Buying your dream home, or nightmare.
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viking escort
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Some of the swedes I know well. http://www.thailandfastigheter.com/index.html
They are making houses in Huay Yang, about 20 kms south of Prachuap Khiri Khan.
Too expensive for my budget.
I bought my cheap house in rural Hua Hin instead.
They are making houses in Huay Yang, about 20 kms south of Prachuap Khiri Khan.
Too expensive for my budget.
I bought my cheap house in rural Hua Hin instead.
I intend to live forever - so far so good.
There are many well educated investors who have had business dealings all over the world investing in land and property in Thailand - Are they stupid - i think not, having spoken to such people. They see the big picture of huge potencial here. These peope do not become very rich by making dumb moves.
One such person put it very simply - Thai investment in property is huge , much greater than foreign, if the rules were changed and there became no way that a foreigner could buy here what would be the net effect, pretty simple, many Thai owned companies would go down the pan.
There seems to lots of scaremongering about property, if you pay your company taxes you will not have a problem. The people who may have issues are those with little common sense who maybe try to make shortcuts.
One such person put it very simply - Thai investment in property is huge , much greater than foreign, if the rules were changed and there became no way that a foreigner could buy here what would be the net effect, pretty simple, many Thai owned companies would go down the pan.
There seems to lots of scaremongering about property, if you pay your company taxes you will not have a problem. The people who may have issues are those with little common sense who maybe try to make shortcuts.
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tuktukmike
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Jw
I really do have to disagree with your comments on this issue.
Sure property developers will make money short term out here, but i ask ?
Where are Wimpey or Barrett homes, if as you say Thailand is such a gold mine why have the large multinationals not already invested in Thailand.
Just who has become very rich, cant say i see that many.
If you really believe that the Thais could not survive without us then you are very much mistaken, remember thais have survived for a very long time without us.
Scaremongering, no i dont think so. As i have said before, contact your Embassy and ask for their opinion on buying property in thailand.
The law is the law, can a farang own land in Thailand. Simple question.
Yes/No
I am really not having a go at yourself, but you should really declare your interest in this subject first.
I would do the same when the subject of Tuk Tuk comes up.
It is called an unbiased opinion.
Mike.
I really do have to disagree with your comments on this issue.
Sure property developers will make money short term out here, but i ask ?
Where are Wimpey or Barrett homes, if as you say Thailand is such a gold mine why have the large multinationals not already invested in Thailand.
Just who has become very rich, cant say i see that many.
If you really believe that the Thais could not survive without us then you are very much mistaken, remember thais have survived for a very long time without us.
Scaremongering, no i dont think so. As i have said before, contact your Embassy and ask for their opinion on buying property in thailand.
The law is the law, can a farang own land in Thailand. Simple question.
Yes/No
I am really not having a go at yourself, but you should really declare your interest in this subject first.
I would do the same when the subject of Tuk Tuk comes up.
It is called an unbiased opinion.
Mike.
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lockwood74
- Specialist
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The word from the tax department
I have bought land in Thailand, I did a lot of research to find out the legal situation.
I made an appointment to see the head of taxes in Hua Hin (located near the train station). His reply was simple, the setting up of a company is the best option and as long as an yearly audit is carried out and taxes paid where appropriate then there is no concern.
I also asked about future concerns regarding changes to the laws, he was fully conversant with what the government intends, he said he was not aware of any changes to the law.
I also have a friend who has put this situation in question to very senior government officials in Bangkok in the land department, and again they were not aware of any changes to the law.
Regards John
I made an appointment to see the head of taxes in Hua Hin (located near the train station). His reply was simple, the setting up of a company is the best option and as long as an yearly audit is carried out and taxes paid where appropriate then there is no concern.
I also asked about future concerns regarding changes to the laws, he was fully conversant with what the government intends, he said he was not aware of any changes to the law.
I also have a friend who has put this situation in question to very senior government officials in Bangkok in the land department, and again they were not aware of any changes to the law.
Regards John
If you buy here legally, you own whatever percentage the law allows at the time. Ok, it's only 49% or whatever. But that percentage is usually paid up in cash.
Nearly all house buyers in the UK and elsewhere get a mortgage, so in effect don't actually own the house until the mortgage is paid, which is usually 25 years - although some mortgages have now been extended up to 30 years.
