New law, negative effect?

[hogus]

As I said, it will be good to take a deep look to the coming official activities!
Panic doesn't help, but also no "speechifiers".
Let's see what's going in, right?

[Farang]

'
The Authorities of Thailand approved this way of home-owning. Now they disapprove of their approval? Did they lie in the first place?

When and where the Authorities of Thailand approved your written way of land owning, please?,,,snip,,,,,

They did so whenever any foreigner registered land in the name of a company where
he or she is a part owner. These matters were approved of by the authorities dealing with the matters.
They did not forbid it, they did not refuse to register the land ownership where a foreigner is a part owner.
Simply: they approved of it.

Would they have registered the land if it was wrong, if they did not approve of the exchange?

Exactly same matter with taxation authorities. And now those authorities have changed their established
modus operandi. They no longer approve of what they used to approve of.

I am afraid we all just worry this matter to rags and no one has any concret suggestion, much less does anything.
Business as usual.
.

[timego]

(Posted this on the other relevant thread too)
There is a lot of panick here but the fact of the matter is the government have not specifically directed their local land offices to stop letting small company set-ups from buying a small plot with an 'office' on it.
If we all read the Ministry of Interiors statement it is clearly aimed at foreign developers, and there is good reason for their concern about this.
The land office officials are holding a meeting next Tuesday with governement officials to clear up the interpretation, ofcourse until then the land office have to take the tougher line, ala yesterday's meeting.

Extracts from the Ministry statement:
"foreigners working with Thais set up corporation to do property trading by initially buying land and house for the purpose of making it a home or office and subsequently apply to change the usage to for sale or sub-divide and sale to foreigners "
Notice terms like "later sub-dividing land" and "to do property trading"
They do not express concern about the initial "buying land and house for the purpose of making it a home or office"

Then it goes on to say that investigations shall be carried out "in the event that a company limited which has already been set up and apply to own land for the objective of doing business in real estate "
Notice "doing business in real estate", they specify above what they mean by that.

We need to wait until it has all been clarified, scaremongering until the facts are out does not help anyone.

Burger

Sorry Burger but a good friend was refused buying exactly that and a first time buyer too. He was told about problems in Thailand with foreigners causing houses to be expensive and the Thai people not being able to afford them. He had the impression that they just wanted foreigners not to have control of their own house. He said they sounded like they had been brainwashed some of the things they were saying.

Very strange feeling in Thailand now. Got the offer also to sign over power of at.. to the lawyer and let them keep the house in a very nice 'everything is ok' way. give liars, tricksters and thieves your house and everything will be ok. All these nasty changinging of rules at a whim just sours the countries future.

[tuktukmike]

Karenjuice wrote,

The Department of Land will not allow us to have a purchase of property by a company in case that the company has foreign shareholders or foreign directors. Therefore, we strongly recommend, in order to solve the problem, that we will not put your name as a shareholder or a director as long as your company setup until the company take a receipt of the transfer of the property.

We are seeking your consent that your company will be set up with all 100% of Thai shareholder and a Thai director. In this regard, please you rest your assure that all Thais will be our staff that we will make change in respect of shareholders and director to what your intention is within 7 days after the day that the company takes a receipt of transfer of the property (or soonest as possible).´
----------------------------------------------------------------------------------------

Clearly amazing that the same people who have for so long still think its business as usual, i will not name them but sooner or later you will just have to wake up and smell the coffee.

I dont think it could have been made clearer than it was at the meeting, and it was not just aimed at the property developers.

As many people point out we all knew the risk of the company route and we all took the chance.

As i also pointed out before when persons suggested that the Thais would not dare to enforce their own law and cause problems for farangs, fearing a backlash from various Goverments.

Nonsense, I spoke to the British Embassy and was told they would not be in a position to offer any help.

The reason, if our nationals decide to buy land and house knowing that it is forbiden and take the company route we would not be in a position to complain to the Thai Goverment.

I advised people of this on this forum and even supplied a telephone number you could call for advice.

I am sure though lawyers and others will of course find another back door route to buying but maybe we should all be more carefull in the future.

Mike.

