Bulldozer Dawn Posted August 22, 2014 Share Posted August 22, 2014 Sell now. The next move will be to prohibit transfer of funds out of Thailand. Kasikorn and other banks have already headed in that direction by requesting to view a visa prior to transfer. Selling a house or condo here in this market is a big challenge. But that task will be nothing compared to trying to get your money back out of Thailand. Sell now. Link to comment Share on other sites More sharing options...
Spoonman Posted August 22, 2014 Share Posted August 22, 2014 First farangs are being blamed of working illegally and trying to avoid paying taxes then you go to a lawyer and ask how to set up a proper business and you are told that you need to have 4 nominees and pay every month for their social security. No matter if they show up or not, since you have no need of those 4 people for a one man business you do as told, as the lawyer says in Thailand this is "illegal legality" . Now this is also not possible thus back to the illegal working and not being allowed to pay taxes here or go to the neighboring country. No other choice. Why would the business have to pay social security for the nominees ? Are you confusing them with employees perhaps....... you should educate yourself before posting again. Link to comment Share on other sites More sharing options...
n210mp Posted August 22, 2014 Share Posted August 22, 2014 The Government should think about what it will cost to Thailand if all those investing foreigners and contributers to the well being of many Thai families will leave Thailand... Having read a lot of posts on this website, as far as I know and as far as I understood taking care of the well being of thai families is a populist policy. Now farangs are getting what they deserve. Absolute rubbish For a typical Expat that went down the road of a Thai LTD business to cover a risk that if he placed his money in a house in his wife's name and something went wrong with their relationship or she died or there was on her death other members of her family who made a claim on the property. Do these people deserve what they get when the reason for their buying into the Thai LTD company in the first place was for some little protection against unjust, unequal and downright racist laws? The hapless and usually Loved up sap just just wanted to have a little security and a nice home to share with his Thai wife or partner and its the xenophobic Thai government who have manoeuvred him into the breaking of a law which by the way was encouraged by all those Lawyers/Accountants who gave positive support and practical help in making it possible for him to break this law in the first place. Now if there is any risk that such a person should actually lose his home in Thailand then maybe a "Class action" should be made against all those lawyers and accountants who made the breaking of the law viable, possible and actual and thereby were aiding and abetting a criminal Link to comment Share on other sites More sharing options...
Sena Dave Posted August 22, 2014 Share Posted August 22, 2014 While the daily announcements of crack downs on "Foreigners" interests keep coming you feel like its all smoke and mirrors being created by the Junta to cover the real issues Link to comment Share on other sites More sharing options...
Raymonddiaz Posted August 22, 2014 Share Posted August 22, 2014 They don't want us here anymore...what to do? going back to our mother land???? Link to comment Share on other sites More sharing options...
carstenp Posted August 22, 2014 Share Posted August 22, 2014 While the daily announcements of crack downs on "Foreigners" interests keep coming you feel like its all smoke and mirrors being created by the Junta to cover the real issues Sorry I'm not a clever guy here. What do you mean. To cover real issues Link to comment Share on other sites More sharing options...
smedly Posted August 22, 2014 Share Posted August 22, 2014 The Government should think about what it will cost to Thailand if all those investing foreigners and contributers to the well being of many Thai families will leave Thailand... Yes, but they won't, as this would need logic. do you honestly believe that Thais are broke, during PTP/Thaksins reign many Thais got rich very quickly I will bet that there is currently a line of rich Thais waiting to take over many businesses established by foreigners in tourist areas - were do you think all that corruption money is going and not to mention drug money Some of the Thai places I visit now and again they are throwing 1000 baht notes around in piles Link to comment Share on other sites More sharing options...
