Pattaya Daily News

11 June 2006 :: 16:06:26 pm 21118

Thai Property Sales in decline

The already considerable decrease in property investment, by Foreigners, in the LOS, due to Political turmoil, has been further diminished by the rumour that Chonburi Land Office is on the War Path!
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Allegedly, they are going to ‘scrutinize’every Limited Company that appears to have been ‘illegally’ formed, in order to allow a Farang to buy a house.

The question of what exactly constitutes an ‘Illegal’ company, as apposed to one formed ‘Legally’ has never been satisfactorily answered……

The Law, however, is quite clear on one thing. Only Thai Nationals can own land, in The Kingdom. So the ‘indirect’ ownership of the Land, under a House, purchased by a Limited Company, where the majority Shareholder is Foreign, has long been a sensitive issue, among Thais.

Equally sensitive, among Farangs, is the obvious insecurity, of buying a Home in a Thai Wife’s name.
Examples of Husbands being unceremoniously kicked-out of the matrimonial Home, when the relationship falters, by the ‘Legal’ owner of the property, are legion. Don’t go there!

Reporter : PDN staff   Photo : PDN staff   Category : Property

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