[hogus]

They did so whenever any foreigner registered land in the name of a company where
he or she is a part owner. These matters were approved of by the authorities dealing with the matters.

Well, I think nobody in this forum knows exactly what was legal, and what wasn't.
It reminds me a little of the former visa-run stories and the offered services to do so by an agent, lawyer office etc. by post and not personally.
That was working, too, over years and everybody thought authorities would approve it, until the big bang came.
All seems to be similar again right now...just in another case.

[Burger]

Sorry Burger but a good friend was refused buying exactly that and a first time buyer too. He was told about problems in Thailand with foreigners causing houses to be expensive and the Thai people not being able to afford them. He had the impression that they just wanted foreigners not to have control of their own house.

timego, people that have attended the land office in Hua Hin in the past few days have been invited to bring in the rquired details of their shareholders information and they can buy. They are not getting told they can not purchase because some Thais are not happy that they can not afford houses because we have drove the price up.

Burger

[tuktukmike]

I would think for now its better for all of us to just wait and see what transpires.

There is no point in everyone giving their differing views at present myself included.

I attended the meeting and know very well what we were told.

So anyway sod the land issue for now and lets get ready for the footie.

Come on England.

BTW, We got shevchenko. Champions Again.

Mike.

[Burger]

I would think for now its better for all of us to just wait and see what transpires.
There is no point in everyone giving their differing views at present myself included.

Well said Mike.

I attended the meeting and know very well what we were told

I think they had to toe the party line until it is all clarified in next Tuesdays meeting.

Burger

[Jim]

You know what a linguistic pedant I am, so great use of "toe the line".

And the weather is nice for a change over here in Blighty.

[expat TJ]

Hi Karenjuice
Just to put the damper about all the comments I have read in this forum, last week I bought a large section on land through my Thai company name.
I already had another property of which I live in and the new land was for investment.
If your company is set up correctly and accounts are presented on time every year there is not a problem.
The main thing the Thai government is looking for is laundered money, if you are buying property in a Thai company name you will need to prove the money came from outside Thailand.
Another point to remember is if the Thai company way worries you then go for the secure leasehold way, again this is only for 30 years (Leagly) but in the lease contract you can have written in an extension of plus two times 30 years, this is safe and can be in your own name.
Regards
TJ

[Jockey]

Mods - There are two very similar threads which I think should be merged?

[JW]

Good post tj, this is pretty much what we are hearing also. as far as the leaseis concerned i am told that only the first 30 years is enforceable further terms are not legal. I could be wrong.

[Burger]

30 + 30 year leases, as I understand it:
The 30 year extension is a private agreement between you and the lessor, ie: it is NOT registered on the land paper at the land orifice.
If the lessor sells the land to someone else, or dies and the land goes to their heirs, then the new land owner is only legally bound to the original 30 year lease and not the extension options.

Back to the original topic:
Is anyone out there aware that some projects do not require their buyers to go to the land office for land transfers ?
Some projects already form a company on behalf of buyers (it comes free with the house), they have already transfered the land to this Thai company at the land office, the company shares are then transferred to the buyer at the solicitors office, without visiting land office.
This is common practice already, particularly with top end properties in places like Samui and Phuket.

Burger

[hogus]

Some projects already form a company on behalf of buyers (it comes free with the house), they have already transfered the land to this Thai company at the land office, the company shares are then transferred to the buyer at the solicitors office, without visiting land office.
Burger

Sorry, Burger, do I understand it correctly, or not, please?

A real-estate project form an own Thai-company and register their project to the land-office.
I.e., me as a possible buyer just get shares from this company without any registration of my bought property on the land office, right?
Does this mean, that in case of the bankruptcy of this Thai-Company also my property falls into the bankrupt's estate, because I haven't been registered as an seperate owner???...just have these share papers in my hands, issued by this Thai-Company????

[JW]

Hogus,

Basically a developer on cutting the land into plots and getting the title deed can form companies and transfer the land into the said company. When a buyer chooses to purchase a particular plot the new buyers will replace the original directors in the formed company to own the house built on the company owned land. That is the basic idea, i may have some minor detail incorrect aplogoises if i have.