Eneukman Posted August 22, 2014 Share Posted August 22, 2014 When I was preparing a new Will for my Thai assets towards the end of last year, the lawyer doing the work warned me that there was going to be a crackdown on companies using proxy shareholders. My condo is held in a company name and she recommended that I remove the proxy shareholders and replace them with my girlfriend and one other Thai. I did so but I am currently trying to put the condo into my own name. Alan Link to comment Share on other sites More sharing options...
jessc Posted August 22, 2014 Share Posted August 22, 2014 This is just more example of shooting oneself in the foot theatrics. In addition in response to a post here, anyone who thinks its hard to start a business in the USA is simply ignorant. Thailand could learn a thing or two about supporting small business, ( the wealth creation, job creation engine of America) granted the Obama administration is NOT small business friendly, we will survive him, the USA is VERY friendly about business start-ups. You don't need licenses for most businesses, the paperwork can be done online in a day! . I have started several myself. C Corps, LLC's and sole proprietorship's. Thailand better get its act together, if they think forefingers have nothing to contribute and continue with these Xenophobic practices, they will loose big-time. I have heard the Philippines has recently removed many barriers to foreign investment? The USA has traditionally welcomed foreigners ...the USA IS foreigners! they are who made America what it is! I am deeply saddened by the ignorance I am seeing lately. I have been in Thailand since 1979, assists in AIDS crisis in the North creating jobs, helped create dozens of good paying jobs here in BKK more recently, I am looking for two more Java programmers as we speak...you want me to pack up and take my companies elsewhere..I wonder if my employees would agree with you. I really wonder how many Thai people really feel anti foreigner, or is it more form the elitist class who don't need to work, don't care about job creation or about middle class Thai opportunities? I am really starting to wonder. I found it super easy to set up and operate a company in Thailand...much easier than in the USA (and as an American attorney, I am well versed in how to set up a company there). It was also much quicker here to get from incorporation to open for business. Getting proper licenses took half of an afternoon. I also don't think it was at all complicated to find legitimate (eg., not just nominee) thai partners who have been incredible assets in building and growing the business. As an American, we can have 100% American owned businesses in Thailand via the Treaty of Amity. We elected instead to open a Thai company because corporate taxation in Thailand is more favorable than in the USA. In my experience, Thailand has been welcoming and very easy to navigate (overall, excluding the grumbling of a few Thai individuals here and there and some quirky hurdles that are largely the result of my being unable to read or write Thai). It's also really not hard to follow the rules. And being correct in terms of paperwork and the rules has meant very very few hassles from corrupt officials, as well as the ability to politely tell them to piss off. Link to comment Share on other sites More sharing options...
ldnguy Posted August 22, 2014 Share Posted August 22, 2014 They want foreign investment but don't want foreigners owning more than 49% after they contribute and invest 100%. Whilst they are going after foreigners in Thailand they are openly encouraging Thais to invest abroad where they can own 100% which includes the land their business will sit on. Wrong. You invest 49%, you own 49%. No-one is forcing you to invest 100%. If you don't like the rules, then invest elsewhere. Link to comment Share on other sites More sharing options...
Baerboxer Posted August 22, 2014 Share Posted August 22, 2014 Be a foreigner and marry a Thai then do the paperwork in your foreign country and the Thai will be free to work any job with no work permit and can become a citizen quite easily and own as much land as they want, however, the foreigner married to the Thai, living and supporting the family in Thailand, cannot work without extraordinary paperwork and financial investment, has a very slim chance of becoming a citizen and cannot own land. Well summed up. Thainess at its best. But they make no secret of it. Link to comment Share on other sites More sharing options...
