For foreigners who have registered land in a landholding
company. Next month (July 2006) they may come up with section
94 and 96 of the Land Code?
Foreign Business Act
Section 94: 'All the land which an alien has acquired
unlawfully or without permission shall be disposed of by
such alien within the time limit prescribed by the Director-General
which shall not be less than one hundred eighty days nor
more than one year.
If the land is not disposed of within
the time prescribed the Director-General shall have the
power to dispose of it.
The provisions on the forced sale
of land in chapter 3 shall apply mutatis mutandis'. Yep,
you (your company) is as a matter of law deemed to be alien
by your capital investment..
section 96: 'When it appears that any person (including
a juristic person) has acquired land as the owner in place
of an alien or juristic person under the provisions of Section
97 and 98, the Director-General shall have the authority
to dispose of such land and the provisions of Section 94
shall apply mutatis mutandis'.
Not only could the limited
company be deemed alien, also could the limited company
be seen as person 'in the place of the alien'.
It is of
course obvious the case and not only because of the nominee
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