Foreigners can no longer buy houses in Thailand via company.

[Burger]

tuktukmike wrote:

If your developer is telling you he will meet with goverment officials next week then take it as Bullshit.

Mike for your information there has already been two meetings between farang businessmen involved in real eastate and local governement department (not the Majestic metting).

There is another planned as soon as said government department has clrification of the interpretation of the new statement from Ministry of Interior.

To be fair, I do not think you know what you are talking about sometimes.

Burger

[tuktukmike]

Hi Burger,

Why would the developers want a meeting when like the rest of us they could have attended the meeting.

But i will ask you this,

1, is not contacting your own Embassy good advice?.

2, In uncertain times where is the best place to keep your money?.

We have had our dissagrements and of course still will, its called debate.

I come from the angle that i am here long term and hoping one day in the future Thai law will allow me to own land much like Malasia.

Others and i cant count you in this as i am not aware of your business are coming from the real estate company point of view.

What we are talking about here in many cases are peoples life savings, I am sorry that you dissagree with most of my posts but caution is always good advice in this situation.

If in the next few weeks all is resolved then great and things will get back to normal, but if your only reply to me is my comment about this ladys agent then great, it must mean you agree about taking care of your savings.

Mike.

BTW, If there have already been 2 meetings perhaps yourself or one of the real estate guys could enlighten the rest of us as to the outcome.

[Burger]

Mike,

The point is you are making bold statements and dismissing things as 'bullshit' when in fact the opposite is true.

BTW, If there have already been 2 meetings perhaps yourself or one of the real estate guys could enlighten the rest of us as to the outcome.

They are adopting the sensible approach of waiting for the outcome before making any bold statements.
It's a pity people like you can not do the same without making false statements on an issue you appear to not know everything about.

You said a few days ago:

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.

Yet here you are back on, making false statements.


Burger

[karenjuice]

Hi everyone
Thanks for your thoughts. Our immediate gut reaction was to pull out. We knew at the beginning the risk that could be involved but must admit that like a lot of people we thought it would be resolved and made easier for foreigners to buy but a few years down the line. So we took the chance and were shocked by what has so quickly transpired. Understandably everybody is confused about what is happening and everyone is sort of guessing about what the outcome will be and repeating snippets they have heard. But looking back on the whole situation we feel lucky to have had this warning and wake up call to buying something that is never going to be 100% owned by us which we did know at the beginning. We got taken in by everyone saying it would be okay as most people have, I suppose thinking there would be safety in numbers, because everyone else is doing it it is okay for us. Now I think everyone is sort of wishing and hoping that it will be resolved in foreigners favour because that is what we want the outcome to be. If the officials are having this meeting, I wouldn´t have thought it is something they could decide straight away. These things always take time. We could keep hanging on for weeks or even months.

[shakin' boxcar joe]

Karenjuice , go with your gut reaction and pull out,and dont send another peseta over here.


My feelings are that agents and lawyers have been misleading clients for a long time over the correct way to purchase within the law, using loopholes that were bound to be tightened up one day when it was seen by thais that foriegners were making vast amounts of money here by exploiting the law.

With land prices going up all the time locals feel that they are being priced out of the market and dont like all these foriegn only estates that are being created. They are no good for social harmony and serve only to raise barriers between "them" and "us".

Wait until things have been cleared up and/or settled down and then come out again and either buy or lease , whichever is the most secure option for you.

Whatever you do ,dont fall for the land agent/lawyer jive. They only want your money and couldnt give a damn should your dream turn into a nightmare.

[JW]

I am bored with the alarmist rubbish that is coming out all the time in this thread. The bottom line is that we need to wait and see what transpires. Most of the comments here are from whispers and third hand info which is doing no one any good. It is most likely that this issue will be rectified soon - that is the bottom line. I also think that everyone should respect the buyers out there. People buying here tend to be intelligent people who have obviously made good decisions in the past to be in a position to invest here, they are not stupid and i seriously doubt whether most have not taken independant advice, all of my clients ask for a lawyer to speak to if they are going to buy. Some peope are going out of there way to make these peope feel bad instead of giving some support. Again please everyone do not make sweeping generalisations about people here who do an honest job.
Rant done

[tuktukmike]

Karenjuice

I think you are doing the right thing.

If all is resolved in a couple of months then fine look again at the issue of buying land, as i said it will not rise if at all in that time.

It amazes me how people with interests in property are attacking so much, maybe just a tad too much.

My comments come from attending the meeting hosted by the Govenor of Prachup, why others never went to the meeting is uncertain.

I did ask, what was the outcome of the 2 meetings that was posted by Burger.

Also just who was present from the Thai Govermental department meeting you mention as i would have this would have been attended by Lawyers.(just a thought)

Mike.

[caller]

Its a reasonable rant, JW, but it doesn't seem that Karenjuices lawyer is doing much to look after her interests, he seems to be taking a rather passive role in all of this? I would assume he was employed because of his knoweldge/expertise in this field (excuse pun) and would be in a position to probe further?

