WHY HUA HIN THAI PROPERTY

Thai Nationality

The right real estate company in Thailand will certainly be a Thai national company. Because of the specific business laws affecting the foreign running of a business in Thailand, a qualified real estate agent is the correct choice, especially in regard to foreign business act B.E.2542 (1999).

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Estate Agency

Property in Thailand is not complicated for Thai people, especially if they have a good advisor. Nowadays most Thai real estate customers are convinced that a real estate agency is the only way to go.

Member of Thai Real Estate Business Law

Hua Hin Thai Property is a member of Real Estate Sales and Marketing
Association and is subject to Thai real estate business law. So we can assure our clients that all of our suggestions to the foreigner purchaser who want to buy, rent or sale real property in Thailand are in keeping with Thai property laws. We’re the right company from the ground up because we’re a legal real estate business. The owner of Hua Hin Thai Property is Thai but his vision is international. Hua Hin Thai Property tries to reinforce Hua Hin as its slogan proclaims, “Hua Hin Paradise City”.

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Unprofessional Real Estate Agents

Four to five years ago, there were many unprofessional real estate agents
in Hua Hin dealing directly with the foreigner. Actually, they cannot run this type of business. They just have the English or other language skills to build their reliability. Most unprofessional agents, for the most part, have closed down their business because of poor performance and mismanagement. Moreover, some serious problems have come from unprofessional and dishonest who took money from their customer without making payment to the developer. Finally, the future has arrived and the Thai government is setting strict standards for the real property business and the foreigner investor is protected under and must comply with these news Thai laws.

BUYING, SELLING AND RENTING PROPERTY

Decision

Buying property is a big decision in your life. It is important that your hard earned money is invested wisely. Hua Hin Thai Property is well aware of this. We provide opportunities and skilled advice to investors and purchasers in Thailand. If you are Thai, you can buy by your name, your spouses or a corporate name and the financial transaction is not complicated.

Complicated

Real estate transactions have become increasingly complicated. An important recent issue is The Thai Land Law Code BE 2497(1954) then modify and additionally until The Thai Land Law Code Amendment Act (NO.9) B.E.2543 (2000)

 

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Law Regulation

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Under Thai law farangs are not permitted to own land in Thailand, except when buying through Thai registered companies and with more than 49% of the capital owned by non-Thai purchasers and 51% owned by Thai shareholders with the expressed purpose of the investment in Thailand. On the other hand, farangs can own a leasehold on a property for up to 30 years and renew for 30 years. And the last one the law provides for buying in the name of a Thai spouse name which is the easy way.

As detailed above we can summarize:

1. Free Hold means land purchased by a setup company
2. Lease Hold is leasing the land for 30 years
3. Buying jointly with Thai spouse.

Rules and Practices Regarding the Reserve Requirement

1. Collection of Reserve Requirement on Foreign Currency Purchased or Exchanged against Baht

In undertaking a purchase or exchange of foreign currency against Baht in an amount valued at 20,000 US dollars or above or its equivalent, the authorized juristic persons shall request the seller of the foreign currency to submit documents indicating the purpose of the foreign exchange transaction. In addition, the authorized juristic persons shall seek the consent of the individual as stipulated by the Competent Officer to withhold part of the foreign currency exchanged as reserve requirement. The authorized juristic persons shall comply as follows:

1.1 With respect to foreign currency originating from trades of goods and services, or repatriation of investments abroad by resident, the authorized juristic persons shall demand supporting documents according to the notice of the Competent Officer. Once it has been verified that the foreign currency is indeed for the aforementioned purposes, the full amount of foreign currency can be exchanged against Baht.

1.2 With respect to foreign currency for purposes other than those stipulated in item 1.1, the authorized juristic persons shall withhold 30 percent of the foreign currency purchased or exchanged (hereafter known as the reserve requirement) while the remaining shall be fully exchanged into Baht.

1.3 The authorized juristic persons shall provide a copy of the signed consent agreement and proof that reserve requirement has been withheld to the seller or exchanger of foreign currency. The authorized person shall certify and endorse documents with regards to the foreign currency transaction or on the SWIFT order form as proof that funds have been withheld as reserve requirement and may be refunded subject to the practices stipulated.

