Forget Buying a Place in Thailand
Jul 11th 2006, 7:13 am
#1
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Joined: Oct 2003
Posts: 17
Forget Buying a Place in Thailand
The Government here recently closed a loop-hole used by foreigners to buy houses/land. Foreigners have alwasy been forbidden from owing a home here - except for condos in buildings where less than half the owners are foreign.
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
Jul 12th 2006, 9:53 am
#2
Forum Regular
Joined: Dec 2005
Posts: 33
Re: Forget Buying a Place in Thailand
This is an issue around most of Southeast Asia, Thailand, Indonesia and the Philippines included. Some of these countries are desperate for foreign investment yet they remain protectionist.
Sep 6th 2006, 4:15 am
#3
Just Joined
Joined: Sep 2006
Posts: 7
Re: Forget Buying a Place in Thailand
Originally Posted by aldo
The Government here recently closed a loop-hole used by foreigners to buy houses/land. Foreigners have alwasy been forbidden from owing a home here - except for condos in buildings where less than half the owners are foreign.
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
Fully concur with this guy. Situation is dire. Would seriously consider your move before getting into trouble. www.gretra.com
Last edited by lifeouteast; Sep 6th 2006 at 4:16 am. Reason: spelling
Sep 8th 2006, 1:18 pm
#4
massage therapy London
Joined: Sep 2006
Location: London massage therapy centre
Posts: 17
traditional thai teak wood house in Bangkok Thailand rent homestay home stays
solution might be renting a property for a while - untill things will be more clear.
Last edited by londonthai; Sep 8th 2006 at 1:23 pm.
Sep 8th 2006, 1:43 pm
#5
Just Joined
Joined: Sep 2006
Posts: 7
Re: traditional thai teak wood house in Bangkok Thailand rent homestay home stays
You'll wait forever. The bottom line is that foregners can't and never will be able to own property in Thailand. Wrap it up any way you wish, buy it in whoevers name or in whatever fashion you like but you will never own land and property in Thailand.
Originally Posted by londonthai
solution might be renting a property for a while - untill things will be more clear.
Oct 6th 2006, 11:40 am
#6
semarang
Joined: Aug 2004
Location: sand dune
Posts: 7,763
Re: Forget Buying a Place in Thailand
so you guys do u have any idea where the best place to retire then? 
Oct 6th 2006, 12:44 pm
#7
massage therapy London
Joined: Sep 2006
Location: London massage therapy centre
Posts: 17
traditional thai teak wood house rent Bangkok Taling Chan homestay home stay thailand
the best is just to go to interesting you places just for a holiday and find out opportunities there.
Myself I chose Bangkok because of the family bonds - but Malaysia is attractive as well
Myself I chose Bangkok because of the family bonds - but Malaysia is attractive as well
Jun 4th 2007, 3:00 pm
#8
Forum Regular
Joined: Jun 2007
Location: San Fernando, La Union, Illocos Sur, Luzon, Philippines
Posts: 41
Re: Forget Buying a Place in Thailand
The Government here recently closed a loop-hole used by foreigners to buy houses/land. Foreigners have alwasy been forbidden from owing a home here - except for condos in buildings where less than half the owners are foreign.
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
The result is that condos have been chronically over-priced, and house prices tantalizing a bargain...so foreigners were setting up Thai companies to get at the housing market. It worked for several years, but now the government has clamped down on the shareholders of the "thai" companies (most shareholders - 7 seems to be the number I believe - had to be Thai).
Of course the Thai shareholders were 'nominees' who then signed an undated form hadning over total sharevalue and control of the company to the foreigner who then purchase a house through the company name. In other words, the "Thai" company owned the house.
Now the Government is examining the Thai shareholders to ensure they had enough money to buy shares in the first place, and that they are still legitimate controling shareholders.
The market effectively crashed a month ago. The condo market too seems to be on the skids, since the prices were really rising and some had tried to buy those in company names too (if more than 49% were already owned by foreigners). Some say the market hasn't crashed, but more often than not they are the people who still own 'thai' companies and/or are in the 'property' biz trying to sell to naive foreigners who want to live in the Land of Smiles.
Not many of us here in Thailand are smiling anymore. We can only hope things change..
Sounds bad. Same sort of laws in the Philippines where I live, but they're simpler and Gloria Arroyo(The President) is intending to change the laws here in the Phillies to allow foreigners to purchase properties. I currently am renting a large, detached, comfortable, three bedroom bungalow(garden+garage+aircon etc.) by the beach and mountains in San Fernando, La Union, Ilocos Sur, Luzon. It costs me £80 per month. I've been to Thailand and have email friends their, they also complain of the recent rise in property costs and company setup.
Good luck,
Bill
Jun 4th 2007, 3:14 pm
#9
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Joined: Jun 2007
Location: San Fernando, La Union, Illocos Sur, Luzon, Philippines
Posts: 41
Re: Forget Buying a Place in Thailand
Trouble is, I don't know what you want. Are you single or married ? Kids ?
If you are married and want the quiet family life, try Kota Kinabalu(KK) in Sabah, Malaysia(part of old Borneo). If you like modern, natural, safe and respectable, this is a wonderful place for a familly. You can also buy condos and houses here without problems as a foreigner. KK is also wonderfuly central to Malaysia, Thailand, Singapore, Philippines and HK.
If you are single and want some girl fun, there's always Angeles(Clark) in Luzon. Nice hotels and restaurants and still reasonably cheap for apartments. There are four golf courses, big malls and plenty to do in the evenings. There is a large expat community there as well.
Good luck,
Bill
If you are married and want the quiet family life, try Kota Kinabalu(KK) in Sabah, Malaysia(part of old Borneo). If you like modern, natural, safe and respectable, this is a wonderful place for a familly. You can also buy condos and houses here without problems as a foreigner. KK is also wonderfuly central to Malaysia, Thailand, Singapore, Philippines and HK.
If you are single and want some girl fun, there's always Angeles(Clark) in Luzon. Nice hotels and restaurants and still reasonably cheap for apartments. There are four golf courses, big malls and plenty to do in the evenings. There is a large expat community there as well.
Good luck,
Bill
