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Personal Expertise on Pattaya City Real Estate
Again looking at things on a practical level, I have been
advised upon several occasions by various Thai lawyers that, in practice, the
authorities are unconcerned with foreigners using the company route to purchase
up to one rai of land (1,600 square metres) upon which to have a private
residence. Of course that does not come with any form of guarantee and one can
properly argue that “policies” such as this are subject to change. However, it
is relevant to how much, if any, risk actually exists in using the company route
to own a house.
That said, I, personally, derive greater comfort from the
fact that many thousands of foreigners own properties in this way quite openly
and yet I am not aware of anyone ever having had a problem with the
authorities. Moreover, my lawyer has advised me that, under Thai law, if a
foreigner is in fact proved to own land, whether by using nominees within a
company or otherwise, the remedy is for the authorities to require that the
foreigner in question sell the land. In such circumstances, the foreigner would
have to be given a minimum of 180 days to do so and if he was unable to find a
buyer within that time frame the authorities would be able to sell the land for
him, although they would be obliged to obtain market value in doing so. In
other words, the property would not simply be seized and the foreign owner
should recover most, if not all, of the money originally invested in the land.
All that having being said, if you are planning to purchase
a house and land using the company route, take proper advice. Speak to
experts. Pattaya is famous for having lots of “bar stool know-it-alls”, some of
whom spend much of their time on internet forums and who dispense advice on all
sorts of subjects about which they actually know very little. It may sound like
common sense, but avoid them at all costs. Their lack of actual knowledge
rarely stops them from trying to tell you what you can and cannot do. The best
advice will not necessarily come from real estate brokers either. Some will
advise you correctly, but not all. If in doubt, speak to a well respected,
independent lawyer, who does not have any financial interest in whether or not
you buy a house.
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