Guys
Have been reading your forum over the last few days as I have a house in HH which I use every couple of months, some good stuff!
Without getting into arguments regarding the legal stuff but for info if it helps anyone.
A couple of my mates have just transferred houses / land the old way via a 49% owned company without any hassles, one in Phuket and the other in HH.
Both them told me that it was a simple 2 hours process without any questions at all (both had Thai lawyers with them) but no checking of the Thai partners etc
Hope things sort themselves out for the guys that have bought a house over here
Cheers
a bit of a update
Clive
Will double check but both them bought houses from developers a year or so back and this was the house being finished then transferred, both of them attended the land office so I guess it was a land transfer to a limited company.
I knew the two of them had been pretty concerned for the last few weeks and were pretty relieved about getting there houses / land transferred as they had paid about 90% prior to the houses being completed.
I’m meeting one of them for a beer on Thursday night so will try and find out more for you
Cheers
Will double check but both them bought houses from developers a year or so back and this was the house being finished then transferred, both of them attended the land office so I guess it was a land transfer to a limited company.
I knew the two of them had been pretty concerned for the last few weeks and were pretty relieved about getting there houses / land transferred as they had paid about 90% prior to the houses being completed.
I’m meeting one of them for a beer on Thursday night so will try and find out more for you
Cheers
Guy's
I met with my mate last night for a few beers in KL that bought the house in Phuket
Unfortunately he didn't really that much of a part in the transfer apart from sitting there for a few hours but for info Clive;
Transfer was done at the land office which he attended to sign a heap of documents that he says were pretty much all in Thai, only one of his Thai shareholders was there who is a engineer from his work, no information was requested on any of the Thai partners (lawyer provided the other share holders who Vince doesn’t know them) all in all he wasn’t even asked one question personally, not sure if that’s good or bad he seems to think it went pretty smoothly.
His Thai friend asked at the land office about recent enforcement of the laws with foreigners and was seemingly told it was business as usual for buying “houses / homesâ€
I met with my mate last night for a few beers in KL that bought the house in Phuket
Unfortunately he didn't really that much of a part in the transfer apart from sitting there for a few hours but for info Clive;
Transfer was done at the land office which he attended to sign a heap of documents that he says were pretty much all in Thai, only one of his Thai shareholders was there who is a engineer from his work, no information was requested on any of the Thai partners (lawyer provided the other share holders who Vince doesn’t know them) all in all he wasn’t even asked one question personally, not sure if that’s good or bad he seems to think it went pretty smoothly.
His Thai friend asked at the land office about recent enforcement of the laws with foreigners and was seemingly told it was business as usual for buying “houses / homesâ€
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karenjuice
- Rookie
- Posts: 15
- Joined: Mon Mar 20, 2006 4:09 pm
- Location: spain
You seem to have a lot of answers for me. Paid for 90% of the house before doing any paperwork. Thai lawyer looked after everything? Everything in the third person and nothing happened directly to you. ummm, I guess every message in the last few months has become unnecessary. No need for alarm as it seems company route is OK. Joined August 9, 2006. Pulp fiction! Estate agent or desperate land owner?
Not in this topic but there is an indian guy i see a lot on this forum who works in one of the local property shops and has real english. People assume he is a foreigner on here and i notice he leads astray a lot of people.
No offence intended at indians but just at him for leading people like that.
different interests.
No offence intended at indians but just at him for leading people like that.
different interests.
Guy's
I'm from Scotland living / working in Malaysia and have a house in HH that I use now and again for vacations and have a few mates that were buying houses in Thailand so had heard about the latest land law things.
Got no interest what’s so ever in the Thai real estate business apart from owning a house what isn’t even worth that much, was just trying to help out the people that seemed to be worried about land transfers with posting info I came across, anyways unsure if I can post names of lawyers in here but Karen if you want the details of the lawyer in HH that is doing transfers through a limited company send me a private message and I’ll send you the details
Cheers
I'm from Scotland living / working in Malaysia and have a house in HH that I use now and again for vacations and have a few mates that were buying houses in Thailand so had heard about the latest land law things.
Got no interest what’s so ever in the Thai real estate business apart from owning a house what isn’t even worth that much, was just trying to help out the people that seemed to be worried about land transfers with posting info I came across, anyways unsure if I can post names of lawyers in here but Karen if you want the details of the lawyer in HH that is doing transfers through a limited company send me a private message and I’ll send you the details
Cheers
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silverbird
- Member
- Posts: 73
- Joined: Tue Jun 06, 2006 10:06 am
The new guideline for land purchased with a new Thai Company that took effect in August seems to make it difficult to own land through a new company even if the Land Offices now accepts to do registrations.
An alien company can not own land. If a company wants to own land it has to be a real trading company and file tax returns. If there is a foreigner as part owner he can hold 49% of the shares and the money capital must be higher on the Thai side. The Thais must have more money invested than the foreigner and be able to show where the money come from. They also must have voting right and right to possible dividends.
The above information comes from another sight. I suspect the real estate market here for farangs is likely to be pretty chilly even during the “hot monthsâ€
An alien company can not own land. If a company wants to own land it has to be a real trading company and file tax returns. If there is a foreigner as part owner he can hold 49% of the shares and the money capital must be higher on the Thai side. The Thais must have more money invested than the foreigner and be able to show where the money come from. They also must have voting right and right to possible dividends.
The above information comes from another sight. I suspect the real estate market here for farangs is likely to be pretty chilly even during the “hot monthsâ€
silverbird wrote:
It's safer to stick to what the new regulations actually say, they are posted on this section.
The post you refer to on another website also says 'if you follow the guidelines you are fine'.
Exactly, get a good solicitor and follow the guidelines/regulations, don't try and shortcut them.
Burger
An Alien company never could, this is no different and NOT referred to in the new regulations. The reason for 49% companies is to make them non-Alien/Thai.An alien company can not own land
Companies always did have to file tax returns. This is no different now from before and was NOT referred to in the new regulations.If a company wants to own land it has to be a real trading company and file tax returns
The money always did have to be higher on the Thai side (that's obvious, as it's 51%). They only difference now is they have to show they have the funds by means of bank statements. That IS mentioned in the new regulations.If there is a foreigner as part owner he can hold 49% of the shares and the money capital must be higher on the Thai side. The Thais must have more money invested than the foreigner and be able to show where the money come from.
They always did have voting rights, just less than the foreign shareholder. This is no different from before and is NOT referred to in the new regulations.They also must have voting right
It's safer to stick to what the new regulations actually say, they are posted on this section.
The post you refer to on another website also says 'if you follow the guidelines you are fine'.
Exactly, get a good solicitor and follow the guidelines/regulations, don't try and shortcut them.
Burger