Page 1 of 3 123 LastLast
Results 1 to 25 of 51
  1. #1
    Out there...
    StrontiumDog's Avatar
    Join Date
    Jul 2009
    Last Online
    @
    Location
    BKK
    Posts
    40,030

    Expats warned of illegal home crackdown in Thailand

    Expats warned of illegal home crackdown in Thailand - Telegraph

    Expats warned of illegal home crackdown in Thailand

    Foreigners illegally owning property may be deported under new rules.



    Many expats have settled in Thailand, but they must be careful not to infringe its strict laws on land ownership Photo: Dave stamboulis / Alamy


    By Joanne Christie

    9:39AM BST 20 Jul 2012

    Expats who own land illegally in Thailand could be deported under tough new laws being drafted by the government.

    Thai ombudsman Siracha Charoenpanij said earlier this month that he was drawing up "carrot-and-stick" legislation to protect the country from illegal foreign nominee ownership.

    Under Thai laws, foreign nationals are not allowed to own residential land. They can, however, buy apartments so long as no more than 49 per cent of a development is owned by foreigners. They can also purchase detached villas, but while they can own the house, they cannot own the land the house is on and are only able to lease it for 30 years at a time.

    To get around these restrictions, some have entered into complicated structures whereby a company is set up to purchase the land. A Thai national holds the majority of shares in that company, but in reality may have no financial interest in the company and may own it on behalf of the foreign buyer.

    It is these such "nominee ownership" arrangements that the government now wants to crack down on, and Charoenpanij has also proposed a reward – of 20 per cent of the land’s value when sold – for those providing information about illegal ownership. His plans also include penalties for lawyers or consultants who advise foreign buyers on nominee structures.

    Richard Pentreath, owner of Accent Overseas, a property firm focused on Thailand, said removing loopholes would be good for foreign buyers. “The changes would mean people could no longer be cheated out of their money. Some lawyers advise people to use such structures but then further down the line when somebody dies it turns out they don’t own anything at all.

    "People don’t need to set up companies, they don’t need to do anything complicated at all. They should just stick by the letter of the law.”

    But there is some confusion about the definition of a nominee structure, according to Marcus Collins, head of the regional property practice at law firm DFDL in Thailand. “Clearly there are many nominee structures that are not legal — where a friend or a driver or individual lawyer who has no financial investment in a property holds shares to basically allow a foreigner to own a property.

    "But there are other arrangements where Thai individuals or Thai companies have invested money in shares and get a fixed return on those shares and at least have some economic interest in a structure. Maybe that is a nominee structure, maybe it is not.

    "We would welcome clarification of what nominee really means and what is and isn’t legal, and hopefully that is something that will happen once this issue is brought to the attention of parliament.”

    The ombudsman plans to submit the draft to Thailand's parliament later this year.
    "Slavery is the daughter of darkness; an ignorant people is the blind instrument of its own destruction; ambition and intrigue take advantage of the credulity and inexperience of men who have no political, economic or civil knowledge. They mistake pure illusion for reality, license for freedom, treason for patriotism, vengeance for justice."-Simón Bolívar

  2. #2
    Thailand Expat
    BobR's Avatar
    Join Date
    Jan 2009
    Last Online
    19-03-2020 @ 02:26 AM
    Posts
    7,762
    Nothing will likely change, but for anyone who has much or most of his money tied up in some bogus company owning Thai real estate, do you really need the stress?

    This is not like the US either in which a lawyer that drew up a loophole that did not work could be sued for malpractice. The buyer takes all the risk in these fictional companies.

  3. #3
    Member

    Join Date
    Apr 2012
    Last Online
    08-10-2012 @ 10:19 AM
    Location
    Australia
    Posts
    573
    It seems to me that the government should implement a crackdown on crackdowns. In the past three months, there has been a crackdown announced every other day and, clearly, they appear nothing more than a manifestation of what are essentially cost free populist strategies.

  4. #4
    I am not a cat
    nidhogg's Avatar
    Join Date
    Jun 2008
    Last Online
    @
    Posts
    18,317
    Quote Originally Posted by BobR View Post
    Nothing will likely change, .
    Not sure on that. There is a real hair up the ass of a lot of Thais over this one - not just houses etc, they are getting damn itchy about rice land as well - and that strikes to the core.

    Whether any of it (especially the rice land issue) is actually founded in fact is another matter.

    However, this seems to have a lot going for it. A chance to "steal" from the foreigner (note the inverted commas please!), a chance for a large dump into the treasury (80%) - or whoever manages to get their sticky fingers on it - and massive ground support from everyone going on a sudden 20% treasure hunt. Christ, some wives in less than happy relationships may well settle for a certain 20%.

    This might just have legs.......

  5. #5
    Thailand Expat
    taxexile's Avatar
    Join Date
    Nov 2006
    Last Online
    @
    Posts
    19,335
    Its the 20% reward that marks this crackdown as nothing more than a nasty minded shakedown motivated by those two most admirable thai characteristics, jealousy and greed.