I for one one would rather have 49% of something that is mine now, rather than a monthly stake in a place which could be lost at any time due to recession, interest rates, job loss etc.
If the Thai government decides to change the rules, it will only effect buyers post rule change, not pre.
Mart
Nearly all house buyers in the UK and elsewhere get a mortgage, so in effect don't actually own the house until the mortgage is paid, which is usually 25 years - although some mortgages have now been extended up to 30 years.
I for one one would rather have 49% of something that is mine now, rather than a monthly stake in a place which could be lost at any time due to recession, interest rates, job loss etc.
If the Thai government decides to change the rules, it will only effect buyers post rule change, not pre.
Mart
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JimmyGreaves
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It's perfectly legal for a foreigner to own 49% of a company and it's legal for a company to purchase land. Thai companies own land for both residential and business purposes. Unless there is a change in the law that forbids companies to own land then it is legal to purchase land through this route. A company is a company not a person and if you abide by company law your ok!
Chock Dee
Chock Dee
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tuktukmike
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Mart
I dont really get your point.
The fact is that you can own 100% of your property in the UK and most other countries. The Mortgage issue does not really apply.
What would happen with your house anywhere in the world including Thailand if you were unable to work. Simple take out insurance for such an event.
I really do hope that everyone prospers with their house purchases but for me i would only buy if i could own 100%.
Sure there are no plans at present to change the law regarding companies at the moment, but with such a large influx of farang it can only be a matter of time.
Personally i hope they change the law and allow 100% ownership and i would be happy to buy, but at the moment. No way.
Mike.
I dont really get your point.
The fact is that you can own 100% of your property in the UK and most other countries. The Mortgage issue does not really apply.
What would happen with your house anywhere in the world including Thailand if you were unable to work. Simple take out insurance for such an event.
I really do hope that everyone prospers with their house purchases but for me i would only buy if i could own 100%.
Sure there are no plans at present to change the law regarding companies at the moment, but with such a large influx of farang it can only be a matter of time.
Personally i hope they change the law and allow 100% ownership and i would be happy to buy, but at the moment. No way.
Mike.
Lomu,
It wasnt the Swede thing i was really talking about, just re read what you said and i know what you mean and think your probably correct.
My point is that people are investing successfully, they have done their research and beleive that they are safe. Everyone has their own opinion and mine is that common sense says that people who have set up companies and carry out the necssary paperwork and pay the taxes due are fine, as said by JimmyGreaves and Lockwood.
This is a good thread showing differing opinions, i personally dont think 100% foreign ownership is going to happen, but that hasnt stoppped me buying land in a company name, with the intention of building a home in the future - thats my interest in this subject (not that its anyone elses business to need to know that).
If Thailand is to develop into a major force in the Asian economy it needs foreign investment, open you eyes TTM. Of course Thailand can survive on its own, we are not talking about survival we are talking about natural development of a country.
It wasnt the Swede thing i was really talking about, just re read what you said and i know what you mean and think your probably correct.
My point is that people are investing successfully, they have done their research and beleive that they are safe. Everyone has their own opinion and mine is that common sense says that people who have set up companies and carry out the necssary paperwork and pay the taxes due are fine, as said by JimmyGreaves and Lockwood.
This is a good thread showing differing opinions, i personally dont think 100% foreign ownership is going to happen, but that hasnt stoppped me buying land in a company name, with the intention of building a home in the future - thats my interest in this subject (not that its anyone elses business to need to know that).
If Thailand is to develop into a major force in the Asian economy it needs foreign investment, open you eyes TTM. Of course Thailand can survive on its own, we are not talking about survival we are talking about natural development of a country.
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tuktukmike
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- Joined: Mon Apr 18, 2005 1:02 am
Thailand will do as Thailand wants to do.
Did Thailand take any notice of world opinion when they were killing the so called drug barons, NO
Did Thailand take any notice of world opinion when they declaired war on the muslim south, NO
The popular thinking is that Thailand would not dare upset the Farang community as goverments around the world would be outraged, think again.
As for the company route, we are all aware that this sidesteps the current regulations. If not then why are we all doing it, where else would you form a company to buy land at 49%
I agree to a point about making your tax returns and running properly, but the point is that as JW and the rest of us know the majority of these companys are still shelf companies.
