Thailand Steps Up Enforcement Against Illegal Property Nominees
TPN - The Property Network
Authorities are targeting alleged illegal nominee structures used for land purchases, with potential asset freezes, company dissolution and criminal cases.
Thai authorities are intensifying enforcement against alleged illegal nominee structures used by foreign investors to acquire land. The source reports estimated economic damage of more than 15.1 billion baht linked to the proxy companies identified under the nationwide framework.
The reported enforcement measures include asset freezes, dissolution of illegal shell companies and prosecution. The source says foreign beneficiaries and Thai nominees may face imprisonment of up to three years, alongside fines of 100,000 to 1,000,000 baht for each confirmed violation.
The article also describes legal routes for foreign buyers. It states that a foreigner may buy a condominium unit if total foreign ownership in the building remains below 49 percent. It also states that foreigners may register a 30-year lease with the Land Department for landed property.
This article summarizes a news report and is not legal, tax or immigration advice. Always confirm details with a licensed professional or the relevant government office before acting.