Prime Minister Anutin Charnvirakul said Monday that his government is expanding investigations into these arrangements and increasing scrutiny of new purchases, Bloomberg reported.
Foreigners are barred from owning land in Thailand, but some circumvent the restrictions by using Thai nominees. The practice has drawn increasing scrutiny following a series of cases in major tourism and business hubs.
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A bird’s-eye view of Bangkok, Thailand. Photo by NurPhoto via AFP |
Authorities are targeting about 875 hectares of land connected to suspected nominee arrangements, according to Somchai Leelanoy, director-general of the Department of Lands. The area is roughly equivalent to 1,225 standard soccer fields.
Anutin instructed officials to speed up investigations into high-risk cases by December and enforce laws requiring the sale of illegally held land. Authorities will also work to keep new nominee arrangements out of the property system, he said at a briefing Monday.
Anutin described land as a vital national resource whose ownership and use must be lawful and fair. Improper exploitation, he said, threatened national security and public confidence in the state’s enforcement of the law, according to The Nation.
As part of the crackdown, the government is strengthening checks on buyers. People purchasing land for more than THB2 million, or property with an assessed value above THB5 million, will undergo background checks, Somchai said.
Thai citizens married to foreigners will be required to demonstrate that funds used to buy land belong to the Thai spouse.
Companies purchasing property will face checks on their shareholders and funding sources and must submit supporting documents under Thailand’s land laws.
In Southeast Asia, Thailand’s GDP last year ranked third behind Indonesia and Singapore, according to the International Monetary Fund.