sanddawg1 Posted April 3, 2010 Report Share Posted April 3, 2010 Nice avatar dog!! WHOOF S1 Link to comment Share on other sites More sharing options...
The_Munchmaster Posted April 3, 2010 Report Share Posted April 3, 2010 .... The commonly used route of buying land via shell companies with nominee Thai share-holders is illegal' date=' simple as...[/quote'] How is it Illegal? If the Nominee Thai Share-Holder can demonstrate that they can afford to invest in the said shell-company then its totally legit. What is illegal is when a foreigner transfers monies to a Thai National to purchase land / shares in shell-company. Its Ironic that majority of comments come from guys who have never even dipped their big toe into Thai Real Estate but seem to know everything. What I am referring to Mekong, and I'm sure others also, is the pratice of a Thai lawyer setting up a company on behalf of a farang in order for the farang to buy a property. By the use of nominee shareholders, often the lawyers own staff, the company looks like it is 51% owned by Thais but is infact 100% owned by the farang. The company is therefore illegal and any land/property it purchases is therefore purchased illegally. The government is well aware of this practise but appears not to do anything about it. Link to comment Share on other sites More sharing options...
Mekong Posted April 3, 2010 Report Share Posted April 3, 2010 There are two of them Link to comment Share on other sites More sharing options...
Mekong Posted April 3, 2010 Report Share Posted April 3, 2010 What I am referring to Mekong, and I'm sure others also, is the pratice of a Thai lawyer setting up a company on behalf of a farang in order for the farang to buy a property. By the use of nominee shareholders, often the lawyers own staff, the company looks like it is 51% owned by Thais but is infact 100% owned by the farang. The company is therefore illegal and any land/property it purchases is therefore purchased illegally. The government is well aware of this practise but appears not to do anything about it. Munchie, I totally agree that the practice to which you refer to is illegal, but conversley I state that setting up such a holding company where the Thai partner(s) can demonstrate that they can afford to invest in such is legal. So I reiterate my initial comment, holding companies as such are not illegal, but how they are sometimes financed could be questionable. The reason why I have such a strong opinion on this topic is based on my own personal experiences, been here done it got the T-Shirt, lawyers involved to prove wifes own financial indipendance etc. The practice is leagal as long as one follows the rules. Link to comment Share on other sites More sharing options...
gobbledonk Posted April 5, 2010 Author Report Share Posted April 5, 2010 Relax, mekong - I suspect that every expat from Anna Lenowens on has been described as a 'self-centred egotistical twat' : it may well be a pre-req for longterm survival in Bizarro World fwiw, there is a storm brewing here in Oz over the fact that foreign investors (mainly Chinese) are exploiting various loopholes to buy more than one property in our overheated cities (they can buy freehold land, unlike Thailand). The media is claiming that the government can confiscate any illegal acquisition of this type - I'll believe it when it happens. Link to comment Share on other sites More sharing options...
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