| That Ministry of the Interior reported about the foreigners and Thai people cooperated to hire Thai people register for set up a company in real estate business. Firstly, they asked for buy land and house to living or office after that they changed their purpose to sell or portion out to the same foreigners group that infringe by law.
So the Ministry of the Interior has considered and avoids to infringement or buy land for the advantage of alien by section 74, space 2 of the Land Code, so in case of company, partnership or limited partnership which registered that the land with a purpose is for real estate proper business only (except the public company limited or juristic person which is allowed by law such as in section 27 of Investment Act 1977 or in section 44 of Industrial Estate Authority of Thailand Act 1979 or Property Fund, Commercial Bank, the bank that set up by law, Investment & Trust company Limited, securities company, insurance company.)
Apparently, alien have shares or in the director position or Thai people hand shares in stead of alien. The officer investigates income of Thai people shares hander and asks about the occupation or work, salary with evidence. If they loan money from another, must send the loan money evidence. If someone infringes, the officer will send to Department of Lands.
Pol.Lt. Poomsak Hongyok, President of Phuket Real Estate Association said about the policy of Ministry of the Interior that strictly checking in juristic person by Thai nationality which the foreigners have share with Thai people.
In order that if the juristic person is a business between foreigner and Thai people in 51:49 by a law that can occupy land act 1999. An act allows occupying for 50 years.
Pol.Lt. Poomsak continually said “however Phuket isn’t have only foreigner investors but there are some investors that invest in the wrong way and take money outside Thailand so there are a lot in Phuket.”
By: Phuketindex.com, Thailand
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