New company ownership rules might affect you

[JimmyGreaves]

If you have a company and are sitting on land I think you should consult a lawyer or use your own sound business mind and restructure your company making things as bullet-proof as possible. This is so you can pass scrutiny if and when it happens.

For those of you who don't know, the Thai government keeps track of all the companies they know about on a computer database. By searching using unique information, registration numbers, accounting/tax reports, company names etc. they can pull up your file of record so to speak. It is a case of you can run but you can't hide.

While some folks may be flying under the radar screen realistically (if this is you) don't count getting away with it forever.

Database systems, you must be joking. Your lucky to get departments talking to each other in the west never mind the east!

[Onlyme]

I am on Hogus's side.
I've lived here for quite a few years, I'm happily versed in the Thai language, I like to think that I can "hold my own" with the Thais. I wouldn't trust them as far as I could throw them!
If I were to own a house through the business (scam). The very first opportunity I had to sell would be the first thing I'd do.
Some of you people on this branch are living in cloud cuckoo land.
Go and buy a Condo. It's legal, up to a point!
You've been warned on many occassions, go and do it.
Onlyme.

[Wanderlust]

I also have to disagree with,

Quote.

Burger has stated what the current position is regarding the voting rights changes made recently, but everyone on here has to give some leeway on that as for one thing it still hasn't passed into law, and for another the implications for foreigners with companies still isn't completely clear. I doubt even lawyers would be able to give a completely clear picture at the moment.

Nonsense, go see a real lawyer and he will give you the truth. and as most know this is NOT the current position regarding voting rights.

ST

The point I was making (as that was my quote you picked out) is that the situation is muddled right now; there are proposed changes to the law going through (but they might get changed again), and even the best lawyer you can find would not be able to give you great advice right now as regards what to do with existing land/property you own, or a potential purchase, as how any changes will affect foreigners is unclear. The best advice they can, and probably will give is 'wait and see'.

[appleman_thai]

The problem is that there are so many people "waiting and seeing"!!

THis discussion has been going on for well over 6 months (maybe even up to a year) and any clarifications have always been on the negative side!

If there was any light at the end of th tunnel people would be clinging to that but I think those that are being realistic know that the situation (economically and socially) will probably get worse over the next year or two.

Because so many people are hanging in there and waiting around it causes a lull in the market. Confidence is a huge part of the property market and it is abundantly clear that this confidence is NOT there anymore!

Even though I bought condos and did not go through the company route I still feel the effect!

I cannot rent out my condo in Bangkok and some agents wont even take it on their books! THese are the same agents that were flogging everything and anything 2 years ago!

Again, i have to reiterate that property investment is a long term investment and I still believe that I made a go investment. The next 2 years wont be easy but after that rough phase is through i think it will go up and up.

[nevets]

I have read a post here that said that a farang could not set up an electrical engineering business , because Thais do not want to compete with farangs. The builder that built my house did a wonderful job( i have a video diary of events) but the electrical company did a rubbish job . I had to show them how to do two way lighting circuits and they said it could not be done. They yous a system which is 30yrs old by uk standards and a variation of that , they link lights and sockets together in zones backed up with a circuit breaker so i have never had a problem , its too hot in my roof to go up and change it all . I should have done it my self , but i left it all up to the builder. So the point I'm making is they would benefit from western electrical design , the uk way being the best in the world. OK we yous 230/240 volts but that's only to keep the size of the cable down ,lower the voltage and the cable size goes up , its the circuit design I'm talking about . And the Thais need to update and make sure it done to an international standard . And if i wanted to start another company out here i could not .

[nevets]

Just gone back it was BERGER LIST 3 thanks

[Big A]

If you have a company and are sitting on land I think you should consult a lawyer or use your own sound business mind and restructure your company making things as bullet-proof as possible. This is so you can pass scrutiny if and when it happens.

