Alien Land Ownership
foreigners warned on land
Source Bangkokpost January 29 2007
Foreign investors holding property through shell companies using Thai nominees have been warned to restructure their holdings or face prosecution.
''Foreigners using shell companies to buy housing across the country are violating two laws. One, the Land Act that forbids foreigners from holding land and two, the Foreign Business Act by using nominee structures. I recommend that they restructure,'' Commerce Minister Krirk-krai Jirapaet told foreign journalists at a dinner talk on Friday.
Under Thai law, he pointed out, foreigners can only own land if they have businesses promoted by the Board of Investment, under the Industrial Estate Act or with written permission from the Interior Ministry.
''Look around you, all the land in Samui, Phuket and Koh Chang is in the hands of foreigners......
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