(DSI) raids Thai law firm for allowing foreigners to own property

[1tooth]

https://thephuketexpress.com/2023/06/15/dsi-raids-accounting-and-law-firm-in-phuket-allegedly-being-illegal-nominee-for-foreigners/

[Edge]

5 hours ago, 1tooth said:

https://thephuketexpress.com/2023/06/15/dsi-raids-accounting-and-law-firm-in-phuket-allegedly-being-illegal-nominee-for-foreigners/

Hard work getting past the Ads etc but should be of interest to those using the Thai Company method to circumvent Thai laws for foreigners owning land.

The risk may be perceived as low, but it is there and is what caused me to exit the situation after about 7 years and 3 properties.

In my case the 2 Thai shareholders required had been provided by a law firm....a Barrister and a Clerk working there. The firm were given notice that the two were to be investigated as to whether they were genuine investors.... I think each had been used to form 200+ companies, so clearly they were not and both exited the situation forthwith. I was obliged to find 2 replacements at short notice .... not easy.

I moved from house to condo' ownership in foreign quota... still complicated but at least my daughters have a chance of unravelling stuff if I haven't done so by the time I exit.

[travelling_man]

1 hour ago, Edge said:

In my case the 2 Thai shareholders required had been provided by a law firm....a Barrister and a Clerk working there. The firm were given notice that the two were to be investigated as to whether they were genuine investors.... I think each had been used to form 200+ companies, so clearly they were not and both exited the situation forthwith. I was obliged to find 2 replacements at short notice .... not easy.

In a previous thread, I pointed out that your example is the way these companies are investigated -- two Thai citizens that pay social security tax on their 20,000 baht monthly income, just happen to own 100 million baht of stock across 50 different companies.  Kind of suspicious ... 

[Farangkie]

Covered by Tim Newton at 2min 58 sec :

 

[Farangkie]

Don't be confused @Edge....if you press the play button it will start at the section of the video that has Tim Newton's news update that discusses the subject of this OP.

[Edge]

7 minutes ago, Farangkie said:

Don't be confused @Edge....if you press the play button it will start at the section of the video that has Tim Newton's news update that discusses the subject of this OP.

OK (title?) but seemed like he just read out the report I just read from the link?

Anyway, as I posted, been there done that.....the distinction between law and accountancy firms is pretty vague so no surprise that both can set these up.

[markhaenses]

This was bound to happen as the property investment boom in Phuket after the war has increased multiple folds thereby rendering local buying property and renting very difficult. Rawai is now a days known as little Moscow 555 with sheer number of Russians residents also many Russians come here work illegally thereby taking over local jobs such as tour guide/operators, realtors, gym trainers etc. So ultimately thai authorities had to act as they can’t turn a blind eye to the problems of their own people and foreigners that have no regards for thai law. This crackdown is just the beginning of many more to come.

Edited June 17, 2023 by markhaenses

[shagwell]

5 hours ago, Edge said:

Hard work getting past the Ads etc but should be of interest to those using the Thai Company method to circumvent Thai laws for foreigners owning land.

The risk may be perceived as low, but it is there and is what caused me to exit the situation after about 7 years and 3 properties.

In my case the 2 Thai shareholders required had been provided by a law firm....a Barrister and a Clerk working there. The firm were given notice that the two were to be investigated as to whether they were genuine investors.... I think each had been used to form 200+ companies, so clearly they were not and both exited the situation forthwith. I was obliged to find 2 replacements at short notice .... not easy.

I moved from house to condo' ownership in foreign quota... still complicated but at least my daughters have a chance of unravelling stuff if I haven't done so by the time I exit.

 

4 hours ago, travelling_man said:

In a previous thread, I pointed out that your example is the way these companies are investigated -- two Thai citizens that pay social security tax on their 20,000 baht monthly income, just happen to own 100 million baht of stock across 50 different companies.  Kind of suspicious ... 

My accountant advised me a couple of years ago that the government have started to investigate the income of shareholders as suggested above. One of my shareholders was my accountant so requested she exit the company and I find a new shareholder. 

I now have 2 shareholders that are actually other Thai companies rather than individual people, both these companies operate legit businesses that have large turnovers.