NATIONAL SECURITY SEMINAR (THAILAND)
Some 100 million rai of Thai land is owned by foreigners, mostly through their Thai spouses or nominees, Auditor-General Sriracha Charoenpanit revealed yesterday. He said if this situation was unsolved, it could lead to later generations of Thais having no land to live on. Sriracha told a seminar yesterday on concealed juristic acts that threats to national security came from: firstly, drug problems ruining people, and secondly, the lack of land for future generations, as foreigners now owned a third of Thai land - about 100 million rai.
About 90% of beach land in Phuket is controlled by foreigners through Thai nominees, a leading research body has found. A similar situation exists in other prime tourism destinations in provinces such as Chiang Mai and Rayong.
There are two types of property developments in Thailand:
The official government licensed condo and larger housing developments seem somewhat safer because there is government control and these developments must have obtained various licenses and approvals. In addition the sale contracts must comply with minimum contract standards (sample regulation and sample news article) and consumer protection laws. The standard sale contracts must comply with ministerial regulations and are approved as part of the licensing procedure of the project. It offers some protection and guarantee for the freehold purchasers in these developments.
Source Bangkokpost January 29 2007
Foreign investors holding property through shell companies using Thai nominees have been warned to restructure their holdings or face prosecution. ''Foreigners using shell companies to buy housing across the country are violating two laws. One, the Land Act that forbids foreigners from holding land and two, the Foreign Business Act by using nominee structures. I recommend that they restructure,'' Commerce Minister Krirk-krai Jirapaet told foreign journalists at a dinner talk on Friday. Under Thai law, he pointed out, foreigners can only own land if they have businesses promoted by the Board of Investment, under the Industrial Estate Act or with written permission from the Interior Ministry.
Published (BangkokPost): 19/01/2009 at 11:18 AM
Fifteen years ago, then the Democrat-led government was forced to dissolve the House after it was humiliated by the Opposition in the parliament over abuses of power in the sor por kor 4-01 land scheme. Today, it wants to resurrect the same programme.
The spectre of the sor por kor 4-01 land reform scandal which toppled the Democrat-led government back in 1984 is returning to haunt the government of Prime Minister Abhisit Vejjajiva. This time around however the government appears determined to revive the controversial land reform programme and to recoup its bad name in association with the land reform scheme.
When ownership of a condominium apartment in Thailand is transferred taxes and fees are collected at the time of transfer by the land offices where the transfer of ownership takes place. Transfer of ownership of a condominium unit in Thailand is subject to the following government fees and taxes:
THAI LAND LAWS restrict foreigners from owning land in Thailand and Thai laws in general limits foreign property ownership in Thailand. Buying real estate in Thailand follows a different legal process than buying realty in a country offering outright property ownership for foreigners. Property laws in Thailand are straightforward (foreigners cannot own land) but sales structures aimed at foreigners are often complex and confusing. Real estate in Thailand can legally be divided into the following objects:
Property rights under Thai law to obtain ownership or an interest in these real estate properties can be devided into:
As foreigners are not permitted to own land in Thailand the standard contract under which property is sold to foreigners is a lease agreement. Residential leasehold housing and apartment projects in the tourist areas of Thailand often include service and maintenance agreements as an integral part of the lease agreement . These contracts could put an ongoing extra financial burden on the lessee for the duration of the lease that is often difficult to control or to get rit of. Lease contract structures aimed at foreign tourists often include contracts such as:
When an existing condo unit is sold by the owner the purchase price could be paid by cashier's check at the time of completion of transfer of ownership at the land office. A small deposit from the buyer could be asked by the seller at the time of signing the condo sale and purchase agreement. In the case of the sale of an off the plan condominium in Thailand a substantial part of the purchase price is often paid by the buyer to the developer prior to transfer of ownership and prior to completion of the condo or sometimes even before the work has started. The standard payment schedule in off-plan condo projects is: