Thailand property outlook still not clear

In the past foreigners could hold majority voting rights in companies even though the foreign shareholding was less than 50 per cent.

In the property sector many shell companies with Thai nominees have been used to purchase houses and land to avoid Thailand’s tough laws prohibiting foreigners from owning property and land.

With the proposed changes to Thailand’s capital controls, investments in real estate and condominiums have been exempted, have also created some confusion.

Buyers, Investors and Developers have in the main put things on hold until the changes in the laws are finalised and passed by the government.

Further advice may be obtained from The Property Exchange

Changes to the Thai Foreign Business Act

Foreign property buyers are concerned at the Thai government’s proposed changes to the Foreign Business Act.  At this stage there should be no cause for alarm as the changes are not signed into law yet and are only agreed in principle only. 

Undoudtedly, there will be more debate and many revisions to follow.  True to form, the government has already (within 24 hours) backtracked on some of the changes.  Property Company Commentators are already contradicting each other and none can agree on the impact of the changes.  We must be patient and wait and see.

For further information please contact The Property Exchange