Foreigners can no longer buy houses in Thailand via company.

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
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tuktukmike
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Post by tuktukmike »

Goodnight mr burger, sleep well.
Burger
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Post by Burger »

tuktukmike wrote:
Burger after tonights revelation i dont anymore feel the need to reply
Of course i know and some others knew
How to make a fool of yourself in two easy posts :D

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tuktukmike
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Post by tuktukmike »

Not really, i was hoping you would be man enough to admit it yourself.

Also i did not want to break forum rules.

Mike.

But so this time you cant edit your posts.

Posted: Sun Aug 06, 2006 1:02 am Post subject:

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tuktukmike wrote:

Quote:
Burger after tonights revelation i dont anymore feel the need to reply


Quote:
Of course i know and some others knew


How to make a fool of yourself in two easy posts

Burger

Posted: Sun Aug 06, 2006 12:59 am Post subject:

--------------------------------------------------------------------------------

tuktukmike wrote:

Quote:
Burger after tonights revelation i dont anymore feel the need to reply as the members will make their own mind up.

Mike, you know full well people know Im in the property business, if only you read posts properly and can remember things you would know.

Quote:
None of my claims turned to dust, only acording to burgers world.

Only the one where you hung your hat on the governments 'crackdown' on foreign companies and their shareholders only to read the actual government's new regulation and find it nothing new. Dust as I said.

No comment on your amazing lack of knowledge about share capital and laons for investment ?? The very core of your argument over the months, now you reveal you do not know the difference.
Revelations indeed Mike

Mike your assumption that someone involved in a certain business can not act properly says more about you than me.
So everything you say and promote about tuk tuk's is biased hey ?
Shame on you

I understand you have received a big bloody nose this week when all your previous claims turned to dust, it is so obvious that you are now lashing out. Deal with it mate and move on like a man.

Burger

I thank you. :cheers:
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Post by hogus »

Burger wrote:Read it properly and stop wasting people's time Hogus.
Well, Mr. Burger, why so aggressively?
I'm sure, nobody will feel wasted his time, while reading my, others or even your statements.
Unfortunately, whenever we are coming to important questions, the interesting answers are missing.

My questions 1-3: no answer
My questions about changing business policy: no answer

However, let us point out another thing in view of buying land & house by company-route now.
If I buy a Condo for i.e. 3 mio, I'll be the legal owner, right?
I can go to the immigration office with my investment-proofs, and can get a long-term visa/visa-extension without any problems, isn't it?
If I put the 3 mio on an account-book, I can do it on my name, too, and the immigration office will also accept it as a legal investment for my visa-extension/application, right?
But, if I invest my money to found a company and buy a house for 3 mio, the immigration won't accept it as a legal investment, isn't it?
(I even can't apply for a work-permit and a one-year-visa later, because I haven't a running business additional.)

For me is it another proof, that something/a lot is going wrong in view of the legality of buying land & house by company route!!!
Otherwise, why the recognition of my investment should be refused by an important Thai-authority, if all is legal as the example with the Condo and the account-book shows us????
:?
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Post by STEVE G »

On the subject of loaning money to a Thai Limited Company in order to minimize initial share value, looking from a purely academic point of view I see two problems.
Although there is no required minimum level of capitalization, the private limited company’s capital must be sufficient to accomplish its objectives. If the only objective of the limited company were buying property, then this would clearly not be the case.
The other problem I see is that under Thai law, the definition of a foreign business was laid down under the Alien business law (1972) and reiterated in the Foreign business act (1999) as follows;


Alien Business Law of 1972
A company with at least one-half of shares in its registered capital being held by aliens or companies in which the capital contribution by aliens exceeds 50 percent.


Foreign Business Act 1999
"Foreigner" means
(1) Natural person not of Thai nationality.
(2) Juristic person not registered in Thailand.
(3) Juristic person registered in Thailand having the following characteristics:
(a) Having half or more of the juristic person's capital shares held by persons under (1) or (2) or a juristic person having the persons under (1) or (2) investing with a value of half or more of the total capital of the juristic person.


