Hi Mike, this was addressed in another thread.Foreigners Warned on Land. Bangkokpost January 29 2007 : Foreign investors holding property through shell companies using Thai nominees have been warned to restructure their holdings or face prosecution. The Commerce Minister Krirk-krai Jirapaet told foreign journalists at a dinner talk on Friday: 'Foreigners using shell companies to buy housing across the country are violating two laws. One, the Land Act that forbids foreigners from holding land and two, the Foreign Business Act by using nominee structures. I recommend that they restructure'.
We had the same statement here last year at a public meeting, 8 months ago. People asking questions about foreigner's holding land and the Government official 'towing the party line' and saying you should not have nominee shareholders etc.
Not a thing come of it.
This was the same thing, same towing the party line, the official said:
I recommend that they restructure," Commerce Minister Krirk-krai Jirapaet told foreign journalists at a dinner talk on Friday.
Obviously he has to say this, he 'recommends it', but no mention of any new law or regulation against it.
Same same 8 months later.
Apparently the same 'reccommendations were given 2 years ago in a meeting in Pattaya, again no action.
Also the new rules about nominee shareholders is for lists 1 and 2 of the FBA, not list 3 where our companies are set up (business objectives) to operate.
Finance Minister Pridiyathorn Devakula said Wednesday that proposed changes to the its investment law would have little effect on businesses already operating in the country
Pridiyathorn insisted that the amended law would only impose a reporting requirement on most existing businesses, to allow the public to understand what has been a murky legal area
Pridiyathorn Devakula, the finance minister and deputy prime minister, said: "Overall, only 1,337 companies are expected to have to restructure, with only 15 being companies listed on the Stock Exchange of Thailand"
The 50-per cent cap will only apply to companies that deal with areas considered important to national security, or that have an impact on natural resources or Thai culture, he said.
Burger
