Transcript of the above video: 

As the title of this video suggests, we are discussing so-called business nominees here in Thailand. As we have discussed in many other videos, nominees are explicitly illegal in Thailand; it is illegal to use a nominee to run a restricted business for example in Thailand, utilize somebody in order to just be on your books to meet the ownership requirements in a company. More importantly oftentimes, nominees are utilized especially in corporate structures which are utilized to own Thai real estate. And as we have discussed at length, if they are purely being used for that, again that's doubly illegal, you've got nominee problems as well as violations of the laws associated with restriction of foreigners owning Thai property. 

That being said, I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: A better property deal for foreigners could mean saving or selling Thailand. Quoting directly: "As regards land leases, HBA suggests a new framework is required too. The illegality of nominee shareholders needs to be prohibited in new legislation..." Well, it's already illegal so why does he need to be re-prohibited? Quoting further: "..and bold frameworks should be established to regulate land use according to urban planning regulations and zoning requirements. There might be a maximum size of 4 rai to prevent foreign-dominated companies buying up rural land wholesale for industrial development or profitable investment." So instead of bold frameworks for land use, how about foreigners don't get to own land. There's your bold framework. And I'm sorry foreigners if you hate me for this, but it's for the best thing for Thailand, it just is. Meanwhile, I urge those who are watching this to go check out that article. They are talking again about upping the quota, the foreign quota, associated with condo units and allowing foreigners to own more than 49% of the overall quota which is causing a lot of concern amongst people because then the foreigners could take over that condominium complex through like the Committee and things by owning more than 51% of the underlying units. Again, they're looking for all of this, in my opinion, rather nonsensical ways of like playing around with this. At the end of the day, look the rule is pretty clear and quite honestly, I think it's working pretty well which is look foreigners can't own more than 49% of a condo. 

Meanwhile, I don't know what this Government is doing, especially the so-called "core" coalition party in pushing this again. Did you learn nothing from this past year? This is one of the key things that brought down Mr. Srettha from my observation, so why keep pushing this? Thais don't really want it. Meanwhile, who does? And at who's behest is this being pushed so hard? Is it outsiders and how have they induced our politicians to be on board with this because anybody that's here in Thailand, knows this is not an issue that gains any traction, as evidenced in the article. Again, I urge those who are watching this video, go check out the article. 

Look, long story short, this whole issue of nominees is well settled. I get it foreigners; you don't love the fact that you can't own land here. Guess what? That's a protection mechanism by the Thais; I think it's warranted; I think history has borne this out. By allowing foreigners to overcome the 51% quota - or specifically for them, the 49% quota - it's just circumvention of the same law by a different name. It's going to allow foreigners to effectively control condominium complexes and by the way, if anybody out there says "well we're not really going to do that, you're just being alarmist and you're pointing to a very sort of extreme and acutely precise example". No, not at all okay. I have been here 17 years. Foreigners trying to figure out ways around Thai laws, are like water going downhill, okay? They're going to try to figure it out if you put it in the system that way. If there's an ability for foreigners to take over a condominium complex, you can bet they're going to try to go ahead and do it. 

So again, I thought we had already put this issue to bed. I hope we finally have. Again, sorry foreigners, you're not allowed to own real estate here. I don't think it's a good idea to allow foreign ownership of more than 49% of condominiums here. I just think the law is well settled and frankly it's good policy as is.