I guess this has been discussed many times but cant see an answer to my specific question.
I have purchased 4 villas in Hua Hin which are now finished, they are on 4 different plots, I have a Thai registered company. Can I transfer the land to my company with the recent law changes? One issue Ive heard is that Farangs (the company) can only own 1 piece of land and 1 house.
Any ideas how I can sort this out?
Land Transfers
Don't mean to be rude, but have you considered using a lawyer? I would have thought that if you were in a postion to have 4 houses built on 4 different plots in Hua Hin (not cheap), you'll be quite clued up on whats happening in LOS?
I have nowt, but for a price, I can share a little knoweldge with you or do I need to do more to extroll my virtues?
I have nowt, but for a price, I can share a little knoweldge with you or do I need to do more to extroll my virtues?
Talk is cheap
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JimmyGreaves
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Re: Land Transfers
Who owns the land at the moment if you have only purchased the villas?Mac1 wrote:I guess this has been discussed many times but cant see an answer to my specific question.
I have purchased 4 villas in Hua Hin which are now finished, they are on 4 different plots, I have a Thai registered company. Can I transfer the land to my company with the recent law changes? One issue Ive heard is that Farangs (the company) can only own 1 piece of land and 1 house.
Any ideas how I can sort this out?
only legal if you follow this
In reply to the OP the answer is only yes if you are a Thai. The following is the Thailand Board of Investment and Land Department Rules.
Thai property law allows foreigners to own a limited amount of land [1 Rai] based on the investment of 40 million baht or more, provided that the land is used for residential purposes.
Additionally, foreign companies may be able to purchase land for a limited period if they have the approval from the Board of Investment (BOI).
- A Thailand-registered company may either be 'Thai' or 'foreign'. To be a 'Thai' company, more than 50% of the company must be owned by active Thai shareholders (The remaining shares may be held by foreigners). This 'Thai' company may then legally purchase land or buy property in Thailand.
To change the title deed on a property bought buy a company all share holders must produce proof of Idenitifcation, bank statements and show where they got the money to purchase the land. The old ways of silent shareholders are gone. It was a loop hole that whilst only a few were using it it was overlooked but because it became the norm the Thai Gov has closed the loop hole.
Whether you have paid for the land yet or not I agree with everyone else you really need to see a lawyer.
Thai property law allows foreigners to own a limited amount of land [1 Rai] based on the investment of 40 million baht or more, provided that the land is used for residential purposes.
Additionally, foreign companies may be able to purchase land for a limited period if they have the approval from the Board of Investment (BOI).
- A Thailand-registered company may either be 'Thai' or 'foreign'. To be a 'Thai' company, more than 50% of the company must be owned by active Thai shareholders (The remaining shares may be held by foreigners). This 'Thai' company may then legally purchase land or buy property in Thailand.
To change the title deed on a property bought buy a company all share holders must produce proof of Idenitifcation, bank statements and show where they got the money to purchase the land. The old ways of silent shareholders are gone. It was a loop hole that whilst only a few were using it it was overlooked but because it became the norm the Thai Gov has closed the loop hole.
Whether you have paid for the land yet or not I agree with everyone else you really need to see a lawyer.
Re: only legal if you follow this
Don't believe that's true Hublet.To change the title deed on a property bought buy a company all share holders must produce proof of Idenitifcation, bank statements and show where they got the money to purchase the land. The old ways of silent shareholders are gone. It was a loop hole that whilst only a few were using it it was overlooked but because it became the norm the Thai Gov has closed the loop hole.
Land office do not require shareholders information when transfering title deeds, only the company minutes of meeting where it was agreed to sell/buy.
They did close a loop-hole and ask for stacks of shareholder information where the company is in the real estate business.
Burger
Mac1,
Caller has given you the right advice, see a decent lawyer (Bangkok not Hua Hin if you want my advice).
As I understand it a company, providing it is 'Thai', ie: 49% jobby, can own as many offices as it likes (don't forget your house is your company office).
But they may question why your new company (not actually trading ??) needs 4 offices from the off.
Your laywer may advise you to have 2 companies (or more), with 2 houses in each. Just guessing though.
Burger
Caller has given you the right advice, see a decent lawyer (Bangkok not Hua Hin if you want my advice).
As I understand it a company, providing it is 'Thai', ie: 49% jobby, can own as many offices as it likes (don't forget your house is your company office).
But they may question why your new company (not actually trading ??) needs 4 offices from the off.
Your laywer may advise you to have 2 companies (or more), with 2 houses in each. Just guessing though.
Burger
Sorry experience
Okay I'll take your word for that. Things have obviously change since some friends of mine tried to do this about four months ago. They went to the Lands Dept and had to take the shareholders with them and they each had to show ID and bank statements etc.
Re: Sorry experience
Yet my friend had no trouble at all when he went to get his chanote in mid-July. Simply signed papers with the seller of the land, in and out in about an hour and a half.Hublet wrote:Okay I'll take your word for that. Things have obviously change since some friends of mine tried to do this about four months ago. They went to the Lands Dept and had to take the shareholders with them and they each had to show ID and bank statements etc.
