foreign ownership
- Crime News
Over 1,000 detained in Thai nominee crackdown on foreign businesses
Police intensified their crackdown on the use of Thai nominees by foreign businesses, resulting in the detention of over 1,000 individuals over recent weeks. This sweeping operation was a joint effort by police and the Ministry of Commerce, targeting companies engaging in illicit business practices. Investigations focused on 442 companies, collectively handling over 3.6 billion baht (US$105 million), across 46…
- Thailand News
Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
- Business News
Thailand proposes 75% foreign ownership in condos, extending leases to 99 years
The government’s proposal to increase foreign ownership quotas for condominiums to 75% and extend land leasehold terms to 99 years has raised concerns, though officials are downplaying potential negative impacts. Government spokesman Chai Wacharonke addressed these concerns in a Facebook post, asserting that regulations could be introduced to mitigate any adverse effects on Thai citizens. The proposal aims to raise…
- Thailand News
PM dismisses concerns over foreign condo ownership plan
Prime Minister Srettha Thavisin dismissed allegations that a government proposal to increase the foreign ownership quota in condominiums and extend land leases is akin to “selling off the nation.” “It is about long-term leases, not selling land. It has nothing to do with selling the nation.” Last week, the Cabinet ordered a study into raising the proportion of foreign ownership…
- Thailand News
Foreigners can now own land in Thailand: Land Dept
Thailand updates criteria for foreign land ownership: heirs can inherit land, investors need 40 million baht, writes The Nation. Foreign land ownership in Thailand is a complex issue, primarily dictated by the Land Code Act of 1954, which generally prohibits foreigners from owning land outright. This law is designed to maintain national control over Thailand’s valuable natural resources. There are,…
