Thailand’s sweeping crackdown on foreign nominee ownership networks is rattling the property market, with buyers delaying villa purchases, thousands of firms under scrutiny and police probing more than ฿1 billion in landholdings in one day. PM Anutin is set to intensify the campaign, which is shaking the ground that many small time investors have built otherwise legitimate businesses in Thailand.
Thailand’s toughest crackdown yet on foreign nominee ownership networks is sending shockwaves through the property and tourism sectors, with Prime Minister Anutin Charnvirakul poised to escalate a campaign that has already uncovered billions in landholdings, triggered dozens of arrests and placed thousands of companies under scrutiny. As investigations spread from Phuket, Krabi and Phangnga to Bangkok and Chiang Mai, foreign buyers are delaying villa purchases, lawyers are fielding urgent enquiries and investors are reassessing ownership structures once widely used to bypass Thailand’s land ownership restrictions.
Prime Minister and Interior Minister Anutin Charnvirakul is expected on Monday to intensify Thailand’s crackdown on foreign nominee business networks following a weekend operation that targeted companies, villas, landholdings and tourism businesses across Phuket, Krabi and Phangnga.
Yet the significance of the campaign extends beyond police raids and arrest warrants.
Instead, it is beginning to influence investment decisions in some of Thailand’s most important property markets. Foreign buyers are delaying purchases, seeking legal advice and reassessing ownership structures that for years formed part of the investment landscape in resort destinations.
Crackdown spreads nationwide as foreign investors reassess property ownership and business risks
The shift comes as authorities increasingly frame nominee arrangements as part of a wider fight against transnational criminal networks, online scam operations and illicit financial activity. As a result, what was once viewed largely as a company registration issue is now being pursued as a broader law enforcement priority.
At the same time, the campaign is spreading geographically. Investigations that began in southern resort provinces are now reaching Bangkok and, more recently, Chiang Mai. Consequently, foreign investors are paying closer attention to a crackdown that many previously regarded as a localised issue.
The timing is particularly striking. Thailand continues to promote itself as a destination for international investment. Ministers frequently speak of reducing bureaucracy and attracting new capital. Meanwhile, major Board of Investment projects continue receiving government support. However, authorities are simultaneously increasing scrutiny of smaller ownership structures commonly used by foreign entrepreneurs.
That distinction is becoming increasingly important. Large institutional investors continue to receive incentives and policy support. Smaller investors operating through Thai-majority companies face a different reality. Increasingly, their shareholder structures are becoming the focus of detailed examination.
Longstanding nominee structures face renewed scrutiny as authorities tighten enforcement nationwide
The issue centres on nominee arrangements that have long been prohibited under Thai law. Foreigners generally cannot own land directly. Likewise, foreign ownership in ordinary Thai companies is usually limited to 49%. Consequently, some investors sought alternative methods of controlling assets while remaining formally compliant with registration requirements.
Under nominee structures, Thai nationals held majority shareholdings on paper. However, foreign investors often exercised effective control over businesses, properties or land. In some cases, investigators say the Thai shareholders lacked the financial resources needed to support the investments attributed to them. Therefore, authorities viewed the arrangements as attempts to circumvent ownership restrictions.
For more than two decades, such structures became particularly common in tourism centres with strong foreign demand. Phuket was one example. Koh Samui and Koh Phangan were others. Throughout that period, some advisers helped investors establish companies used to acquire villas, hotels, restaurants and tourism businesses.
Notably, larger law firms often warned clients about the risks involved. Likewise, successive governments repeatedly stated that nominee structures would not be tolerated. Nevertheless, enforcement was frequently viewed as inconsistent. Consequently, some investors came to regard the practice as a manageable risk.
That perception is now changing rapidly.
Western villa buyers seek legal certainty as tougher enforcement reshapes investment decisions now
In response, foreign investors are reviewing ownership arrangements that previously attracted limited attention. Lawyers report increasing enquiries about shareholder structures. Property agents also report more requests for legal clarification before transactions proceed.
The effect is particularly visible in the luxury villa sector. Unlike condominiums, villa purchases often involve direct land ownership issues. Therefore, ownership structures become critically important. As scrutiny intensifies, buyers are spending more time examining compliance requirements.
Many of those buyers are Western investors. Some are seeking retirement homes. Others are pursuing second-home purchases or tourism-related investments. Increasingly, they are asking questions about legal certainty, shareholder arrangements and the long-term security of investments.
Significantly, those concerns arise despite the fact that nominee arrangements have never been lawful. What has changed is the level of enforcement. Moreover, authorities appear determined to maintain pressure rather than conduct a short-term campaign.
Anutin to lead major police briefing as investigators widen nominee and scammer network probes
That message is expected to be reinforced on Monday at Government House.
Mr Anutin is scheduled to appear at the Santi Maitri Building at 11am. Joining him will be senior Royal Thai Police officers responsible for the operation. The event will focus on both scammer networks and transnational nominee businesses.
