Plans to reform Thailand’s tax system, including the introduction of inheritance and property taxes, have been approved by the Chief of the military-led National Council for Peace and Order (NCPO), Gen.Prayuth Chan-ocha.
It is a rather unknown fact among foreign property purchasers, in particular in tourist resort destinations in southern Thailand, that Thai property law sets forth a strict regime for development of real estate projects. One significant piece of legislation in this context is the Land Development Act, B.E. 2543 (2000) (hereinafter referred to as “LDA”).
On 19 August 2014, the Thai Board of Investment (“BOI”) has announced a decision on the new strategy for investment promotion and a plan for the next 7 years. The new BOI policy aims at strengthening Thailand’s competitiveness, creating value for the industrial sector, and shifting the country to a high-income nation. It is expected to take effect at the beginning of January 2015. Since January 2013, detailed plans for such new strategy have been published and discussed widely, including new criteria for evaluating and measuring investment projects. The BOI plans to introduce merit-based incentives, and clusters – if the changes are realized, they will likely result in cutbacks in the overall volume of BOI incentives and they will certainly constitute a fundamental change of the BOI’s policy.
Fabian Doppler was recently interviewed by THAIZEIT.DE on issues relating to the crackdown on abusive “Visa Runs” by foreigners (which are now no longer tolerated even in case of entering the country by plane), the new regulations of tourist visa exemption and other advice in response reader’s queries. The article has been published HERE
In our practice we often see that there is a great deal of confusion among foreigners in Thailand regarding the legalities of owning a house. Please see the below article (published in Samui Phangan Real Estate Magazine) which provides some information and clarification:
The website of the Thailand Immigration Bureau in Bangkok has on 22nd July 2014 posted a new announcement regarding its rules for overstay. Today’s announcement is further confirmation on the proposed crackdown on foreigners overstaying in Thailand, which was reported earlier this month.The announcement which is written in both English and Thai details the penalties for overstay as follows:
Fabian Doppler recently authored a German language article on issues relating to stricter enforcement of rules regarding “out-in” tourist visa runs in Thailand, the crackdown on visa runners at the border of Thailand – explaining reasons for the crackdown and instruction on how to obtain a valid visa type.
New ‘green’ rules to limit Samui projects
The Office of Natural Resources and Environmental Policy and Planning (Onep) has declared Koh Samui, Koh Tao and Koh Phangan districts in Surat Thani province part of an environmentally protected zone…
Officials yesterday morning (June 23) visited Bangtao and Laypang beaches, issuing 78 businesses with demolition orders on the grounds that their structures are on public land.
But before they started posting the orders in each of the properties, Ma’an Samran, chief executive of Cherng Talay OrBorTor and his deputy, Siri Yokthong, went with Pipop Sutkhao, Deputy District Officer from Thalang, Thammarong Chuayaksorn, Deputy District Officer from Muang District and about 30 Territorial Defense Volunteers to Surin Beach to check on progress.
FLT represents an investor to complete the purchase of a 100+ room key hotel in a resort location in Phuket. FLT were responsible for the contracts and negotiations, due diligence and real estate matters. The hotel is currently under construction.