Transcript of the above video: 

As the title of this video suggests, we are discussing foreigners using Companies here in Thailand to circumvent the restriction on foreigners owning land in Thailand. For those who are unaware, foreigners are restricted from owning land in Thailand. As we've discussed, there are some exceptions to that general rule but they are very discreet and it requires effectively the sign off of the Minister of Interior here in Thailand. So for that reason, it's basically impossible for foreigners to legally own land. 

Now that said, then comes along all the tricksters and things trying to use methods to own land despite the restrictions. And as we have discussed in another video made contemporaneously with this one; that usually involves Thai nominees. Well Thai nominees are explicitly illegal in Thailand as is foreign ownership of land even using companies to circumvent the rules. So utilizing nominees to create a company to own the land, it's like a feedback loop of illegality. 

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." Well they do so at their own peril. It's not a good idea. I have discussed this in many other videos. I have even discussed when other law firms here in Thailand were raided by the police, both here in Bangkok and down in Phuket. I reported on both of them where they were raided by the police specifically for companies that were being used to own land or to allow foreigners to do other illegal things. People are almost too smart by half on this one. They think they can play all these shell games and get around Thai Law and the people that try to do that can end up in real problems. Quoting further: "One of the problems here is the use of Thai nominees (who have no connection to the foreign buyer)..." No, Thai nominees generally are illegal. Somebody that's not connected with the company and is just on there as a pretext, or in this case really a pretense, that is illegal in Thailand. Quoting further: "…who own at least 5 percent of the shares. 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." The other problem you have got is if you are ever investigated and they figure this thing out as a nominee structure, they could just seize the property and take it. Quoting further: "Our general advice, if setting up a company to buy property, is to "keep it in the family" and avoid including strangers, or take out a lease rather than a purchase." There is also the ability to use what is called a usufruct here in Thailand where you can get lifetime usage of the piece of property, depending on the circumstances. But again, this “keep it in the family”, I have discussed that. If you're married to a Thai, there may be certain discreet scenarios under which it may be optimal for you to go ahead and utilize a company to do business with your spouse. That being said, it's not the most optimal scenario and land ownership is specifically restricted from foreigners in Thailand. So utilizing a company to do that can lead you into even more problems. As I have discussed in other videos, even Law firms have been raided over this.

So it's not something to take lightly; it's not something to dismiss. It's something to take very seriously and to try to remember when trying to comply with those restrictions and rules present in Thai Law.