Authorities Bust Foreign-Owned Real Estate Scheme in Chonburi

Thailand's Commerce Ministry, Immigration Bureau, and National Police launched a major crackdown on July 17, 2569, targeting luxury real estate businesses in Bangsaen, Chonburi province, to dismantle a foreign investment network using nominees and shell companies to illegally hold and resell residential properties online through share transfers. Commerce Department Director Poonpong Naiyanapakon revealed that authorities conducted searches on 33 companies, issuing four arrest warrants and 41 search warrants. Investigators found that the companies were structured with Thai nationals as nominee shareholders on behalf of foreigners, allowing foreign entities to control multiple properties and lease them out, circumventing Thai foreign business laws. Preliminary findings identified 14 companies holding land titles, established as foreign communities in luxury housing projects, with property transfers occurring through successive share changes rather than proper legal sales. Authorities examined company accounting records, financial trails, and questioned witnesses while verifying work permits and residency documents; initial evidence suggests operations were conducted under guidance from accounting and law firms. In Chonburi province, 76,752 registered companies exist (as of July 15, 2569), with deep investigation revealing 6,086 companies holding real estate with foreign investment, including 4,844 companies (79.59%) with 0.01-49% foreign stake, 212 companies (3.48%) with 49.01-99.99% foreign stake, and 1,030 companies (16.93%) with 100% foreign ownership. The Commerce Department stressed that foreign investors, particularly those holding 50 percent or more company shares—legally classified as foreigners—must comply with the Foreign Business Act, with certain restricted businesses listed in Schedule One.