Thailand introducing AML Seizures for 'Nominee' Businesses

[wellington]

Thailand going full thievery mode.

Pretty much all businesses or real estate is technically a nominee in Thailand where theres external non-thai citizen involvement.

Now un-investable : https://www.nationthailand.com/news/policy/40050517

 

[burden]

Thailand to amend money laundering law to seize assets of foreign firms using Thai nominees, with 46,000 firms under investigation.

That's alot of companies! Are you one of them ?

 

[daniels27]

Yes, but the rule always has been more than 50% of Thai real estate ownership. If you try to play hard and circumenvent it, I think you knew the game.

 

[JackAlabama]

Thailand going full thievery mode.

Pretty much all businesses or real estate is technically a nominee in Thailand where theres external non-thai citizen involvement.

Now un-investable : https://www.nationthailand.com/news/policy/40050517

pretty much.
maybe the only thing left are the nvdrs, these can be done "legally".

 

[menamercenary]

Based on the article, it seems like they plan at first to target companies that are running actual businesses and using nominee Thai shareholders. But it does seem like things have gotten a lot more uncomfortable for foreign owners of nice properties. We bought a waterfront place in Thailand a few years back with BVI company owning the house and a Thai company the land. Usual thing of lawyer and a Thai husband of a friend as nominees. The structure made me very uncomfortable, but every foreigner was doing it... We sold it, as we didn't want to spend time in Thailand anymore. The reality is that they won't confiscate everyone's house, but it makes it easier for them if you have a really nice property and someone else wants it. The more time you spend there, the more it becomes clear it's not like the West at all

 

[Protect Your Wealth]

There are business categories restricted to Thai citizens only, foreigners were using nominees to access these restricted business categories (which are deemed strategic and vital by the Thai government) circumventing the law through nominees.

That may be a problem for Real estate investments...

 

[jesuschrist]

Thailand going full thievery mode.

That is crazy, I expected this to happen eventually, but I didn't think Thailand would move this fast.

I guess other SEA countries will follow them in the future, but for now, which locations are currently the best for living or investing in real estate?
Malaysia, Philippines?

 

[daniels27]

That is crazy, I expected this to happen eventually, but I didn't think Thailand would move this fast.

I guess other SEA countries will follow them in the future, but for now, which locations are currently the best for living or investing in real estate?
Malaysia, Philippines?

You mean from rental income? I think as long as there is a DTA, you won't pay taxes again where you live. Or am I missing something here?

 

[jesuschrist]

You mean from rental income?

I meant buying real estate in SEA as a nominee, without the risk of seizures.

 

[HardRJones]

Between the lack of certainty in tax law with frequent changes, nearly constant military coups, restrictions on owning property and business, frequent changes to visas and immigration law, corruption, hot and humid jungle climate, third world infrastructure, and no less than four types of cobras including one that spits venom, why do people like Thailand so much? I don’t see the appeal.

 

[Mercury]

third world infrastructure

I guess the last time you've set foot in Bangkok was decades ago, if ever.

 

[HardRJones]

I guess the last time you've set foot in Bangkok was decades ago, if ever.

You’re going to have a hard go to convince me they’ve cleaned up the random sinkholes and puddles of sewage, stray animals roaming everywhere, and undrinkable tap water. I’m sure they have a nice airport and train system now. I’ll be back that way eventually and give it another look, but as a general policy I don’t live in the habitat ranges of cobras.