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Thailand Launches Major Operation Against Foreign Nominee Land Ownership in Pattaya
Thai authorities have launched a large-scale operation targeting 33 companies and 41 locations in Pattaya suspected of violating foreign land ownership regulations. This action is seen as a measure to strengthen enforcement against foreign nationals allegedly using nominees to illegally own property in Thailand.
A large-scale operation targeting companies and related sites suspected of violating land ownership regulations by foreigners has been launched in Pattaya, Thailand. According to MGR Online (Regional), the operation involved the search of 33 companies and 41 suspicious locations. This investigation is aimed at addressing cases where foreigners are alleged to be effectively owning real estate by using Thai citizens as "nominees," given that Thai law restricts direct or indirect land ownership by foreigners. In areas like Pattaya, which have a high concentration of foreign residents and investors, such nominee ownership of land can be a significant issue. Authorities are believed to be seeking evidence that these companies are illegally owning and managing land through foreign nominees. This operation is positioned as part of an effort to enhance transparency and regulatory compliance within Thailand's real estate market. While detailed investigation results and specific violations are yet to be announced, this move suggests that the reality of foreign capital investment in Thailand's real estate sector is under increased scrutiny by the authorities. Source: MGR Online (Regional)
Original source
MGR Online (Regional)