Among those attending will be Police General Kittirat Panpetch, Commissioner General of the Royal Thai Police. Also present will be Police General Thana Chuwong, Deputy Commissioner General and director of the Cyber Crime Suppression Centre. In addition, Police General Samran Nualma and Police Lieutenant General Chirapop Phuridej are expected to participate.
Officials describe the operation as a coordinated effort involving specialised anti-crime units. Furthermore, authorities say investigations will continue to expand. Financial transactions are being traced. Electronic evidence is being analysed. Corporate structures are also being examined in greater detail.
As part of this effort, investigators are focusing on beneficial ownership rather than simple registration records. Accordingly, authorities are examining who controls businesses, who provides investment funds and who ultimately benefits from company operations.
The scale of the challenge is substantial.
Thousands of firms on resort islands face scrutiny as investigations target nominee structures nationwide
According to reports, the Department of Business Development has flagged 11,426 companies on Koh Samui and Koh Phangan where foreigners hold stakes. Those companies account for nearly 68% of registered firms on the two islands. Separately, officials have identified more than 7,000 businesses suspected of using nominee structures.
Most of those businesses operate in real estate, tourism and hospitality. Therefore, the investigation reaches into sectors that have long depended on foreign demand and international investment.
The government argues the numbers justify stronger enforcement. As of early 2026, authorities had prosecuted more than 850 companies in cases involving estimated losses exceeding ฿15 billion. Consequently, officials maintain that more aggressive action is required.
Meanwhile, the property market is beginning to react.
Foreign demand remains strong but caution grows across Phuket and Koh Samui villa markets also
Property technology group Juwai IQI estimates that approximately three out of every five villa transactions in Phuket involve foreign buyers or lessees. On Koh Samui and Koh Phangan, the figure rises to roughly nine out of ten buyers. Therefore, even modest changes in sentiment can influence market activity.
Industry estimates suggest there may be between 2,400 and 3,000 villas in both Phuket and Koh Samui linked to foreign buyers or lessees. Although precise ownership figures are unavailable, the numbers illustrate the scale of foreign participation in the market.
Against that backdrop, agents are reporting a noticeable increase in caution.
List Sotheby’s International Realty Thailand says international buyers account for the overwhelming majority of activity in the high-end villa market. Felix Desjardins, a real estate adviser with the company, said buyer hesitation is becoming more apparent.
“We are seeing more buyer hesitancy, particularly among buyers who were still evaluating their options,” said Mr Desjardins.
“The result has been slower decision-making and, in some cases, a temporary shift towards condominiums, where the ownership framework is generally more straightforward for foreign buyers.”
Condominiums offer a clearer ownership route as Chinese buyers remain less exposed to the crackdown
Importantly, the shift does not necessarily indicate falling demand. Rather, it reflects greater scrutiny and more detailed legal review before transactions proceed.
On another front, condominium ownership continues to offer a clearer legal framework. Foreigners may own up to 49% of a condominium project’s saleable area. Because land ownership is not involved, the ownership structure is easier to understand and easier to verify.
Chinese investors appear less affected by the current crackdown. Traditionally, they favour condominium purchases over landed properties. In 2025, Chinese nationals purchased 4,940 condominium units worth ฿18.5 billion.
Even so, those figures showed weakness. Unit purchases declined by 12.9%. Transaction values fell by 30% compared with the previous year.
Elsewhere in the market, consultants report a similar pattern of caution.
Developers continue projects despite tighter rules as buyers conduct deeper due diligence checks
Colliers Thailand describes current conditions as a period of increased due diligence rather than a withdrawal from transactions. Buyers continue pursuing purchases. However, they are spending more time reviewing compliance requirements and ownership structures.
“What we are seeing, though, is buyers asking more questions [and seeking] clarity and taking a little more time to understand ownership structures and compliance requirements before proceeding,” said Karlo Pobre, deputy managing director for consultancy services at Colliers Thailand.
As a result, transaction timelines are lengthening. Nevertheless, developers continue moving forward with projects.
Despite stricter enforcement, Mr Pobre said there was no evidence of a major change in development strategy.
“Developers will naturally adapt to market conditions, but at this stage we have not seen any clear indication of a major shift in development strategy,” he said.
Similarly, Banyan Group Residences reports limited disruption to buyer activity.
Established developers promote transparent leasehold structures as ownership scrutiny grows sharply
The Singapore-listed group’s property division uses legally recognised leasehold structures. Typically, these involve renewable 30-year leases combined with ownership rights registered with government authorities.
According to Stuart Reading, managing director for group property development, the company has not seen buyers withdrawing because of nominee enforcement.
“Within our own portfolio, we have not seen buyers withdrawing from transactions because of the nominee-company enforcement,” he said.
“On the contrary, buyers who are well advised tend to place greater value on projects where the legal structure is clear from the outset and supported by an established developer.”
