Thai Holding Companies | Foreigners warned on land
Foreigners warned on land ownership inThailand
Source: Samuiforsale - Opinion (January 2007), following a Bangkokpost article dated January 29 2007
Holding companies and Thai nominee shareholders
Foreign investors holding property through shell companies using Thai nominees have been warned to restructure their holdings or face prosecution. The Commerce Minister Krirk-krai Jirapaet told foreign journalists at a dinner talk on Friday: 'Foreigners using shell companies to buy housing across the country are violating two laws. One, the Land Act that forbids foreigners from holding land and two, the Foreign Business Act by using nominee structures. I recommend that they restructure'.