1.4 In the case of transactions with non-residents, the authorized juristic persons may specify the non-remunerated reserve requirement conditions in the foreign exchange agreement instead of in the agreement form provided.

1.5 Foreign exchange transactions with trade date prior to 19 December 2006 are exempt from the reserve requirement as stated in 1.2.

1.6 Before purchasing or exchanging foreign currency for the purposes under item 1.2, the authorized juristic persons must notify the seller or exchanger of foreign currency of the following:

(1) Funds held under the reserve requirement will be non-remunerated.

(2) Funds under the reserve requirement will be refunded subject to evidence that the Baht obtained by the seller or exchanger of foreign currency has remained in Thailand for a period not less than 1 year.

(3) Should the seller of foreign currency wish to repatriate funds earlier than one year, only two-thirds of the amount held in reserve will be refunded in accordance with the signed consent agreement.

(4) Funds held in reserve that is not redeemed by the seller of foreign currency within 2 years from the date of sale or exchange of foreign currency will be considered forfeit.

(5) Practices for requesting the refund of reserves and timeframe associated with such requests are explained in item 3.

(6) Once the seller or exchanger of foreign currency has acknowledged and signed an agreement to proceed according to items (1) through (5), the authorized juristic persons may conduct the foreign exchange transactions.

1.7 The authorized juristic persons shall ensure that the customer specify the actual amount of the foreign exchange in the foreign exchange transaction form that are sold to the authorized juristic person.

1.8 Inter-bank transactions between authorized juristic persons for management of foreign exchange risk are exempt from the reserve requirement as set out in item 1.2.

2. Remittance of Funds Withheld in Accordance with the Reserve Requirement to the Bank of Thailand

2.1 The authorized juristic persons shall set up a separate account for the reserve requirement. If the setting up of a separate account is not desired, a system must be in place to keep track of and clearly identify the reserve requirement. This information must be readily available for inspection by the Competent Officer.

2.2 The authorized juristic persons must maintain detailed records of the reserve requirement according to the stipulated rules and practices to ensure accurate refund of the reserve requirement. At a minimum, the documents must include the following: transaction number, transaction date, settlement date, name, surname, currency denomination and amount exchanged, amount withheld as reserve, purpose of transaction, date of remittance of funds held under reserve to the Bank of Thailand, due date in 1 year, and the reserve redemption date.

2.3 The authorized juristic persons must remit foreign currency held under reserve each month to the Bank of Thailand. The remitting procedure shall comply with international standards in the foreign exchange market. The procedures are as follows:

(1) Notify the Bank of Thailand o f the remittance in writing as well as complete and sign the “Report on Remittance of the Reserve Remittance” and the “Foreign Exchange Transaction Report for Transactions Not Subject to the Reserve Requirement” in accordance with the procedures set out in item 5. The reports shall be sent to the Bank of Thailand by the 5th of the following month.

(2) Remit total reserves withheld during each month to the Bank of Thailand on the 7th of the following month. The Bank of Thailand will specify the account number to be used for this purpose at a later date.

(3) Maintain records and other evidence related to the reserve requirement for at least 5 years and ensure that these are available on request for inspection by the Competent Officer.

3. Requesting a Refund of the Reserve Withheld

A customer seeking refund of the reserve withheld should submit a written request to the authorized juristic persons who will then request the customer to submit supporting documents. Once the authorized juristic persons examined and certified the legitimacy of the application, the authorized juristic persons shall proceed as follows:

3.1 If the funds have remained in the country for at least 1 year, the authorized juristic persons shall refund the full amount of the reserve requirement withheld.

3.2 If the funds have remained in the country for less than 1 year, the authorized juristic persons shall refund only two-thirds of the amount in accordance with the customer’s signed consent agreement.

