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Buying
a property is an important move, and more important is making sure that
the legal side is taken care of professionally and smoothly.
Our in house legal team can assist you in any matter regarding property
or other law here in Thailand. We offer an efficient property transfer
service at a reasonable fee, allowing the paperwork to be completed
swiftly and ensuring you peace of mind that everything is being done
properly.
Our property transfer service includes:
* We check the title deeds to ensure they correctly
correspond with the said property.
* We ensure there is no mortgage or other loans attached to the property.
* We ensure the sales contract is correct and in time.
* Transfer the property between buyer and seller at the land office
dept.
* Ensure all transfer and tax documentation is correct and paid.
Condominium Ownership Information
Under Thailand Real Estate laws, it is possible for
a foreigner to own the title deeds of a condominium in their own name.
However, in most areas of Thailand a foreigner or foreign legal entity
can only acquire up to, but not exceeding, 49% of the total floor area
of the combined condo units. Once the 49% quota is full, some foreigners
open Thai limited companies which then purchase the condominium as an
asset.
Another legal requirement to register in foreign name is that the land
office will require a letter to show that the funds to buy your condo
were transferred into Thailand from abroad. If you have a bank account
in Thailand then this is easier, if not we can advise.
Please contact us with any questions
you may have.
For a range of other legal services please see below
Company Formation
How do I set up a Limited Company?
Company Accounting
Work Permits
Visas
Marriage
Protecting your assets with a Prenuptial agreement
Contract Preparation
Translation Services
Household Building & Contents Insurance
Health Insurance
Property Finance
At first glance the law regarding property ownership in Thailand seems fairly difficult for foreigners, but
it is really no different from most other countries. Thailand real estate laws state that foreigners may not own
land in their own names; but have the right of ownership of buildings only. However, there are ways
in which foreigners can legally acquire the use of land here in Thailand.
The easiest option
is to put the asset into your wife or girlfriend’s name, but as
we are sure you
will have heard prior to reading our website, this is not always the safest
option in the long run!
This is why we thoroughly recommend the most common practice of opening
a Limited Company.
Foreigners, aliens,
or farangs as we are often known, can form a Limited Company
and register the land as owned by the company.
The foreigner can personally own maximum 49% of the company shares, with
the remaining 51% in the names of Thai nationals
(39% - 61% is the favoured division for land ownership to satisfy land
office regulations).
You, the foreigner are named as the sole executive director in the company's
‘Articles of Association’ and also benefit from preferential
shareholding, which allows you to have greater voting power and so greater
control. A Thai Limited Company must have a minimum of 7 shareholders
– e.g. 1 Foreigner and 6 Thai persons. New stricter controls may
now require evidence of eligibility of shareholders to purchase their
shares.
.
We receive many enquiries from clients expressing concern that limited
companies that are owned by foreigners could be exposed to 'special future
legislation' by a (future) ‘extreme nationalist government’
with the intention of stripping foreigners of their property investments
in Thailand. However, the truth is that your Limited Company is technically
owned collectively by the shareholders, not the foreign director. Therefore,
Limited Companies are Thai juristic entities subject to the Thai commercial
law, and any changes to legislation must apply to ALL Limited Companies,
not only those whose directors are foreigners. Commercial and personal
Thai law really is no different from legislation in most other countries,
and it applies to all juristic entities in Thailand, whether Thai or Foreign.
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How do I set
up a Limited Company?
The Thailand Ministry of Commerce requires many documents
to be filed when registering a Limited Company.
It should be noted that the bureaucratic process here in Thailand is very
thorough and requires a great deal of documentation! However, we take
care of everything, and our expertise will make this process very simple
for you.
Processing your company formation with us will only require minimal time
from yourself. Enquire
now...
Basically, this is how it works:
1) You need to decide on the name of your company.
2) You need to provide a registering address for your company.
3) You must submit a ‘Memorandum of Association’ listing all
shareholders and the company Business Activities.
4) You then hold a ‘statutory meeting’ and document the minutes.
5) Your Company registration application is then processed at the Ministry
of Commerce.
6) Finally we obtain your income tax ID card and number from the Revenue
Department, and order your company stamp.
7) After a few weeks, you are presented with all your completed company
documents and company stamp.
The costs of setting
up a limited company depends on the registered capital of the company.
A minimum capital registration for most requirements now is a one million
baht company. However, to acquire a work permit, the company must have
a minimum registered capital of 2 million baht per each foreign worker.
It is Thai regulation that a foreign business is required to prove they
have a specific minimum amount of capital prior to approval. This can
be done by submitting a document evidencing a bank account containing
the specified amount, or with a declaration from the company director
that the capital has been collected from the shareholders.
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As with any other country in the
world, every company must process accounts, provide balance sheets and
pay any relevent taxes due. In Thailand the tax year runs with the calendar
from January through to December.
Balance sheets must be calculated every six months, and the tax paid yearly.
There are penalties for late tax
payments, but as long as your accounting is kept up to date and the tax
payments are made on time, there is
nothing to worry about this side of owning a limited company. The important
thing is getting a good accounting
service. If you would like to use our team, please contact
us.
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Under the Alien Employment Act 1978, a foreigner cannot perform any act of work or service unless a work permit has been granted.
There are many regulations in place now that must be satisfied for a foreigner to be granted a work-permit, like the company must also employ 4 Thai staff members for each foreign worker.
Your work-permit application must be submitted to the Labour Ministry,
who will require:
- copies of various corporate documents of your sponsoring company
- copies of your Passport
- your CV and Educational Certificates
- a recent Medical Certificate
- multiple photographs
(other documents may also be required subject to case)
The work permit issued will display:
- name of the employer for which the applicant may work
- describe the position held
- describe the employment activities for which the permit is granted
- specify the location at which the activities may be performed
The work permit
is valid for a maximum period of one year, application for renewal must
then be made before the expiry.