Tax returns on what? if you are genuinely doing buisness here then yes, maybe all will be ok. But what about the people who spend a short time here every year, sure they can still do tax returns but the Thais are not as stupid as many may think.
How many companies i wonder show Thais employed on their tax returns and pay social service. These are the things the goverment could start to look at and who knows.
As i said, I also want to buy land out here, but for now i will keep everything invested elsewhere.
Mike.
Did Thailand take any notice of world opinion when they were killing the so called drug barons, NO
Did Thailand take any notice of world opinion when they declaired war on the muslim south, NO
The popular thinking is that Thailand would not dare upset the Farang community as goverments around the world would be outraged, think again.
As for the company route, we are all aware that this sidesteps the current regulations. If not then why are we all doing it, where else would you form a company to buy land at 49%
I agree to a point about making your tax returns and running properly, but the point is that as JW and the rest of us know the majority of these companys are still shelf companies.
Tax returns on what? if you are genuinely doing buisness here then yes, maybe all will be ok. But what about the people who spend a short time here every year, sure they can still do tax returns but the Thais are not as stupid as many may think.
How many companies i wonder show Thais employed on their tax returns and pay social service. These are the things the goverment could start to look at and who knows.
As i said, I also want to buy land out here, but for now i will keep everything invested elsewhere.
Mike.
I will rent my house to friends and friends of friends through marketing in my home country.
When I use it I will pay a nominal rent to my company.
I will file monthlies.
I will file an audited tax return.
I will pay some tax. Tiddlywinks.
IMO, the 49% thing won't change much.
They don't sell their land outright but they get the money which is good for them.
In Thailand its all about face and illusion so no Thai politician is going to let falangs own land unconditionally. Political suicide i.e. loss of First Class reserved seat on the air con gravy train.
So for falang preserve the illusion of owning land and for Thais preserve the illusion of not selling land. A Thai solution that gives the Thais exactly what they want which is to have their cake and eat it too.
In the end, do whatever you are comfortable with.
When I use it I will pay a nominal rent to my company.
I will file monthlies.
I will file an audited tax return.
I will pay some tax. Tiddlywinks.
IMO, the 49% thing won't change much.
They don't sell their land outright but they get the money which is good for them.
In Thailand its all about face and illusion so no Thai politician is going to let falangs own land unconditionally. Political suicide i.e. loss of First Class reserved seat on the air con gravy train.
So for falang preserve the illusion of owning land and for Thais preserve the illusion of not selling land. A Thai solution that gives the Thais exactly what they want which is to have their cake and eat it too.
In the end, do whatever you are comfortable with.
There seems to be a lot of second guessing at what this/a.n.other government might/might not do sometime down the line to these legal companies.
Seems to be negative thinking and doom mongering to me, there is no way on earth Thailand will want to upset the millions of visiting farangs by receiving world-wide bad publicity. IMO if anything at all happened, it would be a changing/tightening of the law on company ownership.
Sure Thailand doesn't care what the world thinks of their treatment of 'perceived' dodgy people (drug barons, Southern terrorists etc), but they sure as hell care what the visiting, money spending, farangs think. Evidence of this is the swift arrests in the Koh Samui rape/murder case, this was world news, this was dealt with swiftly.
If I wanted to spread some doom and gloom I'd be more worried about the property dealings I have in Hua Hin from a spread of the Southern terrorists to a key target such as Hua Hin. Now that would be disastrous heaven forbid.
And JW is right, it's a fact that now there are a lot of smart investors and investment companies around the world advising their clients to invest in Hua Hin property.
Burger
Seems to be negative thinking and doom mongering to me, there is no way on earth Thailand will want to upset the millions of visiting farangs by receiving world-wide bad publicity. IMO if anything at all happened, it would be a changing/tightening of the law on company ownership.
Sure Thailand doesn't care what the world thinks of their treatment of 'perceived' dodgy people (drug barons, Southern terrorists etc), but they sure as hell care what the visiting, money spending, farangs think. Evidence of this is the swift arrests in the Koh Samui rape/murder case, this was world news, this was dealt with swiftly.
If I wanted to spread some doom and gloom I'd be more worried about the property dealings I have in Hua Hin from a spread of the Southern terrorists to a key target such as Hua Hin. Now that would be disastrous heaven forbid.
And JW is right, it's a fact that now there are a lot of smart investors and investment companies around the world advising their clients to invest in Hua Hin property.
Burger