Thailand’s King Maha Vajiralongkorn is now the largest shareholder of Siam Cement Group Pcl, the country’s fourth most valuable company, according to the Stock Exchange of Thailand.

The King’s holds a 33.3% share of the giant industrial supplies and construction company, which amounts to over $5 billion.

In June, the Crown Property Bureau (CPB), which manages the monarch’s vast wealth and land holdings, issued a statement giving the King personal ownership over all of its assets.

According to Forbes, the change made King Vajiralongkorn the richest monarch in the world, with a wealth of over $30 billion.

The King is also listed as the seventh largest stockholder of Siam Commercial Bank, the third most valuable company in Thailand. The CPB is still listed as the number one shareholder.

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For an expert Thailand business lawyer, contact the seasoned attorneys at Chaninat & Leeds.

The ruling Thai military government is courting Chinese investors to help fund a $51 billion infrastructure and economic development plan for the country’s eastern seaboard.

The so-called Eastern Economic Corridor project would use Chinese funds to introduce technologically advanced industries to the region, from biotech and robotics to aircraft maintenance, in hopes to revamp what was a traditional manufacturing hub of the country.

According to the Thai officials, the project would go a long way in establishing Thailand’s foot into China’s incredibly ambitious Belt and Road Initiative, which literally aims to be the 21st century’s version of the Silk Road.

Since the 2014 coup that saw the military junta take power, Thailand has seen a significant dip in foreign investment.

The five-year project, running from 2017 to 2021, is an attempt to boost foreign investment and utilize the regions of Rayong, Chachoengsao, and Chonburi–which have direct access by sea to the rest of Asia.

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For a qualified and professional Thailand business attorney, contact the Thai and US law firm Chaninat & Leeds.

The Bangkok Post has confirmed that the Thai Revenue Department has reached a tentative agreement with the US to assist them with enforcing the new FATCA act to prevent offshore tax evasion.   The intent behind FATCA is to keep US persons from hiding income and assets overseas.

Bangkok based Chaninat & Leeds are experienced Thailand company lawyers who act for businesses and organizations of all sizes 

The Foreign Account Tax Compliance Act was introduced in the US in 2010 and, for enforcement measures, requires the cooperation of non-USA financial institutions to contribute information about US account holders. This also includes US citizens who reside outside of the USA.

By agreeing to assist the US in tax information sharing, Thailand would therefore help the US in gathering the information the USA needs to enforce FATCA with regard to US citizens holding assets outside of the USA.

HThe countries who have already agreed to share information with the US include Switzerland, the Cayman Islands and the Bahamas, all common choices for offshore bank accounts with US citizens.  However banks in many countries are prohibited from sharing account information with foreign governments due to local privacy laws.

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