You must apply in advance for any change in the identity of the employer,
the position held and duties to be performed, and also the location for
the performance of the work.
Again, with our expertise, we can provide all the necessary arrangements
to support you through your work-permit application. Simply sit back and
relax, allowing us to run around and complete all the hard work for you.
It is very important to get everything correct from the start.
Mistakes in your work-permit application can be costly, not just in terms
of time.
Enquire now...
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To apply for your work-permit, you will first require a Non-immigrant visa, type “B” (Business Visa) from a Thai Embassy or Thai Consulate abroad prior to entering Thailand. Once you arrive, you will receive a permit to stay for 90 days. After a stay of not less than 60 days but prior to the expiration of the visa, you can apply for a one-year visa to stay in Thailand from the Immigration Bureau.
Once approved, a one-year visa will be stamped in your passport. Dependents can apply for a Non-immigrant type “O” visa from a Thai Embassy or Thai Consulate abroad prior to entering Thailand.
The
visas of the following dependents may be extended to correspond with your
own visa:
a) your parents
b) your spouse by legal marriage
c) children under 20 years of age not married or disabled
Other Visas we can
help you with are ‘Retirement’ and ‘Marriage’
O-Class visas.
You must prove that you have either 800,000 baht deposited in a Thai bank account, or a regular income of 65,000 baht per month, or a combination of the two, equating to a total minimum of 800,000 baht per year. This can be in the form of your pension.
If you are married to Thai citizen you may apply for an 'O' Class Dependent's Visa, often called ‘marriage visa’.
You must prove that you have either 400,000 baht deposited in a Thai bank account, or have a guaranteed regular income of 40,000 baht per month - or a combination of the two, equating to a total income minimum of 400,000 baht per year.
Holding any of
these long term visas requires you to report to the Immigration Bureau
every ninety days.
This is a very important procedure that should not be overlooked as consequences
are that your visa will be revoked and you will need to apply again.
Whatever type of visa you require, Fox Legal Services can assist you ensuring
your application is filed correctly, saving you all the headache often
reported by people that try to do it themselves!
Enquire now...
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Marriage
Thailand is one of the most beautiful locations in the world to marry,
and getting married here is actually a fairly simple process.
If you plan to marry in Thailand you have to obtain clearance from your
respective embassy. This includes clarification of your name, citizenship
and legal freedom to marry. This document then has to be translated into
Thai and legalised pursuant to the law of Thailand, before finally submitting
with your fiancée’s documents and registering your marriage
at the local amphur.
Thai registered marriages are recognized worldwide.
Added benefits
of marriage are the bonus of being able to apply for a ‘marriage
visa’ to stay in Thailand,
or even applying to take your wife/husband back to your home country.
Fox Legal Services can guide you through the whole marriage process which
can be as quick as one week!
Enquire
now...
Protecting
your assets with a Prenuptial Agreement
We have all heard the horror stories about lost fortunes through marriage,
or more accurately divorce!
‘Prenuptial agreements’ are a legal standing agreement that
can help you if you have assets of substantial value like property.
If you think you will need to draw up a prenuptial agreement, then please contact us, we can process this for you properly,
ensuring you receive the peace of mind that your assets are properly secured.
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Contract Preparation
Agreements may take place for property rental or sale, business and employment matters, joint ventures, loans, guarantees etc. It is always best to secure any agreement with a proper binding contract. Such contracts must have all parties clearly defined and identified, the offer documented, and agreed to be accepted by both parties.
Of course, the agreement must also be in line with the law. It is very important to specify which law the contract applies to,
including if the need arises to file complaint or court proceedings. Generally, if the contract is between parties
of the same nationality, then their own law applies.; Otherwise, the law applies to the country in
which the contract was written.
Whatever your contract requirements, no matter how simple, please ask us for advice.
Fox Legal Services often see something very important that our clients overlooked.
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Translation
Fox Legal Services are also pleased to offer full translation services, whether for business or personal matters.
These might be sales contracts, or other legal documents, or even your personal love letter!
Sometimes just a slight mistake in translation can mean a big difference in the way your letter is received.
Need help in translating? Please contact us.
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Household Building & Contents Insurance
It takes time and effort to establish
your home for you and your family to enjoy. For safety and peace
of mind at home, there is no better protection than our recommended household
insurance package.
This comprehensive insurance plan
covers the contents of your home from loss or damage caused
by fire, theft, windstorm, burst pipes, water damage, and many other accidental
damages.
Please contact
us for further information.
Renting?
For further peace of mind, we extend this cover to include loss of rent money owed to you or payable by you, as well as:
• Loss or damage
to your tenants property
• Cover of up to 100,000 baht if you are fatally injured at home
• Protection for you and your spouse against legal liability to
third parties
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If you are an Expat living and/or working abroad,
there is nothing more important than ensuring you
have adequate medical cover for you and your family.
The cost of medical treatment is increasingly expensive and very difficult
to arrange, particularly in
an emergency.
Accessing the right kind of health insurance cover can turn out to be
a nightmare.
Let us help you - We have access to Private HealthCare schemes made specially
available to
Expatriates, with all levels of cover and added freedom to choose the
hospital of your choice.
There is also a dental option. Enquire
now...
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We are all aware of the property boom in Thailand. Until now, financing property sales in Thailand
has been on a 100% cash basis with no finance option available to the foreign investor. However,
things are changing now and we are delighted to offer competitive mortgage finance for residents
and non-residents purchasing property in Thailand.
We also specialise in sourcing and arranging overseas finance for property purchases in Thailand -
be it for a second holiday home or an investment property.
There are possibilities to
use your property in your home country or here in Thailand as
security for your loan. Please contact
us for further information.
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