants have grown rich parting farangs with millions of baht for a worthless scrap of paper.

Now Farangs are desperate to sell and will accept another loss to sell to a Thai national.

Thais stupid.........?

I don't think so.

stupid no. dishonest yes, in this situation. you seem to see this as a virtue.