Mr Reading also pointed to Phuket and Koh Samui’s continuing strengths. These include international connectivity, healthcare facilities, schools, beaches and rental demand.
“Compared with more mature regional markets such as Hong Kong or Singapore, Thailand continues to offer compelling lifestyle value, particularly for buyers seeking a second home or long-stay residence,” he said.
Police operation reveals the scale of land investigations and suspected nominee business networks
Yet the government’s focus remains firmly on enforcement.
The weekend operation produced some of the clearest evidence yet of the campaign’s scale.
In Phangnga, investigators examined two groups of companies linked to suspected nominee arrangements.
The first involved nine companies holding seven land plots measuring 17 rai, 3 ngan and 18 square wah. Authorities valued the holdings at approximately ฿269 million. Subsequently, police obtained six arrest warrants and three search warrants. One foreign suspect was arrested.
The second case involved a company with more foreign shareholders than Thai shareholders. The company controlled land measuring 9 rai, 3 ngan and 20.4 square wah. Officials valued the land and buildings at approximately ฿54 million. Following the investigation, the Takua Pa Land Office filed a complaint.
One of the most significant search locations was Sava Beach Villa.
British director arrested as police probe villa operations and shareholder arrangements in Phangnga
Investigators found seven villas operating with staff and daily rental payments. Police said the activity resembled an unlicensed hotel business. Consequently, a British company director identified as Andrew was arrested.
Authorities also examined shareholder records linked to multiple companies. Some registered Thai shareholders were employees. Others were relatives of company directors. In several cases, investigators questioned whether those individuals possessed sufficient financial resources to fund the investments attributed to them.
Krabi produced equally significant findings.
The first group of cases involved nine companies suspected of nominee activity. Together, they controlled 17 land plots measuring 6 rai, 1 ngan and 12.4 square wah. Authorities valued the land at approximately ฿209 million. Courts approved 40 arrest warrants and 13 search warrants. Police subsequently arrested 26 Thai suspects and 12 foreign suspects.
The second group involved eight companies with more foreign shareholders than Thai shareholders. Together, they controlled eight land plots measuring 8 rai and 25.6 square wah. Authorities valued the holdings at approximately ฿290 million. Accordingly, police obtained six additional search warrants.
Krabi raids target Polish-linked villas and entertainment firm over suspected nominee control claims
Among the most prominent targets was Tropical House, a construction and property development company linked to Polish investors.
Police said the company developed pool villas in Nuea Khlong, Nong Thale and Khao Thong. Prices reportedly started at ฿11.5 million. Investigators said the company held registered capital of only ฿4 million while controlling land worth approximately ฿200 million.
Furthermore, the business held 16 land plots covering approximately 6 rai and 76.6 square wah. Although records showed Thai shareholders owning the company, investigators allege effective control rested with Katarzyna and Kamil, a married Polish couple.
Separately, investigators focused on Ganjj Entertainment Limited Partnership.
Police said the entertainment and music services company was controlled by a South African national named Stefan through Thai nominee shareholders. Authorities also identified a lawyer named Wichet and an auditor named Suphannee as figures involved in preparing company documentation.
Investigators further reported evidence suggesting the signature of a deceased person had been used on official registration documents. Consequently, authorities believe false records may have been created to conceal nominee arrangements.
More than ฿1 billion in land scrutinised as nominee investigations continue expanding nationwide
During searches, officers seized company registration records, accounting documents, computers, mobile phones and large quantities of electronic data. The evidence is now being analysed as investigations continue.
Overall, police identified 29 companies suspected of nominee activity and 48 companies holding land despite having more foreign than Thai shareholders. Authorities also seized or inspected 89 land plots worth more than ฿1.053 billion.
Crackdown in southern provinces against nominee and foreign owned enterprises intensifies. 48 arrested
Anutin visits Koh Phangan as nominee crackdown shows 68% of firms with foreign ownership links
Colliers boss in Thailand says now is the time to buy into the country’s resilient property market
For now, the message from the government is clear. The crackdown is widening. The investigations are deepening. Moreover, authorities appear determined to connect nominee enforcement with broader efforts against transnational criminal networks.
Meanwhile, the property market is adapting to a new reality. Buyers are conducting more checks. Lawyers are reviewing more documents. Investors are reassessing structures once viewed as routine.
As scrutiny expands beyond the southern resort provinces, caution is becoming a defining feature of Thailand’s foreign property market.
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Further reading:
Police smash Chinese property empire using nominee shareholdings run by 35 year old Mr Hao on Sunday
Huai Khwang raid shows nominee shareholdings being used by Chinese infiltrating the economy
Sweep of nominee firms and business networks on Koh Phangan. 22 arrested, 200 million in land seized
Anutin visits Koh Phangan as nominee crackdown shows 68% of firms with foreign ownership links
Blitzkrieg on foreign firms and enterprises on Koh Phangan continues with French owned resort busted