  6. #6
    I am not a cat
    nidhogg's Avatar
    Join Date
    Jun 2008
    Last Online
    @
    Posts
    18,317
    Quote Originally Posted by taxexile View Post
    Its the 20% reward that marks this crackdown as nothing more than a nasty minded shakedown motivated by those two most admirable thai characteristics, jealousy and greed.
    Indeed. Would not be surprised if my landlady got in a tizzy and tried to turn me in - and she owns the bloody place.....

  7. #7
    Member
    Zampan0's Avatar
    Join Date
    Oct 2010
    Last Online
    09-12-2014 @ 08:20 PM
    Location
    On the lam.
    Posts
    672
    Last edited by Zampan0; 20-07-2012 at 08:47 PM.

  8. #8
    My kind of town
    chitown's Avatar
    Join Date
    May 2007
    Last Online
    @
    Posts
    12,520
    I think the rest of the world should mirror Thailand's policy and not allow Thais to own land in places like the UK and England. Of course the Thais would cry about not getting a fair shake as they are the exception to all rules.

  9. #9
    I am in Jail

    Join Date
    May 2008
    Last Online
    31-10-2014 @ 08:22 AM
    Posts
    1,861
    A fool and his money .....

  10. #10
    Thailand Expat
    BobR's Avatar
    Join Date
    Jan 2009
    Last Online
    19-03-2020 @ 02:26 AM
    Posts
    7,762
    Quote Originally Posted by Zampan0 View Post
    I rented a real houseboat for a week at lake Havasu Arizona a few years back, it was quite nice to live in, that would not be a bad life here if you could find a safe secure place to dock it.

  11. #11
    Thailand Expat raycarey's Avatar
    Join Date
    Jan 2006
    Last Online
    @
    Posts
    15,054
    Quote Originally Posted by chitown
    I think the rest of the world should mirror Thailand's policy and not allow Thais to own land in places like the UK and England.
    and London.

  12. #12
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Quote Originally Posted by chitown View Post
    I think the rest of the world should mirror Thailand's policy and not allow Thais to own land in places like the UK and England. Of course the Thais would cry about not getting a fair shake as they are the exception to all rules.
    Maybe the rest of the western world could have leaned from Thailand and not sold their children's heritage to the highest foreign bidder. Jim

  13. #13
    Thailand Expat
    Lostandfound's Avatar
    Join Date
    Feb 2010
    Last Online
    Yesterday @ 07:54 PM
    Posts
    4,119
    Many developers in Thailand, particularly in tourist areas are foreign owned, therefore using nominee structures to buy land for condo development.

    Presumably then this means that the risk confiscation of the development land ./ land in build, so all buyers will forfeit their deposits and stage payments.

    How many senior executives in multi national companies will have bought houses in Thailand I wonder? Presumably they will now be fullsome in their support for investing in the country.

    Just what TF are the Thais planning to do with thousands of confiscated house grabs? Dole them out to cronies, Mugabe style?

  14. #14
    Thailand Expat
    Lostandfound's Avatar
    Join Date
    Feb 2010
    Last Online
    Yesterday @ 07:54 PM
    Posts
    4,119
    Quote Originally Posted by nidhogg View Post
    Quote Originally Posted by taxexile View Post
    Its the 20% reward that marks this crackdown as nothing more than a nasty minded shakedown motivated by those two most admirable thai characteristics, jealousy and greed.
    Indeed. Would not be surprised if my landlady got in a tizzy and tried to turn me in - and she owns the bloody place.....
    The people with the most comprehensive records are the supposed lawyers, developers and real estate brokers who "sold' the property in the first place.

    8% for selling it - 20% for shopping the buyer.

    Miracle thailand!

  15. #15
    Thailand Expat
    buriramboy's Avatar
    Join Date
    Mar 2007
    Last Online
    23-05-2020 @ 05:51 PM
    Posts
    12,224
    Do people not have wives or kids to put their names on the house deeds??? And single blokes can stick to renting or buy a condo, there you go problem solved.

  16. #16
    Thailand Expat
    Smug Farang Bore's Avatar
    Join Date
    Aug 2009
    Last Online
    09-12-2022 @ 12:25 PM
    Posts
    3,888
    I'm in Wimbledon at the mo. the place has the biggest Thai temple on the common there(how inexpensive I hear you cry).

    After a few more pints of Abbot ale I'm off up there to kick the Kuntz out and reclaim what is my birth rite and heritage.


    Marauding fuckers....!

    Then I'm going for a curry.....!


    If plod gets me -bail me out. Lads......
    Do you know what nemesis means?

  17. #17
    In transit to Valhalla

    Join Date
    Oct 2008
    Last Online
    @
    Posts
    5,036
    This has been simmering for years with changing Thai officials pronouncing crackdowns on the fake company set-ups, made to circumvent Thai law on land ownership.

    But now with the Thai Ombudsman in on it it might finally have gotten real traction in places that matter, and as nidhogg mentions in his post - https://teakdoor.com/2164245-post4.html - with the insentive of a cash reward of 20% on the value on propertys found to be illegal, hell every Farang here will be fingered no matter how they have arranged themselves with a domicile, there is - all to gain and nothing to loose.

