Author Topic: new law would deport foreigners found guilty of holding land plots  (Read 1055 times)

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Offline thaiga

BANGKOK: -- Thai ombudsmen is drafting a carrot-and-stick law to protect Thai lands from illegal foreign nominee ownership, while developers and consultants suggest more legal transparency, a longer leasehold period and higher foreigner property taxes to prevent nominees.

Ombudsman Siracha Charoenpanij said the new law would comprise punishment for companies offering advice to foreigners on how to hold Thai property by disguising their legal transaction. This would include law firms and consultants.

The existing law enforced by the Lands Department requires foreigners found holding Thai property to transfer the plot to someone else or sell it within 180 days.

"The new law includes a reward to anyone providing information about foreigners owning land through nominees. They will get 20% of the market price of that piece of land as a reward after the plot is sold," he said at a seminar on foreign property ownership yesterday held by the Thai Appraisal Foundation.

Deportation

The new law would also deport foreigners found guilty of holding land plots in Thailand illegally.

Ombudsmen will submit the draft to parliament this year, and Mr Siracha thinks there is backing for the bill.

"Anyone related to the property business may be unhappy with this bill as it will make the market rigid. But this law can help protect the land for the next generation of Thais," he said.

Will there be any land left for our Thai children?

He pointed to a new scheme where foreigners disguise their ownership similar to multi-level marketing, where they are buying shares of an agricultural company that grows rice on large plots in the northeast.

"I've heard there was a broker buying land plots throughout a tambon in Surin to cultivate Hom Mali rice," he said. "If such an act is not prevented, will there be any land left for our children?"

Suphin Mechuchep, managing director of property consultant Jones Lang LaSalle (JLL) (Thailand), said any new law should not weaken Thailand's competitiveness. Yet too free a market would lead to a bubble, so balance is needed, she added.

"We should have transparency if we want foreigners to comply," she said.

She suggested clarity in regulations so foreigners could estimate their investment. Longer leasehold periods such as 50 or 90 years would lower their risk from the current 30 years, she added.

Higher tax on foreigner property transactions

When laws are clarified, she accepted Thailand may charge higher taxes on foreigner property transactions than on those of Thais.

Atip Bijanonda, president of the construction and real estate business department of the Thai Chamber of Commerce, agreed there needs to be balance while still welcoming foreign investment.

He suggested the government set guidelines for foreigners, forbidding their purchase of land banks, farm land, property in border areas, and locations related to the country's security. Foreigners are permitted to buy land in industrial estates because they generate income and employment. Residential units near industrial estates are allowed for foreign investors or executives working there to bring their compatriots to visit Thailand.
bangkokpost
Anyone who goes to a psychiatrist should have his head examined.
 

sicho

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If I understand the present laws correctly, we can fall foul of them only if we acquire land through a dodgy company set up of the type recommended by property developers. Individual registrations by mia farang require hubby to sign a conformation that the money used to buy the land was not his.

This illegal carry on must be stopped otherwise land will be too expensive in the sticks for the wealthy who are preparing to escape Bangkok. Damned, bloody foreigners upsetting the apple cart again.
 

Offline Johnnie F.

If a Thai who isn't legally married to a foreigner like a farang's girlfriend buys land, she doesn't need anybody to sign the money were hers.

If that case goes to court, because they split or the girlfriend tries to cheat, the issue remains that the land has been bought on behalf of the farang.

There are many different kind of nominees that could acquire land on behalf of a foreigner.
Fun is the one thing that money can't buy
 

Offline thaiga



         The prices have gone well crazy.due largely to scarcity

 The latest appraisal price of the Treasury Department for a land plot on Silom Road is 850,000 per sq w

                  http://www.bangkokpost.com/print/295115/
Anyone who goes to a psychiatrist should have his head examined.
 

 



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