vendredi 16 octobre 2015

Legal bases in Thailand

Namely about

Business creation


The majority of commercial properties are rented unless it owns the walls of the building. Rent is usually revised upwards every 3 years. Sometime a "key money"  is requested to reconduct the lease. This is illegal but the practice is common.
For a Thai company, it must be composed of one or more Thai associates who must have 51% of the shares and 49% for the foreigner. You can put yourself manager director with the signing authority.

Buying a land


A foreigner can not own land in Thailand. In contrast, a Thai company, yes.

Buying a home


2 ways, one is to buy the house, owning it on a land whose is not yours. So 30-year lease renewable 3 times. after 90 years, all that is on the land up to the owner of it.
Either we buy under cover of a Thai society, but obviously, it have to pay taxes annually (about 15 000 THB). Fo a house example, click here

Buying a condominium


There are 2 quotas. The Foreign ownership is reserved to us as a foreigner and Thai ownership for Thais (individual or corporate). The first is about 10% higher than the second but easier to resell. We are supposed to live there.
The second is cheaper, but the company will have to pay annual fees. However, it is more "legal" to rent it later, the company exercising for this reason. For a condo example click here

Power of attorney


In case of absence abroad, it is sometimes necessary to have recourse to sell his property. The power of attorney is quite tricky. Most of time, it is requested that it be made to a person of the same family with the same name. Also a copy of the visa period when purchasing certified by the Thai consulate or embassy of the country where one resides. And of course the letter of attorney certified by notary on the sale of the apartment, sometimes also asked to be certified by immigration in Thailand as also the copy of the family register and passports concerned. Everything must be sent within three weeks because certifications are only valid one month.
The easiest way is usually to come directly on site.

wills


This part is addressed in the blog here: http://immo-thailand.blogspot.fr/2015/09/last-will-and-testament-in-thailand.html

Wedding and divorce with a Thai girlfriend


The main thing to know is that for all that is acquired after wedding with his partner Thai, 50% would come back to him/her in case of divorce. No matter where the money comes from.

usufruct


Last thing, legal language is Thai and the English is tolerated.
Remember that the information and advice do not replace those of a lawyer there. In addition, laws often change in Thailand and it is quite hard to stay constantly up to date.
I am sorry if there is some mistakes about the language, english is not my primary tongue.

Olivier B.