Old mad_dog doesn't have a Thai wife but is interested in an acre of land for sale near his house. I would like to buy the land and build myself a little bungalow. What are my options? Are 100 year leases possible in Thailand? Set up a company which would own the property?
I have a Thai wife - you're welcome to buy it in her name, if you want.;)Quote:
Originally Posted by mad_dog
MD, you will be probably given a number of alternatives.
Before you go & spend your cash - please do yourself the favour checking what the Thai law feels about falangs owning land, what could happen if proxies are discovered etc.
I would suggest that you only spend what you are prepared to lose & if it all goes wrong & you do lose the lot, that you carry on with the rest of your life with a smile.
The advice I have been given is that, the bottom line is - "Foreigners may not own land in Thailand". If all the tricks & mechanisms you use fail - you stand to lose the lot. Period.
You could be right but I think... Sir Burr... managed to arrange a long term lease. I wouldn't mind renting but I really want a bungalow with a nice garden and it is nearly impossible to rent a place like this in my area.Quote:
Originally Posted by watterinja
The longest legal lease you can obtain in Thailand is 30 years.
The land and house is in my Thai wife's name, I then leased them back off her.
If you want some land, there really is no option but to involve a Thai.
I think the company route is now dead. Too dodgy as you still have to have 51% of the company owned by Thais. They cannot be nominee shareholders and they are now scrutinized to make sure that they are putting up their own money.
The best I could suggest, is for you to buy the land and put it in the name of a Thai lawyer, then, take out the 30 year lease.
If you want to sell the property, advise the lawyer that when the lease is scrapped, he will receive 10% of the profit. Might keep him honest.
Maybe you should ask William, as I'm not really an expert on these things.
30 years isn't much good for me. I'm in my mid 20s and don't want to find myself homeless at 55. :( It looks like I'll be renting for sometime. My only other option is to put it in the name of a Taiwanese friend who recently got Thai citizenship. I trust her as her family is so wealthy I don't think she'd be bothered to rip me off for my petty estate. If I did this could I put 51% in her name and 49% in mine???Quote:
Originally Posted by Sir Burr
Yes, if you formed a company, but, in future, the Thai government may crack down on companies that do nothing but own land.
Why can't you put it in her name. Once the lease is up, she, or her heirs can give you another lease.
Or, after 10 years pass, disolve the lease and make another one for 30 years.
The problem with leasing is that you paid for the value of the land but only have a lease of much less value in return.
Another option probably not open to you is to put the land in a child's name.
The longest [single] lease you can get in Thailand is 50 years.
The downside is that it needs to be in an industrial zone :)
MD, in your case, and without knowing all the details, probably the best answer would be to do a usfruct.
What's an usfruct?Quote:
Originally Posted by William
^MD - here you go mate https://teakdoor.com/williams-legal-s...-thailand.html
A friend did a 'land swap' business deal whereby he leased his place in Switzerland to a Thai couple & they leased their place in Thailand to him. The values were set to be about the same & so, basically, he still has his asset in Switzerland - if the wheels fall off in LOS.
He will obviously never 'own' the Thai asset.
Maybe William can answer this one.
I think if you have a regular income you can get a loan from a thai bank.
Use the money to buy the land and put the deeds in the bank's name as collateral. This is what a bank manager suggested to me.
Is it doable ?
^ Are you sure that a falang can obtain a bank loan based on Thai earnings?
I was of the understanding that this not usually allowed - directly to the falang, that is.
^ No I am not sure .
I was trying to buy a house from the bank and they offered to loan me the money. I didn't take out a loan but I always remembered it as it appeared to be a safe way for a farang to buy a house.
^ How long ago was that?
There was a hardening of attitudes a while back & the 'no loans to falangs' stance was once-again being enforced in many places. You can bring in the dosh from abroad, if you feel so inclined, but it now appears to be not too easy for a falang working in Thailand to obtain a home loan - in his own capacity.
A good few years backQuote:
Originally Posted by watterinja
If the bank has a non paying loan and is keen enough to unload the property then maybe a few corners can be cut
Until about 2 years ago you were allowed, as a foreigner with a work permit and regular income (I think over 75k per month), to borrow 50% of the purchase price in the way T is suggesting. Then the BoT changed the regulation and this was no longer allowed. Which is the main reason why BBL started lending from its Singapore branch.Quote:
Originally Posted by Thetyim
An usfruct sounds good but at the end of the day a governemnt could come to power that considered it a loop hole in the law and I could get kicked off the land like a squatter :( No dream bungalow for mad_dog :(
MD, if you're set on Asia - & are reasonably well-off, why not take a look at Malaysia? There are some nice parts further away from KL. Nice people, small towns.
Yeah I liked KL it has a more metropolitan feel to it than Bangkok. The Malays are nice as are the Chinese. It's a bit hard to get a beer but that is probably a good thing for me :)Quote:
Originally Posted by watterinja