Andreas Richter (Senior Partner) and Che Zhe (Head of China Practice)
Thailand has long been a preferred destination for Chinese investors seeking holiday homes, retirement properties, and real estate investment opportunities. Popular destinations such as Phuket, Koh Samui, Pattaya, and Bangkok continue to attract significant foreign interest. However, recent enforcement actions by the Thai authorities highlight the importance of ensuring that property acquisitions and investment structures comply fully with Thai law.
Increased Government Scrutiny
The Thai government has significantly intensified its review of foreign business and property ownership structures. Recent investigations by Thailand’s Department of Business Development (DBD) have focused on companies operating in major tourism destinations, particularly Koh Samui and Koh Phangan.
According to publicly reported information, the DBD has identified thousands of businesses suspected of using unlawful nominee arrangements, especially in the real estate, tourism, and hospitality sectors.
These investigations form part of a broader governmental effort to enforce Thailand’s foreign ownership regulations and to combat the use of structures designed to circumvent legal restrictions.
What Is a Nominee Shareholding Arrangement?
Under Thai law, foreigners are generally restricted from owning land directly in Thailand. Furthermore, many business activities are subject to foreign ownership limitations under the Foreign Business Act.
To bypass these restrictions, some investors have historically established Thai companies in which Thai nationals hold a majority of the shares on paper, while the foreign investor provides all funding and exercises actual control over the company and its assets. Such arrangements are commonly referred to as “nominee structures.”
A nominee shareholder is typically a person who holds shares in name only, without having made a genuine investment or exercising independent shareholder rights. In many cases, the Thai shareholders have little or no financial capacity to support the shareholdings attributed to them.
Thai authorities regard such arrangements as unlawful because they effectively disguise foreign ownership and control while creating the appearance of compliance with Thai law.
Legal Risks for Investors
The risks associated with nominee arrangements are substantial.
If authorities determine that a company has been established using nominee shareholders, the company and the individuals involved may face investigations, administrative sanctions, criminal penalties, and orders requiring corrective action. Property transactions structured through unlawful nominee arrangements may also become subject to increased scrutiny.
In recent years, enforcement agencies have become increasingly sophisticated in examining corporate records, funding sources, shareholder relationships, voting rights, dividend arrangements, and other indicators of actual control.
As a result, investors should be cautious of any proposal suggesting that Thai nationals can simply “hold shares on behalf” of a foreign investor while the foreign investor retains effective control.
Legitimate Alternatives for Foreign Property Ownership
Fortunately, Thailand offers several lawful avenues for foreign investors seeking property ownership or long-term use rights.
1. Condominium Ownership
Foreigners may generally acquire condominium units on a freehold basis, provided that foreign ownership within the condominium project does not exceed the statutory foreign ownership quota.
For many foreign buyers, condominium ownership represents the most straightforward and legally secure method of acquiring real estate in Thailand.
2. Long-Term Leasehold Rights
Foreigners may enter into registered leases of land or villas for terms of up to 30 years. Such leases can provide long-term security of tenure and are widely used throughout Thailand.
While parties may agree to renewal options, investors should understand that future lease renewals are not automatically guaranteed under Thai law and generally require further action and cooperation at the time of renewal.
Accordingly, investors should be cautious when developers or sellers advertise arrangements purporting to guarantee uninterrupted ownership or occupation rights for 90 years or other extended periods through automatic renewals which are, according to recent Supreme Court judgments, legally not enforceable.
Enhanced Due Diligence Is Essential
The recent enforcement trend has led many foreign buyers to undertake more comprehensive due diligence before proceeding with transactions. Investors are increasingly requesting greater transparency regarding ownership structures, corporate records, land title documentation, and regulatory compliance.
This development is positive for the Thai property market, as it encourages higher standards of transparency and legal certainty.
Before purchasing property in Thailand or entering into a long -term lease, investors should obtain independent legal advice and conduct a thorough review of the proposed ownership structure. Particular attention should be paid to:
- The source of funds used by all shareholders;
- The legitimacy of any Thai shareholders involved in a corporate structure;
- Corporate governance arrangements and voting rights;
- Land title documentation and encumbrances;
- Lease registration requirements;
- Foreign ownership restrictions applicable to the transaction; and
- Tax and succession planning considerations.
Conclusion
Thailand remains an attractive and welcoming destination for foreign investment. However, the government’s recent enforcement efforts demonstrate that authorities are increasingly focused on ensuring compliance with foreign ownership laws and preventing the misuse of nominee arrangements.
