Thai property crackdown: Foreign buyers hit pause on villas as nominee loophole closes

AI Summary

Thailand is intensifying regulatory enforcement on foreign ownership of real estate, particularly targeting loopholes exploited via nominee companies. This crackdown has prompted foreign buyers to pause purchases of luxury villas in popular resort areas such as Phuket and Koh Samui.

Thailand’s crackdown on a loophole that effectively bypasses its restrictions on land ownership by foreigners is causing prospective buyers to delay purchase decisions on luxury villas in resort destinations such as Phuket and Koh Samui, according to agents. Bangkok has stepped up its scrutiny of business and property ownership in the country, with the Department of Business Development (DBD) flagging 11,426 companies on Koh Phangan and Koh Samui where foreigners hold stakes, accounting for...