3.3 In requesting a refund, the authorized juristic persons shall compile a list of names of customers that the authorized juristic persons deems a refund should be granted, along with the amount to be refunded and other details according to the “Report Requesting Refund of Reserve Requirement from the Bank of Thailand” indicated in item 6. This form should be endorsed and sent to the Competent Officer within 5 days of the date on which the refund was requested.

3.4 Once the application has been successfully lodged, the Competent Officer will notify the authorized juristic persons of its decision within two business days and the funds will be transferred to the authorized juristic persons within three business days of the notification date.

3.5 An authorized juristic persons receiving notification stated in item 3.4 shall, in accordance with its own rules and practices, refund reserves withheld to the customer on the same day which the refund is transferred by the Competent Officer to the authorized juristic persons.

4. Other Related Rules and Practices

The authorized juristic persons must examine and oversee Baht deposit/withdrawal activities in the Non-resident Baht Account (NRBA) to ensure compliance with the following rules for withholding the reserve requirement:

4.1 The authorized juristic persons must verify evidence regarding the purpose of all foreign currency purchased or exchanged against Baht and deposited into the NRBA. In the case that the authorized juristic persons can ascertain that the funds are for payment of goods and services, repatriation of investment by Thai residents, or repayment of loans made by Thai residents, the authorized juristic persons shall deposit Baht into the NRBA and ensure that they are used for the stated purpose within the same day.

4.2 Reserve requirement must be withheld in accordance with stated rules and conditions on foreign currency purchased or exchanged against Baht by the authorized juristic persons and deposited into the NRBA for purposes other than those stated in item 4.1. To facilitate the subsequent refund of funds held under reserve as well as ascertain the length of investment in the country, the authorized juristic persons shall advise the seller or exchanger of foreign currency against Baht to state clearly the purpose of the Baht funds before the funds are deposited into the NRBA.

4.3 Baht funds that non-residents wish to deposit into the NRBA which is not obtained by selling or exchanging foreign currency but originate from a Thai resident for payment of goods, services, or goreign investment can be deposited once the authorized juristic persons has satisfactorily examined related evidence. The authorized juristic persons must ensure that such funds are withdrawn and exchanged into foreign currency by the non-resident within the same day.

5. Reporting and Documents

5.1 The authorized juristic persons shall maintain related documents for at least 5 years and be available to provide information and evidence related to the transactions upon request by the Competent Officer.

5.2 The authorized juristic persons shall use the enclosed report format and submit the reports to the Bank of Thailand according to the methods and time frames stated below:

 

Report

Send to

Deadline

Report on Remittance of the Reserve Requirement

FOG_RR@bot.or.th

Within the 5th of every month

 


Foreign Exchange Transaction Report for Transactions not subject to the Reserve Requirement

FOG_RR@bot.or.th

Within the 5th of every month

 


Report Requesting Refund of Reserve Requirement from the Bank of Thailand

FOG_RR@bot.or.th

Within 5 days after submission of application for the refund from the customer

Process

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Hua Hin Thai Property has more than 20 years experience so we assure that we are the leading real estate agent in Hua Hin. And we affirm that whenever a problem arises with your property, we will stay with you all the time. We strive to be your best choice in Thai property purchase and treat you like a close friend or relative. Because of our knowledge, dedication and service, our slogan is when you “Think of Thai Property, Think of Hua Hin Thai Property”

IMMIGRATION & REGULATION

Company Registration

company 2 company 3 company 4
In order for a business to be operational in Thailand, a company must be established legally – this we can do for you.

There are three types of lease available for foreigners when buying properties in Thailand. Some allow you to work, some allow you to work but there are things you cannot do without some sort of experience, and some do not allow you to work at all.

In order to buy a property and have a full unrestricted lease as a foreigner, we can help you set up a company and provide you with adequate Thai shareholders (as required by law) by finding Thai people who are willing to invest with foreign investors, so that you may run your business. These Thai people are usually connected to Thai lawyers based in Bangkok and are then put through to us. Whether they actually work or are just shareholders depends on the people and the foreign investor.

