LEGAL STRUCTURE & OWNERSHIP


Santikhiri Estate comprises 30 plots for homes plus common areas that include roads (with lighting), parking, office, electrical sub stations, water storage and pumps, security checkpoints, landscaped garden areas, swimming pool area (with pool, mens & womens shower rooms, yoga sala, garden and club house).
Each member of the community is a shareholder in an offshore company registered in the British Virgin Islands. The Company is called Amaravati Residences Ltd. (we call it simply The BVI). The lessee of each plot has 2 shares in this BVI company. The BVI shareholders have elected 2 Directors from among them.
The BVI is 49% owner of The Amaravati Residences Company Ltd. (we call it ARCO Thai) which is the land owning company that owns all the freehold land titles of Santikhiri. The 2 BVI Directors represent the interests of the BVI shareholders in ARCO Thai.
The other 51% of ARCO Thai ownership is held by 2-3 Thai shareholders, with each one owning less than 24% equity stake. All major decisions of ARCO Thai require at least 75% shareholders vote for approval.
Day to day affairs of the community are governed by a 3-member ExCo, which is elected by the Community Members (who are also BVI shareholders) and empowered by the ARCO Thai shareholders.
The ExCo initiates, proposes for approval and oversees the annual budget and the activities of the staff, improvement projects and overall maintenance of the community.
There are 2 Directors of ARCO Thai, who are also the Santikhiri Managers.
The community currently employs 14 staff: 1 estate manager, 1 coordinations manager representing the BVI shareholders, 5 security guards, 1 administrative assistant, 1 engineer, and 5 gardeners. All staff are managed by the Estate Manager under the supervision of the ExCo.
Each BVI shareholder/community member leases their plot from ARCO Thai for a 30 year period. At the end of each 30 year lease term, a new 30 year lease will be automatically and irrevocably re-issued unless the lessees collectively decide otherwise (see Rules and Regulations of ARCO Thai, Lease Addendum and Community Members Agreement). Each Comminity Member (i.e. the lessee) has full ownership of his/her house and related infrastructure.
Ownership therefore means that each member is the registered owner of:
a) Their 30 year land lease registered at the Samui Land Office, and
b) Their house ownership that is registered at the Samui Land Office, and owner of related infrastructure (if any) on their leased land, and
c) 2 BVI shares through which they own a stake in the underlying freehold land titles of the Santikhiri and participate in the decision making of the Community.