There are still foreigners setting up companies illegally to buy property in Thailand !
Despite all the warnings there are still people taking bad advice and setting up companies for the sole purpose of owning property.
It is illegal for a foreigner to set up a Thai company for the sole purpose of owning property.
Why ?
If the company has been set up for the sole purpose for a foreigner to own property the set up will be illegal for reasons including:
If a Nominee director/s or shareholder/s have been used.
If a foreigner controls a company or has more than 49 percent shares a Foreign Business License is needed.
Foreigners cannot own Land under normal circumstances and the BOI exception does not give true ownership.
A Thai company set up legally and conforming to the law can legally purchase and own land or landed property.
But understand this is not for a foreigner to own land or property in any way.
Not with Nominees and not for a foreigner to have ownership it is illegal.
There are legal and safe ways for foreigners to lease the land and have ownership of the building and secure their investment without the need to break the law and set up illegal company structures.
Most property solutions for foreigners that we see seem to try and circumnavigate the law in some way which defeats the object in the first place.
Lawyers for Expats Thailand follow the law and provide safe and legal solutions and our solution can also be used to secure a long term visa too.
We are the Property Lawyers for Foreigners to secure your investment properly and legally.
To arrange a Free Consultation simply call us on +66956583038 What's App and Line and our General Manager of Foreign Affairs Brian Ramsden will be happy to set up a meeting for you email us at info@lawyersforexpatsthailand.com
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