The Thai government is conducting a targeted crackdown across 16 provinces, including Bangkok and Chiang Mai, targeting foreigners who illegally purchase real estate through local nominee companies and nominee shareholders. In a recent joint enforcement operation in Chiang Mai, authorities seized real estate assets linked to suspected illegal nominee schemes, with the case reportedly involving around 633 million baht. The move has triggered widespread concern among expatriate communities across the country.
Investigators are honing in on suspicious local figures, focusing particularly on Thai nationals who show no tax records, have been long unemployed, or earn low incomes, yet hold substantial equity shares in property-owning companies. The nominee arrangements that many agencies previously marketed as routine are now falling apart under routine financial and tax scrutiny.
Under Thai law, foreigners are generally prohibited from owning land outright and are restricted to purchasing condominiums within statutory foreign ownership quotas. To bypass these restrictions and acquire landed houses or villas, some buyers resort to setting up joint venture companies with Thai nominee shareholders. This practice is fundamentally illegal, and once uncovered, both the property and the capital invested face severe risks of seizure and loss.
Foreign residents in Thailand considering real estate purchases should stick strictly to compliant pathways, such as legally recognized foreign condominium quotas or long-term lease agreements. It is crucial to consult certified legal counsel rather than trusting agents who claim nominee schemes are safe.
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