The answer is no.
But is it illegal for a foreigner to set up a Thai company for the sole purpose of owning land?
The answer is yes.
If you are Foreigner setting up a Thai company to circumnavigate the law to own land or to build or to own landed property here are some truths.
Nominee directors and share holders are illegal.
You and they can be sent to prison deported and or be fined or forced to sell the property.
Many foreigners have fallen into the Company Property Trap.
We hear so often but everyone does it does that make it legal and safe?
No !
Ask yourself these questions
What would happen if The DCI investigated the :
Law firm responsible or Accountants for the company formation?
What would happen if one of the Nominees were to die?
What would happen if the Nominees get into debt?
What would happen if the Nominee director gets a divorce how are you protected?
Could your house be sold without your knowledge?
Are you a director of a Thai company that has been set up for the sole purpose of owning property?
If so do you know that to be a director of a company it is classified as a job therefore you are required to have a work permit?
How safe is your home?
If you are thinking of purchasing property then call Brian Ramsden our general manager of foreign affairs to arrange a free consultation +66956583038 WhatsApp
and Line
Lawyers for Expats Thailand are the property experts all our solutions follow the law and offer safety and peace of mind.
The consultation is free, you have nothing to lose if you however you do not you have everything to lose.
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