This clearly states that it is not just share ownership that is taken into account but also the contribution of capital. If more than, half of the capital has come from foreign sources the company is deemed foreign, and is barred from holding land. This of course is the written law and, as we all know, in Thailand how the law is implemented is wholly a different thing!
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Post by Burger »

Mike,

One thing I do not understand is how you can make such dramatic claims on here about how companies may receive problems with their shareholders when you do not have even the most basic understanding of the company structure.
Last night you demonstrated that you do not know the difference between share capital and loans to the company for investment. This is so basic.

I would have thought that you would have at least made the effort to find out some of these things before making such claims on here.

Do you just shoot from the hip and hope what you are saying is correct ?

Burger
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Post by lomuamart »

I've had enough of this.
Where are the mods?
Well, it's a serious subject so I suppose we've let it run. However, I'm losing patience. It does no-one any good to see these battle of words on here.
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Lev
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Post by Lev »

Seconded.

The last four pages have just been bickering, if you guys can't post anything constructive don't post. The next one will result in this thread being locked.
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Post by Burger »

Accepted chaps, I have put one last post up and that will be all from me until anything else 'concrete' develops.

Apologies to all for being part responsible for the mess this thread got into.

Cheers, :cheers:

Burger
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Post by James61 »

There, Burger is a good guy really and we all make mistakes and it's good when they are small ones.
We are all pissed at the thai government sino-boys for ending the boom and pissing on the market and our house prices. It's fine if we have no intention of selling anything for a while.
May they get cancer in there little knobs and then all this sino-thai trickery will have seemed so inconsequential.
Allah bless PM Toxin or whatever the muslim god is. He'd like that.(bless him with cancer in his little knob :P )
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tuktukmike
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Post by tuktukmike »

Spoke to the Embassy this morning and they passed me on to one of their recomended lawyers.

The result is that they recomend that if you do intend to buy then buy a condo.

Stay away from the company route to buy house and land as more checks are in the pipeline and will be ongoing, I was asked why so many foreign people think it is ok to curcumvent the law and complain when Thailand enforces existing laws. :roll:

Here are the company details.

Bangkok Legal Assosiates
Tel, 02-2316096-7-8
English speaking lawyer, Puttri Vorathum.

Mike.
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johnrxx99
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Post by johnrxx99 »

lomuamart wrote:I've had enough of this.
Where are the mods?
Well, it's a serious subject so I suppose we've let it run. However, I'm losing patience. It does no-one any good to see these battle of words on here.
I raised a point a short while ago regarding the importance of this issue and the lack of involvement by the board of moderators of huahinafterdark.

While you have a sticky thread on buying land, which you cannot effectively do, why don't you have a sticky setting out the truth?

Thread after thread will start, as they have already, by people reading these comments and being unsure what to do, while the Burgers of this world will be pressuring people to get through with previously stuck deals to confused suckers.
Come on guys, accept the responsibilty of running a public board in an expat part of Thailand and DO SOMETHING.

Sorry guys I am going to hassle you until you do or you ban me. I feel really strongly about this, which is becoming a worldwide scandle.
Thai me to the moon
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tuktukmike
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Post by tuktukmike »

I dont wish anymore to upset the mods, but considering the warnings i have recieved i also am amazed that they allow a property developer and maybe friend to continue on this issue.

I do understand that HHAD also sort of sells property but i also know that the mods have known of the involvment of certain posters on this subject.

We finally found out for some of us as to one posters involvment even though he claimed it was no secret.

I have given the numbers to call, do it and trust them not your friendly developer and his chums.

Mike.
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Post by sinatra »

:roll: is it safe to buy in the wifes name if she was born in los
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Post by Jaime »

Yes - well, as safe as your marriage! The house will never be legally yours so if the marriage goes west, so does the house!
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