Thailand eyes forced sale of 2,360 plots worth US$417mil in foreign property crackdown

Bangkok, Thailand - The Thai government announced on Monday its intention to force the sale of up to 2,300 plots of land, valued at over US$400 million, as part of a crackdown on unlawfully held foreign property. Prime Minister Anutin Charnvirakul called for stricter measures against the use of Thai proxies to bypass a ban on non-Thais owning land directly.

The government has identified 2,360 plots, amounting to 14.01 billion baht (US$417 million), owned through 1,397 proxies, covering a total of 5,467 rai (around 875ha) across the country. The Department of Lands will accelerate the forced sale of illegal land and initiate both civil and criminal legal actions. Tourism makes up 12.6% of Thailand's GDP, projected to reach nearly 20% by 2036, according to the World Travel and Tourism Council.

However, the industry has faced growing criticism due to perceived bad behavior by visitors and allegations of foreigners accumulating property in specific areas, such as Phuket. Thai law prohibits foreign nationals or companies from owning land within the nation, except through prior approval from the Board of Investment. Limited companies can purchase land if the majority of shares are held by a Thai national.

Investigation efforts should extend beyond title deed holders and shareholders to uncover the real controlling figures, decision-makers, and ultimate beneficial owners, according to Anutin. Thailand remains open to honest, transparent foreign investments that adhere to Thai law and respect investment promotion regulations, he added.