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The Bangkok Post reported that Thai ombudsmen are drafting a new law??to stop illegal foreign ownership of land in the country.
Pursuant to Thailand real estate law??it is normally illegal for a foreigner to own real estate in Thailand.? Based on numerous complaints to the Thai government of foreigners using Thai nominees to purchase real estate on their behalf, the Thai government is proposing a new law to crack down on the use of Thai nominees to purchase real estate. ?
Ombudsman Siracha Charoenpanij said the new law would provide for punishment for companies offering advice to foreigners on how to hold Thai property by disguising their legal transaction. The draft law would also allow the deportation of foreigners found guilty of holding the land plots in Thailand illegally. The current law requires foreigners found holding Thai property to transfer the plot to someone else or sell it within 180 days.
Recently, some foreigners have disguised their ownership in a scheme similar to multi-level marketing, where they then buy shares of an agricultural company that holds ownership of the land grows rice on large plots in the northeast.
Atip Bijanonda, president of the construction and real estate business department of the Thai Chamber of Commerce, said there should be a balance between protecting Thai interests while still welcoming foreign investment.
The newly proposed law also includes a reward to anyone providing information about foreigners owning land through nominees. Those providing the information would get 20 per cent of the market price of the piece of land after the plot is sold.
This draft law has not yet been made into law and its future is uncertain. The Ombudsmen will submit the draft to parliament this year.
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Source: http://www.thailawforum.com/blog/thai-ombudsmen-pressing-for-regulated-land-ownership-law
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