Jayman Posted August 22, 2014 Share Posted August 22, 2014 My wife is a Thai national; I am a USA national. We live in each country roughly six months per year. But the difference in the way we are treated by each other's native country is night and day. My wife travels in and out of the USA on her Thai passport never needing a Visa. She can work, own property, own businesses, go to school, whatever. She is protected against overt discrimination and welcomed as a tax-paying, contributing part of society. But no matter how long we are married, nor how long we are in Thailand, I can never do any of those things. We are both college educated experienced professionals; but she is welcomed and wanted in my country, and I never will be in hers. Xenophobic or not, it's just plain dumb.Now you are just being plain misleading. Of course your wife needs a visa to the USA. They don't I just grant her access on a Thai passport without one. I suspect you applied for a sb1 or the likes based on her being the spouse of a U.S. citizen and then got get legal permanent residence (green card). Now this whole process takes several years to complete and lots of money in fees. If your wife status outside of the U.S.for extended periods of time without prior approval them she jeopardizes losing her status and more money and time is needed top sort it out. I know this for fact as my Thai wife wasn't allowed to travel to the U.S.as my spouse until we went through all this years ago. As for me, I easily get a 1 year visa that allows me to stay and work in Thailand (if I have a legal job) and that is quite easily (and cheaply) renewed every year for less than $60. You can come here and work, go to school, and own a business (100% American owned due to the treaty in place). The only thing you still can't do is own land under your name. You can own the building on the land and get a 30 year lease on the land that if done properly (and legally) gets your name on the land dead and gives you full control of the land ownership (my name is on my land deed and I also have a yellow tambien bahn Link to comment Share on other sites More sharing options...
ldnguy Posted August 22, 2014 Share Posted August 22, 2014 Let see western governments do the same to Thai nationals with investments abroad, make these rules reciprocal. Truly laughable. Most Thais wouldn't even be allowed in places like USA and UK, let alone be able to open a company there. You are serious deluded. To open a business in USA and get a visa, a non-US citizen needs to invest around $300K-500K for a 5-year visa. That's a far cry from turning up in Thailand without a visa and starting a business. Get real. Link to comment Share on other sites More sharing options...
tomacht8 Posted August 22, 2014 Share Posted August 22, 2014 My wife is a Thai national; I am a USA national. We live in each country roughly six months per year. But the difference in the way we are treated by each other's native country is night and day. My wife travels in and out of the USA on her Thai passport never needing a Visa. She can work, own property, own businesses, go to school, whatever. She is protected against overt discrimination and welcomed as a tax-paying, contributing part of society. But no matter how long we are married, nor how long we are in Thailand, I can never do any of those things. We are both college educated experienced professionals; but she is welcomed and wanted in my country, and I never will be in hers. Xenophobic or not, it's just plain dumb. Some for us here in europe. My wife can work, can own land, can open a business, get health insurance and a pension. After 3 years she can get a citizenship, get a passport and can vote, Link to comment Share on other sites More sharing options...
The Deerhunter Posted August 22, 2014 Share Posted August 22, 2014 They want foreign investment but don't want foreigners owning more than 49% after they contribute and invest 100%. Whilst they are going after foreigners in Thailand they are openly encouraging Thais to invest abroad where they can own 100% which includes the land their business will sit on. Yes but the philosophy and law has always been that Thailand is for Thais. Only the monitoring of said rules has changed. France, Germany, Britain and the American Indians would not be in the situation they are now if they had adopted the same policy. The only major difference is France, Germany & Britain had the choice & the native Americans did not. Thailand is also one of the few countries outside of the "old world" that has never been completely colonised. I this a coincidence???????? So, who is the silly one? Come back Enoch Powell, all is forgiven. see: http://en.wikipedia.org/wiki/Rivers_of_Blood_speech Link to comment Share on other sites More sharing options...
thairastawoman Posted August 22, 2014 Share Posted August 22, 2014 Ridiculous them ! They will go to hell for sure ! Link to comment Share on other sites More sharing options...
Pinot Posted August 22, 2014 Share Posted August 22, 2014 Everyone who has set up a company or bought property this way, knew the Thais might go after them some day. I don't have much empathy for anyone caught, if they ever do anything. The bottom line is, as I repeat this ad nauseam, Never Buy Property in Thailand and Don't Do Business here. Link to comment Share on other sites More sharing options...
empireboy Posted August 22, 2014 Share Posted August 22, 2014 Like Thaksin, all assets of nominees must be confiscated for the state and thai people. Not sure I follow your logic here... if there is any? Link to comment Share on other sites More sharing options...