    Hope it wont really come to that, we are talking thousands of foreign owned properties, and it would not go down well in some of their home Countries, but it could be quite the circus, imagine all the little sticky fingered corrupt Somchais drooling for some nice almost free farang homes, with the added benefit of the owner having been deported so in reality effectively cut of from protesting this neat little transfer of wealth.

    TIT

  18. #18
    Thailand Expat
    Smug Farang Bore's Avatar
    Join Date
    Aug 2009
    Last Online
    09-12-2022 @ 12:25 PM
    Posts
    3,888
    Fuck me the government are shite at this clamping down on home ownership.


    I had two houses here and a couple of apartments toboot.

    My misses had a clamp down and Heypresto . .

    No more houses...!


    Is the government gunna go after the falung owned dogs too...?

  19. #19
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    20% of a nice house maybe a very tempting offer. have met some scum farangs in my time here and would not put it passed them to grass up there friends, through a Thai wife. You could make a few Baht that way. Not a problem for me, re sale value in a jungle village is zero and wife owns it anyway.
    Money is money and with that kind of reward, I would be running to change the title fast. A house worth 2, 3, 4 mil Baht will give a nice little earner to the Gov. and the informant. Jim

  20. #20
    Member
    Zampan0's Avatar
    Join Date
    Oct 2010
    Last Online
    09-12-2014 @ 08:20 PM
    Location
    On the lam.
    Posts
    672
    Quote Originally Posted by BobR
    that would not be a bad life here if you could find a safe secure place to dock it.
    Finding a calm harbor and using a skiff to get to shore is what I'm thinking. Secure it with a monitored alarm system with a battery powered cell phone. Insure everthing. Maybe hire a live in servant. 12ga. always aboard. Sounds nice to me. A 25 HP boat motor would allow you to move easily if you happened to get unruly neighbors. I really like photo #1, it's a "babe magnet". One could also crank up his music volume, smoke herb and howl at the moon without bothering anyone.
    May the Cyclops eat you next to last.

  21. #21
    Member
    Join Date
    Aug 2009
    Last Online
    27-08-2014 @ 11:25 PM
    Location
    bulacan luzon
    Posts
    142
    rent, goes tits up leave, we have no rights,never will,sucks

  22. #22
    Member
    Zampan0's Avatar
    Join Date
    Oct 2010
    Last Online
    09-12-2014 @ 08:20 PM
    Location
    On the lam.
    Posts
    672
    Quote Originally Posted by lost the plot View Post
    rent, goes tits up leave, we have no rights,never will,sucks
    Sounds sort of like the U.S. to me.

  23. #23
    Thailand Expat
    Lostandfound's Avatar
    Join Date
    Feb 2010
    Last Online
    Yesterday @ 07:54 PM
    Posts
    4,119
    Quote Originally Posted by Zampan0 View Post
    Quote Originally Posted by lost the plot View Post
    rent, goes tits up leave, we have no rights,never will,sucks
    Sounds sort of like the U.S. to me.
    It's more like Zimbabwe.

  24. #24
    Thailand Expat
    can123's Avatar
    Join Date
    Oct 2010
    Last Online
    24-04-2023 @ 02:34 PM
    Posts
    5,547
    Quote Originally Posted by BobR
    I rented a real houseboat for a week at lake Havasu Arizona a few years back, it was quite nice to live in, that would not be a bad life here if you could find a safe secure place to dock it.
    You would have to pay a huge amount of import duty if you moored a boat in Thai waters. A certain German fraudster thought he could do the same thing with his yacht. The Thais refused his extradition for fraud but kicked him out when he failed to pay duty. He is in prison in Germany now.
    Why can't I make new posts?

  25. #25
    Thailand Expat
    jamescollister's Avatar
    Join Date
    Nov 2008
    Last Online
    29-06-2020 @ 09:33 PM
    Location
    Bunthrik Ubon
    Posts
    4,764
    Quote Originally Posted by Zampan0 View Post
    Quote Originally Posted by BobR
    that would not be a bad life here if you could find a safe secure place to dock it.
    Finding a calm harbor and using a skiff to get to shore is what I'm thinking. Secure it with a monitored alarm system with a battery powered cell phone. Insure everthing. Maybe hire a live in servant. 12ga. always aboard. Sounds nice to me. A 25 HP boat motor would allow you to move easily if you happened to get unruly neighbors. I really like photo #1, it's a "babe magnet". One could also crank up his music volume, smoke herb and howl at the moon without bothering anyone.
    And who's selling the herb, the floating dealer. You are another one who will be complaining about getting busted.
    Always remember sitting in a bar in Krabi town and a bunch of farangs were talking about dope. No thought, this is Thailand. I sat and listened for awhile, then pulled out my badge [ at the time had one ] table went silent. Said I was DEA which I wasn't and they were all looking at 6 month or a big fine. Ended up telling them don't be stupid you never know who's lessening.
    By the way a avatar does not stop anyone from knowing who you are, they can be traced back. Jim

Page 1 of 3 123 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •