Law Firm Raided After Allowing Foreigners to Buy Land Using Thai Nominees
A Thailand law firm that specializes in land purchasing and investment advisory, has had four of its locations raided by police for allowing its foreign clients to purchase land and real estate by using Thai nominees.
Under Thailand land law (Act Promulgating the Land Code, B.E. 2497 and the Foreign Business Act), foreigners are not allowed to purchase land or real estate in the kingdom.
But for a long time, foreigners have used Thai nominees to stand in as the largest shareholders of the land in order to make the purchase. Recently though, Thai authorities have made it a huge priority to crack down on this often used Thai sponsor loophole.
The raided firm, DFDL Thailand Legal and Tax, have helped facilitate land purchases for foreigners amounting to almost 2 billion baht.
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