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barrafish
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Can I ask please, what is the problem with the farang having to declare his source of income to purchase property in LOS.
Take it further, to purchase any property including condo's with or without a Thailand based company acting for them or setting up their own company as a way around the legal system.
If the money used to purchase such property, be it an investment, land or house/condo/apartment to live in by them was not gained legally, why should LOS be the dumping ground for money gained by crime or dodgy pedlars.
Would anyone here advocate such purchases if they knew or suspected the money was derived by some ill gotten gains. I think that this may be the thinking of the Thai Govt.
If purchases had nothing to fear and could demonstrate how the money was gained, they would have no problems IMO. This is Thailand and the Govt. may feel that they do not wish to sell the joint to farang's. If they do not wish to sell, why should we feel put out by a countries standards.
So the Thai economy slow's up a bit, flounder's for a while and eventually get's back up again. At the end of the day, they still own their country.
Barrafish.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 1:06 am on June 4, 2006
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DaffyDuck
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Clearly, no one bothers actually reading the articles PL69 posts.
(sigh)
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 2:05 am on June 4, 2006
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barrafish
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Daffy,
Which part/s are you referring too, surely not the part of the Thai's putting their hand's up to become the go between.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 3:06 am on June 4, 2006
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DaffyDuck
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Quote: from barrafish on 4:07 pm on June 4, 2006
Which part/s are you referring too, surely not the part of the Thai's putting their hand's up to become the go between.
Allow me to repeat:
"a new regulation issued this month that requires all partly foreign-owned companies to prove the source of their funding before purchasing land, industry sources said Tuesday"
and
"If it appears that an alien holds shares or is a director or it is reasonable to believe that a Thai holds shares as a representative of an alien, the officers shall investigate the income of Thais holding shares, delving into the number of years [they have spent] in the current profession and monthly salary,"
It would appear that this is pretty clear and that it has nothing to do with illegla moneys, or moneys earned from criminal activities. The article was pretty clear that it has nothing to do with a farang having to declare his source of income, but rather a crack down on companies being created solely as a shell for a farang to own property.
The previous model, of picking up a half-dozen somchais off the street to sign them up as shareholders for a Thai company will no longer work, if the company has to verify the involvement of the shareholders, and where their investment capital comes from (i.e. if not from them, where from). In other words, if the sole source of the company's value is from the single farang's coffers, then that will certainly raise red flags.
I have absolutely no idea where you get the idea that this has anything to do with criminal or illegal money...
...and, they are correct that this will impact the housing market in the short to mid-term, most likely with many buyers stepping away from sales, and subsequently property prices dipping - though I doubt condo prices wil be affected by this, in fact, this might spur the condo market.
As far as I am concerned, that's good.
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 4:05 am on June 4, 2006
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barrafish
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OK Daffy, I misread it, your correct.
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Thai Women : Meet Matured Thai Women
Posted on: 5:42 am on June 4, 2006
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2ndCuming
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Fear not young barragouda, you are still correct be it by default.
Best you not listen to pretend experts, we all know what an ex-spurt is hey, and listen to people actually in the country rather than opinions based from swollen glands thousands of miles away.
One of the by products of checking the shareholders and money chain is to see 'where' it comes from and as you have said, Thaialnd does not want to become at least noticebly, a dumping ground for ill gotten gains from every mafai, yakuza, russian mob or nazi groups around the globe.
It takes a very narrow mind to have such a single minded view, but then again anyone who buys a condo today based upon the % makeup of the entire residence is a bit silly also.
Rest in peace that you have this time barragouda actually been correct in your thoughts and cleverly more so than those that pretend to be able to read, yet close their eyes.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 5:55 am on June 4, 2006
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Shredded Wheat
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Quote: from expatchuck on 5:56 am on June 4, 2006
Have not seen the post to which you refer Expat, but does the land office have the power to require that a shareholder "divest" himself of his shares in a company? Surely that kind of authority is only vested in the Thai Courts?
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 8:25 am on June 4, 2006
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Mel Gibson
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As this new law is having a "direct" effect on me and my newly formed company I will keep you updated as the legal brains in BKK work their way around this new law.
It will probably just amount to money flowing in and out of a trust fund but I await the experts advice.
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Thai Girls : Meet Active Thai Girls
Posted on: 10:35 am on June 4, 2006
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PussyLover 69
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Report from Bangkok Post dated Monday 5 June 2006 :-
Foreign ownership of Thai property : Enforcement the only change, say experts
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A recent outcry over curbs on foreign ownership of property in Thailand has been overblown, according to property consulting firms. All that has changed is that the existing law is being enforced more strictly, they say.
The industry was put on alert last week by a report of a new regulation issued by the Interior Ministry. It required foreign-owned companies that buy land to prove sources of funds and said Thai nominees would also have their finances investigated.
David Simister, the chairman of CB Richard Ellis (Thailand) said the property company was fully aware of the purported new regulation, which was only a reminder about the existing one.
CBRE said it always informed foreign customers of the correct procedures for buying land in Thailand, specifically that foreign investors were recommended to have joint ventures with Thai partners.
Thailand has strict laws prohibiting foreigners from directly purchasing land, although loopholes allow them to own land and houses through long leases or a nominee company, providing the company is majority Thai-owned.
Foreigners are allowed to have outright ownership of condominiums, up to a maximum of 49% of the space in a building.Ms Simister said CBRE believed that stricter enforcement of existing laws would not hurt the growth of the property market.
Many foreigners are buying resort properties in Thailand for investment, leisure and retirement. Phuket, Koh Samui, Hua Hin and Pattaya are top choices.
Mr Simister said the resort property market was a valuable earner of foreign revenue. If Thailand wished to have a vibrant resort economy, it should seek to make it well regulated and internationally competitive, he said.
He suggested property ownership laws in respect to individual foreign owners could be amended to considerably improve earnings and tax revenue.
"For example, increasing foreign ownership in condominiums if professionally managed by a Thai management company, allowing freehold ownership of single dwellings; allowing Thai banks to offer home loans or allowing 90-year leases."
Neil Simmons, a director of the real estate agency Soho Properties, said he had questions about the best legal ways for foreigners seeking to obtain retirement or holiday homes in Thailand.
"Is leasing the only solution, and will new regulations be brought in on this? The industry deserves answers and quickly before the collapse of the lucrative foreign housing boom," he said.
Patima Jeerapaet, managing director of the consultancy Pasupat Realty Co Ltd, said there should be a resolution, noting that other countries had been able to strike a balance on foreign land holdings.
He said he believed that foreign investors would help boost the local economy, especially in tourist destinations.
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Thai Women : Meet Matured Thai Women
Posted on: 9:35 pm on June 4, 2006
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expatchuck
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Quote: from Shredded Wheat on 9:26 pm on June 4, 2006
"Have not seen the post to which you refer Expat....."
( ( ( ( (Here "tis ) ) ) )
http://www.thaivisa.com/forum/index.php?showtopic=71265
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"...but does the land office have the power to require that a shareholder "divest" himself of his shares in a company?"
My response is "probably not", but what is to stop the Land Office from saying that the company can not own property as long as there is a farang involved with ownership of shares in the company? Then it becomes the farang's decision to divest himself of his shares, not the Land Office.
I don't think anybody really knows what will happen at this stage. A good friend of mine just bought a house in Pattaya, paid cash (several million) and is now in a quandry about what to do with the property.
Hopefully it will work out to everyone's benefit but, TIT, so you never know for certain.
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 12:31 am on June 5, 2006
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