Bangkok Gathering/TCSS For Samsters - Page 25

GLcat80lover · #**361** 11-08-2006, 10:08 PM

Hi, i do not know if it is appropriate, sorry if i am posting at the wrong place.
I'm planing to buy a block of apartment in Thailand to rent out, but i understand that foreigners are not allowed to own land in Thailand. I was advised to set up a company and purchase the property through the company. However, foreigners are only allowed to own 49% of a thai company, and thus i will have to register the company with a thai, who will hold 51% shares of the company. my lawyer in singpore has advised me to approach a thai law firm to register the company with the law firm holding the 51% shares, and to draft a document stating that i am in actual fact the proprieotr of the company and only i am allowed to decide on all matters in the company to bypass the restriction on foreign ownership of property and company in thailand, but i am a little apprehansive about this.
can any bros here advise me if there is any other way out? or if you have any experience in owning pproperties or companies in thailannd.
very much appreciate any inputs.
tks.

84gunner · #**362** 12-08-2006, 04:44 PM

Quote:

Originally Posted by longgun

bro Sohni! Are you in town or not? I'll be dragging my lazy ass down to bkk on fri and into resort. I make special appearance leh, see you there on fri ah.
any bros wanna come?

brudder, I will oso be in town, in bkk. can I join u guys? brudder Sohni has my contact no.

84gunner · #**363** 12-08-2006, 05:19 PM

Quote:

Originally Posted by bhs1969shb

Hi, i do not know if it is appropriate, sorry if i am posting at the wrong place.
I'm planing to buy a block of apartment in Thailand to rent out, but i understand that foreigners are not allowed to own land in Thailand. I was advised to set up a company and purchase the property through the company. However, foreigners are only allowed to own 49% of a thai company, and thus i will have to register the company with a thai, who will hold 51% shares of the company. my lawyer in singpore has advised me to approach a thai law firm to register the company with the law firm holding the 51% shares, and to draft a document stating that i am in actual fact the proprieotr of the company and only i am allowed to decide on all matters in the company to bypass the restriction on foreign ownership of property and company in thailand, but i am a little apprehansive about this.
can any bros here advise me if there is any other way out? or if you have any experience in owning pproperties or companies in thailannd.
very much appreciate any inputs.
tks.

brudder, I have just arrived in bkk 1 month + ago, but will be staying here for awhile. Though I am not yet familiar with many things here, my opinion is as such:

if the above regulations holds true with no exceptions, then I wonder how the MNCs (especially those international big names) are administrated in thailand. I dont think the local Thais in those MNCs in Thailand hold more than 50% of the stakes, or are administrated in the arrangement u described above. I will be really surprised if they are!

Next, if the regulations is really as you described, then how valid do you think the separate agreement or document is gonna be? Will it be legally valid (in Thailand) in the first place, especially when the objective of the document is so obviously specified to bypass the regulations? As far as I know, in the law of many countries (especially Commonwealth countries), if any 1 clause or paragraph in any (legal) document violates or contradicts the law (local, state, federal, etc), or if there is any contradiction between the clauses / paragraphs within the document, the whole document will be rendered invalid & legally not enforceable!

I am staying in an apartment here, and I noticed that many units here (and in several other apartments / condominiums) are owned by Taiwanese. I came across a Taiwanese who owns several apartments in bkk (incl at least 1 in my apartment), and he owns or is setting up factory(s) in bkk / thailand!

yes, brudder, it is more advisable to consult a law firm in Thailand for more details & advice. brudders who are more familiar with the regulations, please oso shed more light in this area, as I oso find it interesting information.

For the above arrangement / agreement you mentioned, I understand that it is practised more commonly in M'sia, cos Bumiputeras (local malays) can buy properties in M'sia at lower rates. So, many non-bumiputeras (incl many sporeans, and probably other foreigners) enter into contracts / agreements similar to what is described above with the bumiputeras to buy properties in M'sia. When the time is right, the "ownership" of the property is then transferred to the real owner. In this process, the bumiputeras will definitely get to gain financially (whether they get to stay in the property for free for a period of time, or they "transfer" the property ownership at a higher price, or they get immediate / direct financial rewards, etc). Otherwise, how many would want to be made use by you without any gains?

siamcutey · #**364** 12-08-2006, 08:46 PM

Quote:

Originally Posted by bhs1969shb

my lawyer in singpore has advised me to approach a thai law firm to register the company with the law firm holding the 51% shares, and to draft a document stating that i am in actual fact the proprieotr of the company and only i am allowed to decide on all matters in the company to bypass the restriction on foreign ownership of property and company in thailand, but i am a little apprehansive about this.
can any bros here advise me if there is any other way out? .

Are u sure your lawyer in Singapore tell you this?

I tell you what, you tell your lawyer to write to you what he said in black and white. Then you follow what he tell you to do in Thailand.

In any case, if anything happens whereby you are not allowed to bypass the restriction, then with the email, you can sue your lawyer in sg that he has misrepresented his advice to you.

Trust me, your lawyer will not write to you this email. You know why? Because he talking cock. He also doesn't want to be responsible if anything happens.

Lastly if your lawyer's advice works, many foreigners would have been doing it and bypassing all channels. Then Thai Govt set up all these laws for all these lawyers to go through loopholes?

SC

JaoChoo · #**365** 12-08-2006, 09:26 PM

Quote:

Originally Posted by bhs1969shb

or if you have any experience in owning pproperties or companies in thailannd.
very much appreciate any inputs.
tks.

Hi,

I do have some experience on this. PM me if you still need help. I can recommend you the lawyer firm who will do exactly what your singapore lawyer said.

