companies not in my name?

[ed strong]

The Thai law is actually very simple. A foreigner is not to allowed to own land in Thailand. That's it.

 

Ok you say the law is straight forward, its the thai advisors and lawyers that are selling illegal products or encouraging you to enter

into this type of arrangement thats the problem then?

 

Thai law eh..... No gambling yet they sell lottery tickets on every soi. No prostitution yet pattaya contains over 10,000 girls selling sex? How on earth are you supposed to operate in such a backward country i'll never know.

 

a 30 year lease is great if you only want your house for 30 years or will pass on to your thai family.

 

Seems only option is to buy a condo but that t wouldnt interest me.

 

Thanks for all your comments. There is more going on behind the scenes with these people which i cant mention at the moment (its not directly connected to my houses though )

 

 

 

[mrboats]

yes Ed....a foreigner is not allowed to own land in thailand

but a company can....as is evident with the thousands of foreigners purchasing their houses that way

there are no gripes or complaints from these foreigners including me...have many houses in company names...I'm very happy with my setups....you didn't do enough homework and probably chose the wrong lawyer

it may not be perfect but it sure as hell is better than having it in a Thai woman's name

 

[ed strong]

have many houses in company names...I'm very happy with my setups....you didn't do enough homework and probably chose the wrong lawyer

 

yes it certainly didn't help me. Have you sold any of your houses previously? Did you sell the company to the new buyer?

 

I knew of an acquaintance who owned electric mango in soi 112 Hua hin. He 'owned' it through a company but when he went to sell he had to 'pay' 1m baht to someone (thai) that was associatted with his company. There was no other way round, he had to sell so he paid the 1m thb to get the rest of his capital back

 

 

 

 

[mrboats]

Yes Ed ...sold a condo and a house ...both were in company names....the benefit was no fees to pay at the land office

the guy who had to pay 1million....well it's his own fault....obviously he had no company exit forms pre signed....so the guy saw his chance...also I'm guessing he also had no documents that the Thais owed him money....I have loan documents against my shareholders...just in case one wants to be greedy....but so far in 12 years never had any problems

of course many people are dubious taking someone's company on purchase....but every company has annual balance sheets...any fool can see if there's any loans or outstanding if they learnt arithmetic at school....also I don't only use 1 lawyer....I have several and sound them out...then I decide who's got the best ideas

cheers

[mrboats]

By the way Ed...just to let you know for any future dealings....you don't need lawyers to open company's....you can do it yourself very cheap...you just need a Thai that's had decent schooling

i actually abstained 2 of my company's for free....some foreigner sold their house to a Thai....of course don't need the company anymore.....costs money to close it....better to give it away....just have to look around ...they are available....ask at accountant offices

[Khun Jean]

Mrboasts, all the things you just said are in fact illegal when a foreigner is involved. That you got away with it is just luck.

Especially in places like Phuket or Huahin you have to be much more careful.

You can drive through a red light hundreds of time without problem, that does not make it safe.

 

[Destiny1990]

4 hours ago, ed strong said:

The Thai law is actually very simple. A foreigner is not to allowed to own land in Thailand. That's it.

 

Ok you say the law is straight forward, its the thai advisors and lawyers that are selling illegal products or encouraging you to enter

into this type of arrangement thats the problem then?

 

Thai law eh..... No gambling yet they sell lottery tickets on every soi. No prostitution yet pattaya contains over 10,000 girls selling sex? How on earth are you supposed to operate in such a backward country i'll never know.

 

a 30 year lease is great if you only want your house for 30 years or will pass on to your thai family.

 

Seems only option is to buy a condo but that t wouldnt interest me.

 

Thanks for all your comments. There is more going on behind the scenes with these people which i cant mention at the moment (its not directly connected to my houses though )

 

 

 

I do agree with u that foreigners often go to Thailand and fall inlove with the country and so easily buy a home.So they use lawyers and often  a farang lawyer.Than for such a lawyer to come up and construct  twisted solutions is not what we should expect from such people. We should use and pay lawyers for only exactly to operate within the law!

[ed strong]

21 minutes ago, Destiny1990 said:

I do agree with u that foreigners often go to Thailand and fall inlove with the country and so easily buy a home.So they use lawyers and often  a farang lawyer.Than for such a lawyer to come up and construct  twisted solutions is not what we should expect from such people. We should use and pay lawyers for only exactly to operate within the law!

yes and the situation isn't helped by the real estate agents. I believe anyone can set one up  and there is no code of conduct or duty to the public. They don't care as they are coining it in.....

[Khun Jean]

It is pretty easy, if you start a real estate agency and you stay within the law you would only be able to sell a condo. You would be without a living income very soon. Hence the 'twisted solutions', it keeps them alive because so many foreigners just really have to have their own land/house, no matter what. A lawyer just fulfills those wishes the best they can, while keeping quiet about the details and consequences that will occur later. 'Later' is not their problem, they have income now.