IAMSOBAD Posted August 22, 2014 Share Posted August 22, 2014 Shoot themselves in the foot because of silly childish laws. I hope TOYOTA and HONDA and PIZZA COMPANY and every foreign company slam the door and move on. SAVE FACE LOSE MONEY new Thai slogan. Link to comment Share on other sites More sharing options...
thaiguzzi Posted August 22, 2014 Share Posted August 22, 2014 Like Thaksin, all assets of nominees must be confiscated for the state and thai people. Christ just shaddap will ya. Your avatar has the words "stop Corruption" as well as the "Shin" word. You do realise that your country is a hub for this practice well before the Shins, and for a long time after, and you should be rightfully proud. Link to comment Share on other sites More sharing options...
Chris Lawrence Posted August 22, 2014 Share Posted August 22, 2014 The new PM behind this? NCPO is calling all the shots in the economy. Link to comment Share on other sites More sharing options...
Spoonman Posted August 22, 2014 Share Posted August 22, 2014 Shoot themselves in the foot because of silly childish laws. I hope TOYOTA and HONDA and PIZZA COMPANY and every foreign company slam the door and move on. SAVE FACE LOSE MONEY new Thai slogan. You do know that Pizza Company is owned by the Minor Food Group which is owned by a Thai person don't you. Maybe you should educate yourself before posting next. Link to comment Share on other sites More sharing options...
thedude82 Posted August 22, 2014 Share Posted August 22, 2014 If you aren't Thai, Dont put 1 cent into this country...the house always wins. This country wasn't built on winners. Link to comment Share on other sites More sharing options...
Tatsujin Posted August 22, 2014 Share Posted August 22, 2014 This sums it up nicely: It helps to become familiar the Foreign Business Act 1999. This sets out the rights of foreign companies in Thailand, as well as what is not permitted. Most, although not all, foreign businesses looking to set up in Thailand require a Thai majority shareholding. Many foreigners prefer to form a Thai majority company, to allow the company to operate a business in a category that is otherwise restricted to foreigners. The registration of a Thai majority company generally requires less registered capital and less paperwork than the registration of a foreign company. A Thai majority company can also buy land. Others however prefer the simpler but highly illegal practice of nominee shareholders. A nominee shareholder is a shareholder in name only; in reality nominee shareholders lacks any real financial stake or interest in the company. There are companies in Thailand who will offer to supply Thai nominee shareholders. This is extremely high risk as not only will you have no knowledge of who the shareholder of your company is now will they owe you any loyalty, they are likely to be professional shareholders who will probably be listed as shareholders in multiple companies which will soon wave a red flag to the authorities. Rather than break the law, it is prudent to take qualified legal advice from an experienced Thailand lawyer. There are ways to deal with these situations but careful consideration needs to be taken of an individuals needs and resources. Link to comment Share on other sites More sharing options...