Visa Information

A visa is a document entitling the holder to enter a country. A visa is either a stamp or a sticker in the passport and is made according to international regulations. According to international agreements, when a citizen of one country wishes to travel to another country, he or she first has to obtain a visa from the consulate or consular section of the embassy of the country is going to visit. If permission is granted, a stamp or sticker is affixed to his or her passport and he or she may travel to the country of destination. Although basically a visa has to be obtained before traveling to a foreign country, some countries have mutual agreements of visa exemption for their citizens and some countries allow citizens of some countries to enter without visa.

Thailand uses a mixed three way system, viz.
1. Persons who have to apply for a visa before traveling to Thailand
2. Persons who may obtain a visa on arrival at some immigration border checkpoints and at international airports in Thailand
3. Persons who are exempted from visa requirements to enter Thailand, which applies mostly to citizens of developed countries with adequate standard of living who enter Thailand for short-term visits as tourists for not more than 30 days.

The visas issued by the Thai government are based on the authority of the ministerial law, which the minister of the Interior, based on sections 5, 12 (1), and 34 (15) of the 1979 immigration act, issued and transferred the executive power to officials of the Ministry of Foreign Affairs and immigration officers under the control of the National Police Bureau, from the date of enforcement of the 1979 immigration act to the present. The Ministry of the Interior issued ministerial laws defining 9 types of visa, some of which are issued only to holders of diplomatic or official passports, while others are issued to persons wishing to enter and temporarily stay or enter and take up residence in the kingdom. The different visa types entitle their holders to different rights concerning the length of stay in the kingdom and visa fees that vary according to the type of visa.

Hua Hin Thai Property assures our foreign clients that have a residence in Thailand or those who desire to start a business here that they will receive the correct renewed visa. We assist you in your visa renewal and remind you to be present at the immigration office when required.

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Visa Renew

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Renewing a visa is a complicated process because there are nine types of Thai visas. According to the Immigrant Act B.E. 2522 (A.D. 1979), the different Thai visas have been classified in accordance with the purposes of the visit.

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If you would like to apply for a visa for temporary residence, employment, retirement or another reason, Hua Hin Thai Property is happy to assist you. Of course, you must meet all legal requirements. Our professional team can give you the promptness, convenience, and smooth transactions you need to help make renewing your visa easier. We have the experience to serve the needs of the foreigner.

Renewing a visa requires the attentiveness and understanding we can provide. If your visa is not in order, the immigration office can arrest you according to immigration laws. In some cases the foreigner must be returned to their country or can be fined for several violations, depending on the laws and punishments for that type of visa infraction.

Notification of residence of foreigners for businesses

Notification of residence of foreigners for businesses

 

According to section 38 of the 1979 immigration act, “House owners, heads of household, landlords or managers of hotels who accommodate foreign nationals on a temporary basis who stay in the kingdom legally, must notify the local immigration authorities within 24 hours from the time of arrival of the foreign national.” If there is no immigration office in the province or locality of the respective house or hotel, the notification is made to the local police station. In Bangkok the notification is made to the Immigration Bureau. The notification of residence of foreign nationals is made by the manager of licensed hotels according to the hotel act, owners of guesthouses, mansions, apartments and rented houses using the form TM.30.

The notification of residence of foreign nationals within 24 hours can be made in a number of ways to make the notification as convenient as possible:
– In person at the respective office, or
– Through an authorized person at the respective office, or
– By registered mail, or
– Via internet.

Filling in the foreign national residence notification form (TM.30)
Please fill in all requested information according to the foreign national’s passport, as often arriving passengers do not fill in the correct data on the arrival card. The form can be typed or handwritten in clear block letters. Leave a space between name, middle name, and surname.
– If the passport number is preceded or followed by a letter, fill in the letter too.
– Write the arrival card number (TM. 6) in the respective field. The arrival card is stapled into the passport. Both letters and numbers of the arrival card number must be filled in.
– Arrival date means the date of arrival in Thailand. Date of accommodation must be filled in on the front page of the notification sheet.

After the officer in charge has verified the information on the notification sheet (TM. 30), he accepts the notification and hands over the lower part of the form to the person making the notification. This part must be kept for further checking.

