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Great that you got a lawyer, having lived here for a decade I assure you regardless of the lawyer here saying so, there is so many risks, I would urge any of you thinking of doing this you get legal advice, remember I can find a lawyer that will take my case on any issue, doesn’t mean I will win, if a westerner goes to a Thai court you will seldom get a favourable judgement .. That aside good video
Thanks Jason. Some more pieces of property jigsaw explained. Finding an honest and good law office is a good start. You are building a good network of businesses , information and important contacts for those retiring to Thailand.
I'd Ask another Lawyer.... Setting up a company with the purpose to circumvent the laws prohibiting foreign businesses or ownership of land or condominium (exceeding the foreign ownership quota) has an illegal purpose and therefore void pursuant to sections 150 and Section 172 of the Civil Code.
Agreed - there is a very real risk of having your property seized by the authorities - as some unfortunate expats in Phuket have found out to their cost and dismay.
Thanks for interviewing the Thai Lawyer and asking one of my questions. He sounded sincere with his answers. There are some conflicting views around about the legality of Land holding companies. One comment was getting away with it doesnt make it strictly legal.
Jason you must be taking all this information and listening to Rachel and all that knowledge is handy for you and in fact all who wants to learn, thanks Jason and Rachel well done, cheers.!🙏
1. Thai bank account - My personal experience from the UK has been that having a Thai bank account and transferring money to it in your local currency gives a much better exchange rate than getting your local bank to send to the developer in THB 2. One thing to consider if you hold your property in a Thai company is if you sell it for more than you bought it for then your company has made a profit which potentially will be taxed
Good video. Don't take this the wrong way, but you are correct, the video is a little disjointed. 😊 Very difficult topics each with extensive, important and specific points of clarification/explanation. Next to impossible to cover everything in a single video. You are also correct to advise those with serious intent to make a major purchase in Thailand to undergo appropriate due diligence and request advice from multiple reputable sources.
A foreigner can be a director of a Thai Limited company, he will then be obliged to fulfill his duty as a director, comply with the Foreign Business Act and Alien Employment Act. A foreigner acting on behalf of a company without a work permit could be prosecuted and deported out of Thailand.
Mate, i can see you as a director owner of Century 21 with Rachel as the Thai director, and you could have a whopping business success and private one too! Century 21 Good Vibes Pattaya! Bless you and think you have got a business in the works here!
Good on ya Jason and Rachel there was some good information from lawyer, interesting about the shares and director I would of thought more shares more power but obviously not, thankyou guys for the video👍
If foreign director Thai Company ownership of land is 100% legal then what is stopping nearly all land in Thailand being owned by Thai Companies? Thailand have some of the most desirable real estate in the world
Good video Jase, very informative, so basically if you want to own property as a falang with a Thai partner is start a company and be the sole director, that way if it goes tits up , she can’t take anything , but in saying all that, and as others have mentioned, the average Joe falang stands bugger all chance in a court and there’s very “grey” areas which we as foreigners will always loose. I’m pretty sure I’ll be keeping all my investments in Australia and either rent a condo or let the “missus” lease or buy the land and I’ll just pay her as if I’m just paying rent, Looking forward to part 2. Stay safe 🙏
Thank you mate, not a very polished video and a bit disjointed but the Q&A was interesting and hopefully informative, next time hopefully it will be in a boardroom with a whiteboard or presentation on screen. Yep, I agree and keep your money in Aus at least for now 👍
Hoping you might know the answer to this question, when you set up a thai company can you put a name to that company. eg Brads Bakery even tho it wont be a bakery just in name only. thanks.
I’m not convinced just because I’ve heard so many stories of wife leaving with everything. Is it just as simple as a contract with a lawyer to keep the villa if things go wrong?
I think so but you would need to ask a lawyer yourself or if you want to speak with Chief from the video you can email me and I will forward to him, goodvibespattaya@gmail.com