Suradit69 Posted August 22, 2014 Share Posted August 22, 2014 How dare the Thai government attempt to root out foreigners who break Thai law. That would never happen in any other country!! Funny how all the hysterical types had a Viagra moment when they heard the current government was going after corrupt Thai businesses, but now they have gone limp when the same thing is happening to foreigners. All the retired shop assistants and failed English teachers have been transformed into economics experts and are well-versed in international trade studies. The supposed free-trade countries in the west can talk the talk, but whether it's the US refusing Dubai Port World the right to buy into US port operations or Australia denying/curtailing foreign access to mining operations or France blocking access to "strategic assets" they don't so easily walk the walk. Thailand certainly has as much right to regulate foreign businesses in its country as do the chosen people in theirs. (Reuters) - The French government has issued a decree allowing it to block any foreign takeovers of French companies in "strategic" industries, throwing up a potential roadblock to General Electric's (GE.N) planned $16.9 billion bid for Alstom's (ALSO.PA) energy assets. WASHINGTON, March 9 — The state-owned Dubai company seeking to manage some terminal operations at six American ports dropped out of the deal on Thursday, bowing to an unrelenting bipartisan attack in Congress that swept aside President Bush's efforts. The Australian Federal Government's Foreign Ownership legislation requires purchasers classified as 'foreign persons' who want to buy real estate in Australia to seek approval from the government through the Foreign Investment Review Board (FIRB). The FIRB examines the applications and makes recommendations to the government under its foreign investment policy. In the case of the Dubai attempted purchase, even the Israelis stood up for them in spite of US Congress' security fears and the deal was still quashed in the land built by immigrants and firmly behind supposed free trade. Israel's largest container shipping firm, Zim Integrated Shipping Services, came out in support of the deal. "During our long association with DP World, we have not experienced a single security issue in these ports or in any of the terminals operated by DP World... We are proud to be associated with DP World and look forward to working with them into the future." Zim Integrated Shipping Services Chairman of the Board, and main shareholder, Idan Ofer, February 22, 2006. Link to comment Share on other sites More sharing options...
hgma Posted August 22, 2014 Share Posted August 22, 2014 Another clean-up on the horizon for Khun Prayuth as soon as everything is runThal style. Returning to a 'normal political; situation will be reconsidered the day this crack down takes effect Link to comment Share on other sites More sharing options...
bertty Posted August 22, 2014 Share Posted August 22, 2014 Is this really going to go as far as confiscating property bought using this method, if so it has huge implications for many I believe it will. It's the main reason I kept my money safe and just rent a property here. Xenophobia is alive and well, this announcement just confirms it. In addition to business ownership there is nothing more that Thais dislike then foreigners owning land. At the end of the day the activity of business ownership and land ownership has been abused for years. How many companies are there out there set up by solicitors with fictitious Thai employees to fill the quota and also companies set up with minimal (if any) trading purely so the house can be put in a company name? I suspect a lot of them, but it is a loophole and if people decided to do this it was always a risk. I hope it blows over and everything works out or it could be a very real problem for many foreign people living here. This will not help anybody, including the Thai economy as investors will run scared. Not because they are doing anything illegal necessarily but simply because you just don't know what will be decided next. I can also imagine it will have an effect on property pricing as people look to sell and pull out their cash. All pretty horrible really. I'm sure I have read many many times foreigners are not allowed to own land. If it's against the law then I'm sure they wouldn't be very happy about it at all. Funny thing is we all knew this would happen. First all the people laughed about the student visa boy's and girl's, well now looks like their turn to laugh. They may have lost 20-30,000 baht. This will cost some people millions. But hey like you said when laughing at the ED visa's you knew it wasn't legal !!!! Karma maybe. Link to comment Share on other sites More sharing options...
tomacht8 Posted August 22, 2014 Share Posted August 22, 2014 I went to my tailors today and have already ordered my yellow stars of David that the Thais will probably make us wear soon! Unfortunately, the message comes up with this flavor: All foreigners who want to make a life and live in Thailand longer: get out We do not like you, we do not need your creativity and ideas, but your money you are allowed to leave here. What has improved lately for foreigners here? Any ideas? Link to comment Share on other sites More sharing options...
abitmiffed Posted August 22, 2014 Share Posted August 22, 2014 Well thats about every dive center on every island in the shit and going under.. i think there trying to persuade us to get out of town. Link to comment Share on other sites More sharing options...
loppylugs1 Posted August 22, 2014 Share Posted August 22, 2014 The military government has no finger in the pie as the reds and yellows,at least yet. Could get away with anything in the past as long as there was a wad there. Game changer now methinks,everything and anything concerning farang up in the air. Even with no property ownership it sure makes it an uncomfortable proposition living in Thailand Link to comment Share on other sites More sharing options...
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