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What happens when the government closes the company route?

I'm curious about your opinion, I bought a home in Samui in 2005, as many others with a Thai limited company. My questions is what would happen if the Thai government would indeed start closing companies of foreigners who own their holiday home in Thailand? Who would get the assets? Would the Thai shareholders get hold of my home and assets, read my Thai lawyer or his affiliates who created the majority Thai ownership in the company? or would the shareholders get part of the assets according to their shareholding in the company? or the Thai government would confiscate the assets and take the land back?
Category: Real Estate Legal Issues
company land ownership
Asked 11 years ago
Not-Too-Common
bangkoklawonline

Answers (1)

All these prior to 2006 companies are set up with nominee shareholders, they only hold the shares on your behalf and they do not own a thing. You are under Thai law considered the actual owner. That is what makes this structure illegal and why they introduced in 2006 the land office guidelines. The Thai government is already trying to close the company route at the source, business registration rules, land office guidelines, but not the existing companies. When this would happen you would have to sell the land within a certain period of time because the land is considered foreign owned as you are legally considered the actual owner (the company olny holds the land on your behalf). You would get the proceeds.
Answered 10 years ago
Consultant
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