News

Reduction of the Registration Fee at the Land Office

On November 1st 2019, the Thai Ministry of Interior published two announcements regarding the fees for property registrations. One announcement is related to condominiums, the other announcement for land and buildings. According to the notifications, the registration fee for the transfer of ownership of a condominium, or a land and building at the Land Office will be reduced from 2% to 0.01%. The reduction only applies if the value of the condominium, or land and building, does not exceed 3 million THB.

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Bank of Thailand relaxes rules on Foreign Exchange Transactions

As the Thai Baht is under pressure due to imbalanced capital flows, thus unusually strong in comparison to foreign currencies, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to loosen rules to facilitate capital outflows. MOF and BOT expect these measures will lessen pressure on the Thai Baht. These regulations are effective since November 8th, 2019 and include facilitations on:

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How to Import a Boat to Thailand

When importing a boat from oversea to Thailand – even if it is solely for personal use and not for running a business – it is necessary to register the boat at the Marine Department in charge. Which department is in charge is determined by the mooring of the boat. To complete the registration process, the following documents are required:

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Can foundations own land in Thailand?

As many foundations operate schools, or orphanages the possibility to own land is one of the key questions for them.

Under certain circumstances, a foundation may own property in Thailand. However, if a foundation has objectives that focus particularly or mainly on the benefit of foreigners, it may be deemed to be a foreign entity and may not own land in Thailand, referring to the Land Code, section 94 (4).

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US-Thai Amity Treaty

The Thai Foreign Business Act (“FBA”), A.D. 1999, prohibits foreigners from engaging in certain business sectors, including most of service businesses, without a Foreign Business License (“FBL”) or Foreign Business Certificate (“FBC”). However, the FBC will be granted swiftly for Americans, in most business areas, because of the US-Thai Amity Treaty of 1966, which gives exclusive rights and benefits to citizens of the USA who wish to establish a business in Thailand.

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TM30 Form and Permanent Residence

1. TM30 FORM

The TM30 form is an obligation for any house owner, possessor of a dwelling place or a hotel manager (“Hosts”) to declare a foreigner residing on his property (“Guest”) within 24 hours. This notification of residence, resulting from Section 38 of the Immigration Act (2522 B.E-1979) is now strictly imposed.

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The Sap-Ing-Sith – Is Thailand’s New Property Right a Game Changer?

The Thai Land Code stipulates that – apart from a few exemptions – foreigners are not permitted to own land in Thailand. Many foreigners seeking to buy immovable property in Thailand, therefore, chose legal structures like leasehold, usufruct, or ownership of the property by a Thai company, to mitigate the restrictions. However, these legal structures have weaknesses and, if not set up properly, may even involve legal risks. To encourage foreigners to invest in property in Thailand, the Thai National Legislative Assembly on February 8th, 2019, passed the Sap-Ing-Sith Act. The Sap-Ing-Sith Act was published in the Royal Gazette on April 26th, 2019 and will come into effect on October 27th, 2019. The new law is aiming to encourage foreigners to invest in immovable property to boost the economy in Thailand. Requirements, as well as the rights and obligations of the Sap-Ing-Sith, are as follows:

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Specialised Appeal Court in Thailand

In 2015, the Court of Appeal for Specialized Cases was authorized by the Establishment of the Court of Appeal for Specialized Cases Act B.E. 2558 to try and decide cases appealed from specialized courts. The adjudication process involves a forum of judges with specific knowledge and expertise in each area and will create uniformity in the appellate adjudication.

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The Administrator of an Estate in Thailand

In previous posts, we have elaborated on the importance of preparing a will if you live in or own assets in Thailand.

One of the essential parts of such a will is the appointment of an administrator of the estate who has to manage all matters regarding the estate. The administrator can be appointed by will or by Court order under Section 1711 of the Thai Civil and Commercial Code (“CCC”). The administrator is required to be a person of sui juris, which means a person with the age of 20 years or older, not of unsound mind or not adjudged quasi-incompetent, and not adjudged bankrupt by the court.

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