Thomas J
-
Posts
2848 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by Thomas J
-
-
- Popular Post
6 hours ago, Pravda said:Lets talk about the experience.
Wifey bought a new project 11 years ago. Paid almost 1.6mil baht - fortunately not with my money.
Now trying to sell for 1.3mil.
From what I see there is a glut of condo's for sale and that would depress prices. Also the property your wife purchased was "new" then and now it is used. The only way it would maintain its value is if similar new properties were selling for substantially more money.
Now as to timing. You have a strong baht which makes exchanging into baht more expensive. You have the severe travel restrictions so foreign buyers who may have been interested in a condo are reluctant to purchase for fear of not being able to come or such as now where they have to spend 15 days in quarantine. You are also competing against rentals. People who might have purchased a condo to stay in Thailand for a few weeks or months now are seeing beautiful condo's and homes renting at bargain basement prices. Why own, be stuck paying common maintenance charges when you can rent cheaply and just turn the keys in at the end of the rental.
With the constant building of even more condo's the developers will also be under pressure to get some of them sold and recoup some of their money. I am afraid that those selling condos or homes in Thailand today are going to either have to hang on for a long time or bite the bullet and take a significant loss.
-
3
-
2 hours ago, Yellowtail said:
How would any corporation be dissolved?
I doubt a foreign national not operating a legal loan business in Thailand would be able to hold a lean on a corporation for a loan.
Keep in mind, the whole company owning a residence scheme designed to circumvent the spirit of the law.
You misunderstood. Lets say I am a foreigner and want to own a home. I form a corporation and have 49% of the stock. The Thai's have 51%. Now, the corporation has to have "capital" from someplace. So the owner LOANS THE COMPANY not the other way around. The balance sheet would show the home purchased with the loan proceeds as an asset. On the liability side of the balance sheet would be a loan owed to the foreigner. The two would offset each other.
Now back to dissolving a company. You have a corporation here in Thailand and the foreign owner dies. Whatever pretense was used to purchase the home as a "business activity" no longer exists. If you did not sell the home and distribute the proceeds to the shareholders after paying off any debts of the company, the company would just continue to exist and the home would just sit there.
Now, as said, I am guessing that the lawyers drafting the document have two ways around that. The first being a loan from the owner to the business which would have to be paid back out of the proceeds of the sale of the home. I think that is probably not the number 1 choice since the home "may" have appreciated in value beyond the loan amount. The second choice would be for the heirs to inherit the stock in the Thai company and sell their "stock" to the new home owner and the company would continue.
However, companies do in fact liquidate and dissolve all the time and then they cease to be a legal entity and any governmental reporting due from a corporation stops.
-
16 minutes ago, Yellowtail said:
"If I own a business with another person and it has a building and the building is sold, I am entitled as one of the owners to my share of the proceeds."
That was poorly stated by me. The intent was as described in the original post and the quote was with the mindset that the building sold was its only asset and the business was dissolved. As a continuing business the proceeds from the sale in any asset merely get transferred on the books. Instead of carrying the building as an asset the proceeds from the sale are deposited into the corporate bank account. However, my original query was what happens upon dissolution of the company. I suspect but don't know that the foreign majority shareholder "loans" money to the company to purchase the home and that forms the capital in the Thai company. The other possibility is that the foreign owner never actually sells the home but rather their shares in the company and the new owner becomes the managing shareholder.
-
1 minute ago, Liverpool Lou said:
Because a non-Thai wants to make an issue about it here.
As stated, obvious that the USA mindset of making every aspect of life and having to note racial overtones in it. Perhaps the person who made the dolls just thought they were cute and adorable. The fact that the OP specifically thought to find it worth noting they were Blackface is evidence of that.
-
1
-
-
1 hour ago, Yellowtail said:
If you own shares in Amazon, and they sell one of their properties, are you entitled to you share of the proceeds?
No. You are only entitled the whatever the current share value is, and whatever dividends (if any) are paid.
That is an apples to oranges comparison. If the Thai company here continued to operate then I would agree with you.
However, this is what I posted. I specifically said, if the company was dissolved. If I was an owner of shares in Amazon if it was dissolved or sold, I would be entitled to my proportionate share of the proceeds.
What happens to the minority shareholders in a company when a company is dissolved and the home sold?
-
Just now, Liverpool Lou said:
I would say that all it means is that a member here is trying to make it an issue when, in Thailand, it isn't.
Then why was the issue of "blackface" being brought up at all.
-
1 minute ago, Liverpool Lou said:
But this is Thailand, not the US.
That is true, however the fact that it is being brought up on the forum in Thailand is evidence that the USA culture has well I could use the words permeated but probably infected is just as good a choice the cultures worldwide.
-
1
-
-
3 hours ago, JDJD said:
This forum never seems to amaze me! Businesses displaying pieces might mean Blacks are not allowed at the establishment. That would make sense. Maybe it's a big thing in China? I'm sure someone will actually know. Keep em coming. Thanks!
Well if those were images that portrayed Russians with more reddish faces, or Chinese with slanted eyes and more yellowish tinge, there would not be an issue at all.
-
4 minutes ago, Liverpool Lou said:
or neither.
Liverpool, I am from the USA. I can guarantee that the news media would make it one of the two. And, I am pretty sure I know which one they would select.
-
1
-
-
Sounds like some may be playing in the Phuket Sandbox a bit longer than originally planned.
-
-
- Popular Post
Now the real question is this "racist" or celebrating Black Lives Matter?