By the by, I'm still hoping you can send me the details I was after - plot 17 is the one!!!

Just waiting to see how the market is going to be affected and the impact on any developers with a cut in their cash flow? And of course if there is any impact on prices?

Needless to say, the Co. route is not for me (maybe).

[shakin' boxcar joe]

Foreign nationals (unless they are prepared to invest 40 million baht I think in govt. bonds) cannot own land here , full stop.

They can lease land , or they can own buildings that stand on someone elses land , but they cannot have legal title to land.

That is the law , and those who have advised people to become shareholders in thai companies with other shareholders provided by lawyers or agents should not be surprised should that law be enforced.

If the company is genuine under Thai law , then they have nothing to be concerned about.

I am sure that all the lawyers and all the land agents in Hua Hin and elsewhere in the country have carried out all their selling , advising and setting up of companies completely within the law , without utilising loopholes or taking advantage of years of lax enforcement of clearly written legislation so that foriegners can have title to land here .

Of course not ,in 99% of cases its illegal for foriegners to own land here.

Dont know how to do something within the law , then go and see a Thai lawyer. Its easy !

Now I wonder why the land office has suddenly stopped transfers and is asking for all kinds of proof from all shareholders.

Those at the land office are hog tied by a government that wont even be in session until next year.

Come to Thailand , Buy a house , live the dream.

Trust me , I'm a lawyer , land agent , developer.

Nothing in this country is regulated and the making of money is all that matters.

Buyer beware.

[Burger]

tuktukmike wrtoe:

It amazes me how people with interests in property are attacking so much, maybe just a tad too much.

Mike, if you read back over the posts, those that are involved in property business are not attacking at all, they are merely saying people should wait and see the outcome, and in the meantime be patient.
It's actually yourself who has done most of the attacking and made all the bold statements. It hasn't really showed you in a great light to be honest mate.
You did say yourself that it was wise to wait until the outcome before you made any more comments, but you do not seem to be able to follow your own advice

I did ask, what was the outcome of the 2 meetings that was posted by Burger.

Mike, I said above that people are waiting for the outcome of how to interpretate the government statement before advising all concerned.
We'll just have to wait.

Burger

[Jaime]

I would assume he was employed because of his knoweldge/expertise in this field (excuse pun) and would be in a position to probe further?

Don't kid yourself - conveyancing for the proles is the realm of the 'bucket-shop lawyer' - easy money for standard procedures. Don't expect them to think outside the box - if they could do that they'd be involved in another area of the law. Same same around the world.

[tuktukmike]

Burger i beg to differ.

You wrote,

Mike for your information there has already been two meetings between farang businessmen involved in real eastate and local governement department (not the Majestic metting).

There is another planned as soon as said government department has clrification of the interpretation of the new statement from Ministry of Interior.
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I only ask that if my comment about this ladys lawyer meeting Goverment officials was Bullshit. at which you posted the above.

Who, When , Where.

To try and advise anyone all is well at present is wrong, there is no doubt things will change and of course maybe not for the good.

someone asks should i risk my money on property. I gave an honest answer.

I was told a few days ago that my comments could affect my business here by a regular poster, if thats the case then so be it.

Does anyone remember the slagging i got when i suggested things were going to change out here, Like it or not i post what i really believe and will not be swayed and guess what? I sleep really well at night.

Mike.

[percy]

i agree with mike if this so called meeting with farang and the goverment dep. when and where was it we was told at the meeting that farang cant own land here but when someone says that you all seem to say they are scarmongers

i think there is to many people with vested intrest the best way to go is buy in your thai wifes name and then she can lease it to you for 30 years i think that is best way.

setting up a thai company will always be iffy

anyway ive said my bit

percy

[silverbird]

All potential farang buyers of houses in Thailand should realise that to own a house with land through a company is illegal according to the law. This is not likely to change for a long time to come as the majority of thai people do not want foreigners to own land in their country.

The Thai population backs this law up and all political people have a tendancy to listen to the voters - otherwise they are not likely to stay in power.

If housebuyers had listened less to the real estate people and their "legal advisors" and instead checked up what the law states a lot of problems could have been avoided.

Some seems to think that the way the law might be enforced in the future will not effect those companies having land that is now registred with the land office. This might be wrong - everything that is not according to the law can easily turn into a problem even in Thailand!

[Burger]

tuktukmike wrote:

Burger i beg to differ.

Mike, you can beg to differ all you like. You were wrong, meetings (2 no. that I alone know of) have already taken place between farang business people and the local government departments regarding this matter. They could not give definitive advice as they need to seek clarification from central government, I said as much several days ago.
You make statements about subjects for which you do not have the facts, that's the type of person you are, but don't tar us all with the same brush, the sensible people on here have been saying 'lets wait to see how it pans out'.

I have spoken to the people concerned about putting info on here, and it is exactly because of the likes of you (yes, you were actually mentioned), that they do not wish to do so.

Take you own advice, and wait for the matter to become clarified one way or the other. Until then we are dealing in rumours and Chinese whipsers.

Burger