Farang crackdown in Thailand?
Recent developments have NOT been good news for anyone interested in Thailand. Whether you live here, have
investments, or planning retirement, their have been THREE events that should cause concern.
1-Scrutiny of 'farang' corporations owning land.
Unlike in the past when it was RECOMMENDED to establish a 'shell corporation' to own a home (and the land it sits on) this
loophole has been closed.
Land offices throughout the Kingdom have been instructed to carefully investigate 'foreign owned corporations' buying
property. Which, needless to say, has HAMMERED the Pattaya real estate market for homes.
Thousands of farangs own real estate (through companies) around the Eastern Seaboard--And if they NEED to
An ILLIQUID market just became more so.
2-The coup will bring NOTHING positive for expats.
There is an increasing 'nationalism' among Thais especially, the 'elites' centered in Bangkok--And the former PM's removal
reinforces their drive.
From potentially 'canceling' the sale of Thaksin's wireless company to a Singapore holding company to the collapse of
free-trade talks with the US, there are expanding discussions of 'Thailand for Thai people' it seems.
While many farangs cheered Thaksin's removal, they may end up regretting it.
He may have been many things--but he was an 'internationalist' in his perspective.
3-Tightening of visa rules.
Limitations on the number of 30-day visas in a six-month period and a significant increase in the required amount for an
'investment' visa are two of the MANY changes.
Note, not discussed in this article are the INCREASED capital requirements and Thai employee regulations for a farang
operated business in Thailand.
Although recent events ultimately may have only a minor impact on expats in Pattaya, for anyone considering a 'substantial'
investment of ANY sort you may want to pause.
As I once read: If you can sleep on it, under it, or with it, rent it. A corollary to this is: If floats, flys, or drives,
Good advice to follow in Thailand for the forseeable future.