GLcat80lover · #**366** 12-08-2006, 09:49 PM

tks to 84gunner, siamcutey and jaochoo, appreciate your advise.
i did check some web sites with regard to buying properties in thailand for foreigners, and they seem to indicate the same as what i was told.
anyway, will need to do more research, as i learnt that ladprao's tenants are mostly Wls, as it is quite near to their entertainment area..
will check and post any info to share with the bros here...
i was tempted by a promise of 8% rental returns per annum, and the price of the whole building is just as much as a good freehold condo in singapore, imagine that...

hcmanic · #**367** 13-08-2006, 12:04 AM

It can be done as per your lawyer's advice. My Taiwanese frens did that and staying there but seriously how it is done, i dunno.

siamcutey · #**368** 13-08-2006, 12:32 AM

Guys,

First of all, now we are talking about buying "full ownership" in Thailand not singapore.

The Thai Government when they set all these rules/regulations/laws is for the benefit of their Thai citizens, not us foreigners.

Quote:

Originally Posted by bhs1969shb

by ""However, foreigners are only allowed to own 49% of a thai company, and thus i will have to register the company with a thai, who will hold 51% shares of the company. my lawyer in singpore has advised me to approach a thai law firm to register the company with the law firm holding the 51% shares, and to draft a document stating that i am in actual fact the proprieotr of the company and only i am allowed to decide on all matters in the company to bypass the restriction on foreign ownership of property and company in thailand

Can I ask you people, just a very straightforward question.

In the event, even if you can bypass, and decide on all matters, LEGALLY, you only own 51%. 49% still belongs to that Thai person who holds the shares. Even if you can bypass the Thai, he still owns the 49%, whether you like it or not. Even if you go the Thai Courts and fight it out, the rules are simple and clear to understand. Even if you pay the 49% for the Thai person initially, it still belongs under his name.

So what even if you have 51% and can decide on everything? End of the day, you think you can get back 100%????

SC

siamcutey · #**369** 13-08-2006, 12:38 AM

Quote:

Originally Posted by JaoChoo

Hi,

I do have some experience on this. PM me if you still need help. I can recommend you the lawyer firm who will do exactly what your singapore lawyer said.

In singapore, there are already many half past siz rogue lawyers. So whatever the lawyer can do is only more on paperwork. But on the part of protecting own's interests, one still have to think for himself and see for himself whether the rules are working towards himself or others.

*In any kind of uneventful scenarios that happen unfortunately, the lawyer will only think of saving his own skin.

SC

JaoChoo · #**370** 13-08-2006, 08:18 AM

Quote:

Originally Posted by siamcutey

*In any kind of uneventful scenarios that happen unfortunately, the lawyer will only think of saving his own skin.
SC

I agree with you. Most of the discussions here are assuming that nothing goes wrong. With regards to your previous post, yes, I agree, that if something should go wrong, one has to expect to lose 49% of that.

But to throw things in perspective, I once own more 90% of a thai registered company, through the help of the lawyer. I just thought that the same lawyer might be able to do the same for another brother here.

siamcutey · #**371** 13-08-2006, 11:32 AM

Quote:

Originally Posted by JaoChoo

I agree with you. Most of the discussions here are assuming that nothing goes wrong. With regards to your previous post, yes, I agree, that if something should go wrong, one has to expect to lose 49% of that.

But to throw things in perspective, I once own more 90% of a thai registered company, through the help of the lawyer. I just thought that the same lawyer might be able to do the same for another brother here.

Bro,

technically, we can own even 100% (by paying all monies for all shareholders) of any thai registered company or even whole plots of land in thailand, but in legal terms and rules set up by Thai Govt regarding foreign ownership on land in Thailand, we only own 51% of it.

I think the best bet is still to buy condos whereby in the whole development 51% of units can be sold to foreigners and foreigners can own 100% of the whole unit without the need to use a thai name or shareholder.

Another thing is which I heard (hear only) that one can own 100% of land or something in some outskirts, such as tourism spots and then do own development of that plot of land. However after a certain number of years of tenure, the land will have to be returned to Thai ownership. (this one I not so sure) (Example like maybe want set up a small resort in some thai outskirt islands)

SC

thaiboy · #**372** 13-08-2006, 12:25 PM

hehehehe so what!!! you can have half of Bangkok with 100% ownership....once the goverment ppl here turn around and change rules.....kekekekekeke pls return my land and get out of my country muahhhh... remember here is "Thai" in hokkien= Kill

siamcutey · #**373** 13-08-2006, 05:59 PM

Quote:

Originally Posted by thaiboy

hehehehe so what!!! you can have half of Bangkok with 100% ownership....once the goverment ppl here turn around and change rules.....kekekekekeke pls return my land and get out of my country muahhhh... remember here is "Thai" in hokkien= Kill

Then ur nick in hokkien is it "Thai Tah Bor Kia" = Kill Boy???

*Jokes aside.... We are no match for rules/regulations/laws set up by the Thai Govt. Not even if you have the best lawyer on land.

Legislation rules in each and every country do change after some time. But its to the advantage of the country and not more to the people.

hehehe
SC

thaiboy · #**374** 13-08-2006, 08:11 PM

Thailand= in hokkien " thai lang"

SC i saw some1 look like you at Ratchada city.....is it you?? cos i remember you told me that u coming in AUG....knn never call me for kopi....

Sohni · #**375** 13-08-2006, 08:26 PM

Quote:

Originally Posted by thaiboy

Thailand= in hokkien " thai lang"

SC i saw some1 look like you at Ratchada city.....is it you?? cos i remember you told me that u coming in AUG....knn never call me for kopi....

Hahaha. Yalor you called me up and enquire whether SC call me to inform he's in Bangkok. SC buay steady lah. Come Bangkok also never jio us siah.