Transcript of the above video: 

As the title of this video suggests, we are discussing the land ownership and condo ownership here in Thailand.

I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Foreigners and Thai Law: the changing Pattaya scenario. Quoting directly: "Thanks to the massive building programs in Pattaya over the same period, there's a lot more property for sale. Since foreigners can own condominium units but not land, they often establish a company to buy a house." Okay, just generally speaking, that ain't a great idea. I'm just going to say this, okay? We have discussed this in the past. There are discrete situations where it may be both legal and in everybody's interest to set up some kind of corporation that may have property ownership but if you are purely using a company as a pretext to buy land despite the restrictions on foreign land ownership in Thailand, you're looking for a problem and you could probably have one, a problem that could result in you just losing the property.

Quoting further: "One of the problems here is the use of Thai nominees (who have no connection to the foreign buyer) who will own at least 51% of the shares." Well the problem is not having to do with being a random person not having to do anything with the buyer, the problem is it's explicitly illegal; Thai nominees are illegal under the Foreign Business Act. Quoting further: "When the foreigner dies or wishes to sell the property, the cooperation of the nominees is required by law and they are certain to demand their percentage share. Our general advice, if setting up a company to buy property, is to "keep it in the family" and avoid including strangers..." My advice is not to do it because again it's explicitly illegal in Thailand; we have discussed it in the past. Law firms here were raided because they set up companies for foreigners to own land. It is restricted. Quoting further: "..or take out a lease rather than a purchase." Yeah, leasing in Thailand is an effective means of sort of getting the same benefit of owning property, rather than actually using a company and playing all these shell game things.

Leasing can be a very effective means of doing what you want to do and you are locked in, you have your legal rights very clear, and they cannot be abrogated effectively, if you're in line with the law. But again utilizing nominees and things to try to get around land ownership restrictions in Thailand, not a great idea.