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It is a good time to buy property
in Thailand but please be aware you cannot buy a house and land in your
name unless you spend 40m baht.You need to take a 30 year lease out for
all foreign ownership with a Thai. Banks are lending & property prices are now dropping
due to the insecurity of the present economic situation. The
exchange rate is roughly around Baht 36 = US$1.
AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2
= 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai.
Easy quick check service. View Chiangmai by car. Our Thai female staff can take you on a guided tour of Chiangmai's best Moo Baans, areas you may like to live in, learn good and bads aspects, show you schools & places where you would like to stay that may suit you. All English speaking guides. Starting at 1/2 day tours we will pick you up at the airport or your Hotel: Cost 750 baht 1/2 day & 1000 baht for a full day. We also arrange any sightseeing for you, business tours and pickup and deliver by car at your email@example.com
To date foreigners may
- a unit in a registered Condominium
building (as distinct from its land)
registered leasehold of up to 30 years for all types of titled land
- a company can purchase land and buildings but will be inspected and
all Thai shareholders veted.
- more than 49% of a condominium unless in Company form.
- foreigners can own land being 49% in a company but the company must operate a business & shareholders interviewed so not that easy anymore
- if you invest 40m baht you can buy 1 Rai of land in Thailand outright.
BUYING GUIDE FOR THAILAND
We feel it is a good time to buy property
in Thailand. Banks are lending & property prices are now dropping
due to the insecurity of the present economic situation, except oil..
Thailand SET index has also been dropping as foreign investment is
tending to shift to other countries. The situation with The Baht, and
the USA and Japan's firm belief in defending the Yen, won't change
much from what it is. If anything perhaps few Baht swing only. LAND
AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2
= 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai
temporary ownership to certain things in Thailand. Its really limited to
30 years but can be renewed just like a lease.
However, a 30-year lease can be a good idea
with right to renewal to a freehold purchase, or a Thai company (7
PARTNERS) can be established with Thai majority shareholders. Foreigners
own 49% shares in the company buying land but we can assist you to make sure your
company is safeguarded. Remember if you need advice check first before
you commit yourself.
Thailand's new Escrow Act in effect
source: The Nation 11 Jun 2008
New Act puts tighter controls on escrow transactions
The Escrow Act of 2008 came into effect on May 21, establishing laws governing the escrow business in Thailand.
In an agreement to purchase and to sell immovable property, or any such reciprocal contract, one party will have an obligation to transfer or deliver assets or documents to another party and the other party will be obligated to pay the first party. In order to ensure that the obligations of both parties are fulfilled, the parties may mutually agree to appoint an escrow agent. This involves a tri-party written agreement known as the escrow agreement.
The escrow agent has the duty to ensure that the parties fulfil their obligations under both the contract and the escrow agreement. The escrow agent will also be responsible for the safekeeping of any money, assets or documents deposited by the parties and for handing over the money or arranging the transfer of ownership or rights to the assets when required.
As well as providing general definitions and outlining the main features of an escrow agreement, the Act lists the conditions and requirements for engaging in the escrow business, the rights and duties of the parties to an escrow agreement and those of an escrow agent, and the powers of the Escrow Committee. It also prescribes penalties for non-compliance. One of the requirements is that companies wishing to engage in the escrow business must obtain a licence from the Finance Ministry. The Act will not affect existing escrow agreements, but if existing escrow agents wish to continue to carry on their business under the new Act, they are required to apply for a licence within 90 days of the Act taking effect.
The escrow business under the Act is a juristic person. The term "escrow agent" is defined as a juristic person whose creditworthiness has been approved by the Escrow Committee, which acts as a middleman.
Only a financial institution, or other juristic persons as specified under a ministerial regulation, will be permitted to act as an escrow agent. Further, the escrow agent must have no conflicts of interest with either party to the contract, and must obtain a licence to conduct the escrow business from the finance minister.
Escrow agents will be monitored by the Escrow Committee, which has the authority to order them to correct or stop prohibited activities if they are detected and to perform their duties in compliance with the Act. If an escrow agent does not comply with an order of the committee or with certain sections of the Act, the committee will have the authority to impose an administrative fine on the agent. The Act also prescribes criminal penalties for escrow agents committing fraud. The fines and penalties will also apply to the managing director or authorised representative of the escrow agent - unless they can prove their innocence or demonstrate that they exercised sufficient duty of care.
Kanitnoy Praneechit is a senior manager of legal services at PricewaterhouseCoopers Mekong.
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Because you have the benefit of
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house onsite appraisals. Cost is 3000 baht for a house under 2 years
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with pics and recommendations is a must if you want to know what your house is really like..
Thailand differs from
every other country and when you decide to buy a service or hospitality
business here the first and most foremost thing you do is ascertain who
your management structure will be. If you think you can buy a business
for under 1m baht and make it forget it. With any business you now need
a company for safety and if you want to work with work permit and have
the premises under the Company name. The days have gone where you can
run a business and make a profit when you only have 500,000 baht. The location is second to
management and if
you do not have your management sorted out first then you will find it hard to make
headway in Thailand eg. honesty. Running a company with 4 employees,
paying taxes etc you need 500,000 baht for the first year in fees alone
and remember whatever you go into the off or low season is from April= November
so make sure you bring plenty of money. [ SEE MORE ON
BUYING A BUSINESS ]
FORWARDER FOR YOUR HOUSEHOLD GOODS & ANIMALS:
Thailand can offer many
foreigners moving household belongings to and from Thailand. If you need
to ask then check out [ FREIGHT
FORWARD COMPANIES ]. If you have animals and pets like a dog
please ask a freight forwarder and Vet in your country. [ Click
to see more info ] on bringing your pets to Thailand.
Do what you would do back
home & take our advice. USE A LAWYER but be careful there are good
and bad lawyers here????? When using the services
of a lawyer please be considerate and talk slowly. Although many lawyers
speak English it is not there first language and be slow and patient
when stating your case especially if you have just been rolled by your
girlfriend???. There understanding of what you are trying to say
maybe is not what they are thinking so when talking use local layman
speech not heavy doctrine. Do not stand and demand like one will do in
the west. Do not look down at a lawyer who is sitting down while you are
standing. You are in Thailand not in the West. Do not shout and make
demands or bang your fist on the table because you gave all your money
to the "local bargirl" & now are crying!!!. Why? Some Thai
lawyers will simply turn there back and close you out. You may even lose
the money you gave. Simply speaking if you are rude and act like one
does in the west then forget using a lawyer here. Thailand people are
very patient and they do not like to be threatened or placed in
situations where they do not understand the falang. Remember if you have
a litigation case pending here in Thailand it can take many years to
process & lots of money and court sittings that just drag on and on
but this is Thailand and one must abide by their rules. If you lend
money to a foreigner or anyone in Thailand do by way of contract and
secure assets off the borrower. 9 time out 10 you will not get your
you have a property to rent, sell or lease in Thailand then WRITE TO US
as we can advertise for you in our hardcopy news in Chiangmai .
[ Mortgages ] [ June 2008 Escrow News ] [ Swedes lost money in NEW condos ]
[ Thailand Property Update 2008] [ Bangkok Bank lends to foreigners ] [ Thailand Property Update Dec 2007 ] [ Read Thailand Property Hedge funds ]
[ Thailand Property Investing ] [ Thailand Property Vs West ] [ NZ warned of Property Finance crash ]
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