-
1
-
2
-
-
- Popular Post
- Popular Post
1 hour ago, thaitom said:Can I take the booster shot of Astrazeneca right away ? I ask because I take my 2nd dose of Sinovac on Tuesday
If I were you. I would get the Astra Zeneca now. Then follow that with a booster of Pfizer when it becomes available. Hopefully the Sinovac you have already taken will be like "Chicken Soup" that is given when a person has a cold. It may not do any good but doesn't do any harm.
-
3
-
1
-
2 minutes ago, digbeth said:
If they are not shill shareholders, they'd have contributed to the corresponding share in the initial capital when the property was bought, if they wish to partake in the proceedings of the company, they must paid up their share
I think it is safe to say it would be pretty unusual for there to be a company set up allowing it to purchase a single family residence where the Thai shareholders were not shills.
-
1
-
-
25 minutes ago, Delight said:
When a property is owned by a Thai company the foreigner does not own the property and does not own the company.
He simply owns his share allocation and his voting rights.
If he wishes to dispose of the property he transfers that which he owns to the new foreign buyer.
He does this for the price of the property.
the other 51% of the shares are not involved.
If he were to sell the company total -then all the share holders will get a payday.
He is unlikely to do this.
Things could get a bit tricky if he lives alone and then dies intestate.
Who takes the property ?
Answers please
Now this makes sense.
If the property is sold, he does not sell the asset he sells his "shares" in the company. That would mean the new owner would not have to set up a new company. In terms of dying without a will, I would think that the same rules would apply for any of the other assets the person owns. The rules of dying intestate would mean there is a division to closest relatives and the government rules on dying intestate would apply. That would only mean that the heirs would have to get together and sell the 'shares" in the company to the new owner. certainly a bit more complicated since all of them would get only a fraction of the 49% the foreign owner owned. They would have to first get the shares transferred into their names and then "sell" all the shares to the new owner. -
11 hours ago, donx said:
If the property (asset) of the company is sold, the foreign owner simply transfers the proceeds to their personal bank account.
That just seems strange. If I own a business with another person and it has a building and the building is sold, I am entitled as one of the owners to my share of the proceeds.
Here the Thai shill shareholders do by law have a percentage of the business. It would seem that they too are entitled to their share if the company assets are sold and the company dissolved. Otherwise why even go through the ruse of creating a company that has any Thai shareholders at all. -
3 hours ago, Peterw42 said:
OP, the foreigner is the managing director, the only person who has the majority vote in what the company does. The other shareholders cannot make decisions that override the managing director, or out vote him.
Voting I understand but if I am a minority shareholders in Microsoft and it is sold, I get my proportionate amount from the number of shares I own. I don’t control the vote but with shares I have ownership based on the number of shares I own.
-
1
-
-
- Popular Post
- Popular Post
Are you interested in the single marriage stamp or multiple marriage variety pack?
-
6
-
- Popular Post
-
13 minutes ago, placnx said:
Companies like moderna and Pfizer use differential pricing depending on the ability of countries to pay - ethical considerations. Some countries in the middle might wonder why certain others are paying less, so NDA has a reason. That being said, I'm certain that the US government can look at their pricing, confidentially of course.
Maybe true, however at the very least the companies know that such a clause is also beneficial to their customers who want to conceal the contract details. It does put the company and the country not as the scapegoat for why the countries don't disclose. I would imagine that the vaccine companies are more than happy to play the villian role allowing their customer countries to escape scrutiny. So maybe a dual purpose but I think that the companies are doing the countries more of a favor. One thing for sure, you and I will never know the full and complete answer.
-
1
-
-
5 minutes ago, NCC1701A said:
they have no voting rights. farang is big boss.
I am aware of the voting rights. However voting and ownership rights are two different things.
If i am truly a stockholder than I am an owner. I don't know the answer but there must be some way that these minority shareholders never receive anything.-
1
-
-
4 minutes ago, Surelynot said:
I would say so....shareholders, whoever they are, should receive their fair proportion after all other creditors are paid out of the estate.
I would think that would be the law. That is why I posted the question. If that is true, than any of the foreigners who are setting up companies would have to forfeit a percentage of the home back to the Thai minority owners.
Perhaps the capital that is put into the company is in the form of a loan between the foreigner and the company. If you did that, the loan would have to be repaid at the time the home was sold. Maybe that is the way around it.
I would just find it strange that foreigners would establish companies to purchase homes if somehow a portion of the worth of the company was given away particularly to total strangers.-
1
-
1
-
-
Just now, Surelynot said:
Shareholders are bottom of the pile......how much you receive depends on what money is left over once all other debts have been cleared........so I believe.
That would be true but if the only asset in a company is a home which would be the typical asset and the home is fully paid for and lets say the foreign owner dies and the company dissolved wouldn't the Thai minority owners have to be paid their proportionate share?
However, companies do in fact liquidate and dissolve all the time and then they cease to be a legal entity and any governmental reporting due from a corporation stops. 
Anyone trying to sell condo?
in Real Estate, Housing, House and Land Ownership
Posted
Are they "selling" or asking at twice the price. There will always be a premium for new since everything is up to date and sparkling. I can only say that I see lots of condos advertised. My fiance backed out of a condo purchase two years ago. She was going to pay 1.6 million for it. Today I see the same condo, in the same building still not sold out, and they are asking, 1.1 million for the identical units so I suspect it can be purchased for less than that.