For details contact 0-2285-5142, 0-2287-3101-10 ext.2263

Registration by businesses via Internet.
Prepare the documents
1. Business license or signed copy of business registration confirmation
2. Letter of authorization to conduct the registration via internet
3. Copy of ID card of person giving authorization and authorized person
4. Fill in the form provided by the officer (download)
5. 1 empty compact disk (CD)

Hand over the complete documents to the officer in charge.
– The officer examines the documents.

The officer announces the result of the examination.
– If documents are incomplete, the business owner is notified.
– If documents are complete, the officer in charge accepts the registration. The registration code is sent to the business by mail or e-mail as indicated by the business owner, together with record forms.

Notification of staying in the Kingdom over 90 days

Notification of staying in the kingdom over 90 days

 

Procedure and notification
1. The foreigner makes the notification in person, or
2. The foreigner authorizes another person to make the notification, or
3. The foreigner makes the notification by registered mail.
4. The notification must be made within 7 days before or after the period of 90 days expires.
5. The first application for extension of stay by the foreigner is equivalent to the notification of staying in the Kingdom over 90 days.

Offices accepting notification:
1. Counter 3, Immigration Bureau Office, Soi Suanphlu, Bangkok
2. Visa extension units, Ratchada Centre (BOI)
3. Immigration offices throughout the country. For Hua Hin and nearby residents, contact Singkhon Immigration Office, Hua Hin Police Station call 032-513-574.

Notification by registered mail
1. Copy of all passport pages (up to the latest arrival stamp in the Kingdom or latest visa stamp)
2. Copy of arrival/departure card TM. 6 (front and back)
3. Previous notifications of staying over 90 days (if any)
4. Completely filled in and signed notification form TM. 47
5. Envelope with 5 Baht stamp affixed and return address of foreigner for the officer in charge to send back the lower part of form TM.47 after having received the notification. This part must be kept for reference and for future notifications of staying over 90 days.
6. The above mentioned documents must be sent by registered mail and the receipt of the registration kept by the foreigner. Send the mail before the renewal date 7 days to 90 DAYS REGISTRATION, ROOM 206
IMMIGRATION BUREAU,
507 SOI SUANPLU, SOUTH SATHORN RD.,
THUNGMAHAMEK SATHORN
BANGKOK. 10120

Note

– The notification of staying in the Kingdom over 90 days is in no way equivalent to a visa extension.
– If a foreigner staying in the kingdom over 90 days without notifying the Immigration Bureau or notifying the Immigration Bureau later than the set period, a fine of 2,000.- Baht will be collected. If a foreigner who did not make the notification of staying over 90 days is arrested, he will be fined 4,000.- Baht.
– If a foreigner leaves the country and re-enters, the day count starts at 1 in every case.

Documents to be Submitted in Support of the Application for Visa Status Alteration (Non-B)

Documents to be submitted in support of the application for visa status alteration

1. Application for Visa Status Alteration. (TM.86)
2. Copy of passport entries.
3. 4 X 6 cm photograph.
4. Application fee of 2,000 baht.
5. Company letter requesting for Visa Status Alteration.
6. Employment contract. (Labor Dept.)
7. A letter of guarantee to certify commercial registration.
8. Company registration certificates.
9. VAT registration certificate and the lists of company Board of Directors.
10. The latest financial statement. (Balance sheets ; Profit & loss statement)
11. Company income tax or trading tax returns.
12. Documents providing evidence of education ; Job experience of foreign national.
13. Withholding Tax records.
14. BOI letter application for changing visa.

Documents to be submitted in support of the application for visa status alteration1

Remarks

1. The Applicant must sign every page of the application.
2. The Company Authority must sign to certify all documents and have them stamped with the company seal.
The visa applicant must arrange the documents in proper order and must prepare the originals as proof.

Call 032-513-574 for details.

HuaHinProperty.com

  •   85/5 Petchkasem Road, Hua Hin, Prachuabkirikhan 77110, THAILAND

  •    Phone: +66 (0)32 512 522

  •    Mobile: +66 (0)81445 3305

  •    info@huahinthaiproperty.com

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