For those of you who don't know, the Thai government keeps track of all the companies they know about on a computer database. By searching using unique information, registration numbers, accounting/tax reports, company names etc. they can pull up your file of record so to speak. It is a case of you can run but you can't hide.

While some folks may be flying under the radar screen realistically (if this is you) don't count getting away with it forever.

Database systems, you must be joking. Your lucky to get departments talking to each other in the west never mind the east!

Take my word for it the've got one.
Who uses it and how they use it I guess is subject to debate

[canada1]

Quote, WL

The point I was making (as that was my quote you picked out) is that the situation is muddled right now; there are proposed changes to the law going through (but they might get changed again), and even the best lawyer you can find would not be able to give you great advice right now as regards what to do with existing land/property you own, or a potential purchase, as how any changes will affect foreigners is unclear. The best advice they can, and probably will give is 'wait and see'.

Nonsense WL.

I am very surprised you would post this.

You and everyone else knows the truth, I pointed out that the information given out by another poster was complete bull, you are of course aware of this.

The situation is not muddled, go get yourself a real lawyer and they will tell you the truth, everywhere across Thailand is reporting huge drops in property sales. Are we to believe hua hin is somewhat exempt, I think not.

For so long people have been duped into the dream of paradise in the sun only to find its more like a wet day in montreal

ST.

[johnnyk]

So what?
Everybody knew it was muddled before.
canada1, you've now told us for the umpteenth time the situation is muddled and people should consult a good lawyer.
Thanks for the advice.
BTW, a wet day in Montreal is preferable to a freezing cold, icy day there.

[Wanderlust]

Quote, WL

The point I was making (as that was my quote you picked out) is that the situation is muddled right now; there are proposed changes to the law going through (but they might get changed again), and even the best lawyer you can find would not be able to give you great advice right now as regards what to do with existing land/property you own, or a potential purchase, as how any changes will affect foreigners is unclear. The best advice they can, and probably will give is 'wait and see'.

Nonsense WL.

I am very surprised you would post this.

You and everyone else knows the truth, I pointed out that the information given out by another poster was complete bull, you are of course aware of this.

The situation is not muddled, go get yourself a real lawyer and they will tell you the truth, everywhere across Thailand is reporting huge drops in property sales. Are we to believe hua hin is somewhat exempt, I think not.

For so long people have been duped into the dream of paradise in the sun only to find its more like a wet day in montreal

ST.

Much as I hate to burst your bubble of self importance canada1, but just because you point out that information given out by another poster is 'complete bull' does not make it so. As I have stated previously, Burger fairly accurately summed up the current situation as regards the changes in the law that have been proposed and are currently going through the Thai wheels of government; the points I was making are that (a) they haven't passed into law yet; (b) the effects of them on foriegners (i.e. how they will be interpreted and enforced by the officials 'on the ground') is not clear yet, and consequently (c) no one knows how that will effect the property market. This also means that a lawyer will only be able to say 'if this becomes law, then I advise you to do one of several things; (1) restructure your company that currently owns the land so it is in line with the law; (2) set up a new company which is in line with the law; (3) sell the property; (4) sell the land under the property to a sympathetic Thai party (e.g. wife, child) and set up a lease arrangement; (5) transfer ownership of the land into (if you have one) your Thai wife or child's name. ' And I am sure there are more options available depending on a number of things. However, I believe that even a good lawyer will say the best thing to do is wait until the law is passed, or changed, or even until a new government is elected, as the purpose of all the legal shenanigans is to get at far bigger players than you, me or any of the farangs in Thailand, in other words Thaksin and his cronies.
I don't think I have made any statements concerning the state of the property market in Thailand or Hua Hin in my posts, purely the legal aspect. However I do think that the events of the last few months must have depressed the volume of sales overall, but that is not to say that certain agents/developers/builders are not experiencing good sales, and I would imagine the demand (and prices) for condos is on the up. As I have also stated more times than I care to remember, buying property in a foreign country is a risk which on the one hand can give you a lovely home in a lovely place, but on the other can be a legal nightmare and is not necessarily a good investment strategy for all your money. Each and every individual has to assess the risks from their perspective.
You seem to be very angry canada1, and it may help us understand your position better if you tell us what has happened to you; have you bought land/property in Thailand? Do you think you were given bad advice? And if so, have you consulted any lawyers and what did they say? I would advise you that if you answer my questions not to put any names but just give us an idea why you feel the way you do. I do not have any vested interest in the Thai property market, and I rent in Hua Hin in case you wondered.

