[dongguan]

I am intersted in purchasing a villa with pool in an existing resort in Hua Hin and I was wondering if anyone out there has done the same thing or if they can recommend any good developments in the Hua Hin area that would be worth having a look at. the property i was thinking of is the AKA Resort which sells a villa with pool. I am thinking both in terms of using the place for a holiday as well as the return on investment. the property could be part of a hotel & Spa development such as AKA or a stand alone development where the developer or perperty agent would find a tenant for my villa. Any advice? thanks dongguan

[gilleshk]

I suggest you go to Hua Hin and get a feel for the place. AKA for example is a few kms out of town... I'm not sure that's for everyone. It has the advantage of being quiet and the air cleaner but you need transport to get back and forth from town.

There are tons of things being built at the moment and it's worth having a visit to see the location and the quality of the building. You're likely to get a slightly better deal on pre built but there's always a risk doing that hence the lower price.

Banyan is opening something in a few months, Black Mountain golf course has a splendid development on the way and Palm Hills also has Palm Crescent.

You can check info there and there's also a forum on property

Hua Hin Property, Hua Hin Real Estate, Hua Hin Condominiums, Hua Hin Land, Hua Hin Houses

[Trebor]

I was under the impression that foreigners were only allowed to own condos 100%.

Any other property has to be owned 51% by a thai national.

[gilleshk]

Not completely accurate. A foreigner isn't supposed to own land but can own buildings. There are leaseholds on land, you can start a thai company although I've been told that this method is on the outs and now they're coming out with club memberships to avoid foreign quotas even on condos(51% of condos are supposed tobe thai owned)

Anyway, when there's a will, there's a way...

[Trebor]

Yea 51% of condos in a specific building have to be thai owned but a foreigner can own 100% of their own condo if the building meets this criteria.

Does a Thai Company not have to be 51% owned by a thai too though?

Reason I ask is a friend owned a beach bar in Samui and his now thai wife had to own 51% of it.

[gilleshk]

Originally Posted by Trebor

Yea 51% of condos in a specific building have to be thai owned but a foreigner can own 100% of their own condo if the building meets this criteria.

Does a Thai Company not have to be 51% owned by a thai too though?

Reason I ask is a friend owned a beach bar in Samui and his now thai wife had to own 51% of it.

Thai law stipulates that the majority of shareholders in a company must be Thai. Any company where over 40% of the shareholding is foreign and the business of the company is land purchase would be investigated by the Central Land Office. This is to ensure that there has been no attempt to get around the ban on foreign ownership. Therefore you are in practice limited to 39%. With a restructured Articles of Association, the foreign shareholder can be the only director of the company and the only officer who can undertake contractual dealings on the company's behalf. This, in effect gives the foreign investor control over the company.

This is usually done through a law firm and nominee shareholders are usually lawyers at the firm. I know many people who have gone that route. I have been informed on my last trip that this method seems to be on the out though...

Many expats put businesses in their thai wives names. If I were a thai woman, I would certainly like that guarantee and leverage. As an man, I would never do this nor would I pay the usual 500K or whatever to marry a thai woman but whatever works for others...

[Trebor]

My friend and his wife are both back in the UK now and are very happy although they only got married in December so time will tell.

The bar has since been sold and i don't think there was any sin sot paid.

[gilleshk]

Well with a divorce rate of around 50% in many western countries, I'd say that there are never any guarantees on any marriage. All you can do is wish them the best...

I'm a pragmatist and not a great believer in love. I'd never marry someone who doesn't bring as many assets as I do into the partnership financially and intellectually. Equality in all things and I don't need a maid, a cook or a nanny

Seen too many people getting burnt...

[chocolatekisses]

I love AKA! ... how much are they selling the pool villa for?? where can i get more information?

[gilleshk]

Do a little search using villa hua hin and AKA and you'll find real estate agents selling properties. Saw a villa for 10 million Baht