[Burger]

Canada1 is a troll, wind up merchant and liar.
Here's the evidence.
Wise up WL, he's not a 'virgin' at it, jeez ................

DNFTT


canada1 wrote this:

Sorry you dont understand, I invest nothing in thailand.
But it was really wonderfull to see just how developers would treat people who had bought land under the company scheme which of course you have defended from day one.

And also earlier wrote this:

canada1
Location: canada/us/hua hin Posted: Fri Apr 13, 2007 11:38 am Post subject:
________________________________________
Hi Burgher

all the residents on our estate have as advised registered companies in order to buy their properties, not one to my knowledge actually does any buisness and pays around 10,000bht per annum for tax and fees.

Are all our investments safe or not and please dont tell us about the lease option, I bought to own and not lease for 30 years.

[ozuncle]

I agree Burger.
I wasnt going to post on this subject any more but canada 1 seems very intent on getting his point of view over AGAIN and AGAIN
What is he on about?

[sargeant]

I was not going to join in on this but decided it was boring i will say this though
1... It is a very very small tiny step in the right direction but has not changed the situation one nano fart
2... The land act section 4 is still set in concrete and will remain so
3... Rejoicing is somewhat a few decades early IMHO
4... Stating that everything in the garden is now rosy and paradise is bordering on criminal of course IMHO

[Wanderlust]

Canada1 is a troll, wind up merchant and liar.
Here's the evidence.
Wise up WL, he's not a 'virgin' at it, jeez ................

DNFTT


canada1 wrote this:

Sorry you dont understand, I invest nothing in thailand.
But it was really wonderfull to see just how developers would treat people who had bought land under the company scheme which of course you have defended from day one.

And also earlier wrote this:

canada1
Location: canada/us/hua hin Posted: Fri Apr 13, 2007 11:38 am Post subject:
________________________________________
Hi Burgher

all the residents on our estate have as advised registered companies in order to buy their properties, not one to my knowledge actually does any buisness and pays around 10,000bht per annum for tax and fees.

Are all our investments safe or not and please dont tell us about the lease option, I bought to own and not lease for 30 years.

Burger,
If you would rather I don't point out the mistakes and leave the posts without any corrections and comeback, and let new and existing posters read what people like canada1 have to say and think that is how it is then fine. However I am taking a middle path to ensure people don't get misled into thinking that overseas property investment is either as easy as pie or a heart attack (sorry sarge) waiting to happen. Both are possibilities but neither are the norm, and that is what is wrong with all the property threads that have appeared on this forum - people are either on one side or the other in what is definitely not a black and white issue. Property buying, even in your own country, is a stressful business, but most of the time it works out in the end, and I would imagine that is the same here, except for the continuing worry that some people have about their legal situation, and if the government are going to change anything. You do your best on here, and I am sure in your office as well, to clarify the current situation but inevitably you are always going to have a more optimistic view of things, at least publicly, than those not involved in the property scene here, who by definition haven't got involved either because they can't (so being open to accusations of being jealous) or don't want to because of how they perceive the risk (thus sometimes getting accused of negativity). At all times I try to put across a balanced view so that others have a better chance of making the right decision for them.

[Burger]

WL,

What you are doing IMHO, is feeding a lying troll.

Upto you as they say ..........

DNFTT

Burger