For Chinese investors, the key takeaway is clear: avoid structures that rely on nominee shareholders and instead pursue legally compliant ownership or investment arrangements. Proper planning at the outset can significantly reduce legal risks and help ensure that your investment remains secure for the long term.
Professional legal advice should always be obtained before entering into any property acquisition or investment structure in Thailand.
泰国严打非法“代持股”行为：中国投资者需要了解
长期以来，泰国一直是中国投资者购买度假屋、养老住宅及房地产投资的重要目的地。普吉岛、苏梅岛、芭堤雅和曼谷等热门地区持续吸引着大量外国投资者。然而，泰国政府近期采取的一系列执法行动表明，投资者必须确保其房地产购买及相关投资架构完全符合泰国法律规定。
政府监管力度显著加强
近年来，泰国政府大幅加强了对外国投资及房地产持有架构的审查力度。泰国商务发展厅（Department of Business Development，简称 DBD）近期针对苏梅岛（Koh Samui）、帕岸岛（Koh Phangan）等主要旅游地区开展了专项调查，重点审查当地企业的股权及经营架构。
根据公开报道，DBD已发现数千家企业涉嫌采用了非法“代持股”结构，相关企业主要集中在房地产、旅游业及酒店行业。
这些调查属于泰国政府更大范围执法行动的一部分，目的在于严格执行外国人持股及投资相关法律，并打击利用各种架构规避法律限制的行为。
什么是“代持股”架构？
根据泰国法律规定，外国人原则上不得直接拥有泰国土地所有权。
此外，《外商经营法》（Foreign Business Act）对许多行业的外资持股比例亦设有严格限制。
为了绕过这些限制，一些外国投资者过去通常会设立泰国公司，由泰国籍人士在形式上持有多数股份，而外国投资者则负责全部出资，并实际控制公司及其资产。
这种安排通常被称为“代持股架构”（Nominee Structure）。
而所谓“代持股东”（Nominee Shareholder），通常是指仅在名义上持有股份的人士。这些人既未进行真实的出资，也不独立行使股东权利。在许多案例中，泰国股东实际上并没有足够的资金能力持有登记在其名下的大量股份。
泰国监管机构认为，这类安排实质上掩盖了外国投资者对企业的所有权和控制权，虽然表面上符合泰国法律要求，但实际上属于违法行为。
投资者面临的法律风险
代持股架构所面临的法律后果十分严重。
如果监管机构认定公司通过股东代持的方式设立，则公司及相关人员可能面临：
- 政府调查；
- 行政处罚；
- 刑事责任；
- 强制整改命令；以及
- 其他法律后果。
通过非法代持架构完成的相关房地产交易，也可能受到进一步审查。
近年来，执法机关在调查实际控制关系方面已变得越来越专业和成熟，其审查范围通常包括：
- 公司注册资料；
- 出资资金来源；
- 股东之间的关系；
- 表决权安排；
- 分红安排；
- 实际经营控制情况；
- 其他能够反映实际控制权归属的因素。
因此，投资者应当高度警惕任何声称：
“找几个泰国人代持股份就可以了，实际还是由外国人控制公司。” 的投资方案。
这种做法已成为泰国政府重点打击对象。
外国人合法持有房地产的替代方案
值得庆幸的是，泰国法律仍然为外国投资者提供了多种可以合法持有房地产或取得土地长期使用权的方式。
1. 公寓永久产权
外国人通常可以合法购买公寓并取得永久产权。通常只需满足一个重要条件：
整个公寓项目中的外国人持有比例不得超过法律规定的外国人持有配额。对于大多数外国买家而言，购买公寓仍然是最简单、最安全且法律风险最低的投资方式之一。
2. 长期租赁权
外国人可以依法签订并登记最长30年的土地或别墅租赁合同。这种长期租赁模式在泰国广泛应用，并能够为投资者提供较高程度的长期使用保障。
虽然合同双方可以约定到期续租，但投资者必须理解：根据泰国法律，未来续租并非到期自动生效，也不受到绝对保障。真实情况下的续租通常需要在续租期限届满时，由双方再次共同采取进一步法律程序完成。
因此，对于开发商或销售方宣传的：“90年产权”，“永久续租”，“自动续租90年”等方案，投资者应保持谨慎。根据泰国最高法院近年来的判例，自动续租条款本身并不具有强制执行效力。换言之，即便合同中写明自动续租，也未必能够得到法院支持。
前期尽职调查至关重要
近期执法趋势促使越来越多外国投资者在交易前进行更加深入的尽职调查。投资者目前普遍要求获取更透明的信息，包括：
- 股权架构；
- 公司登记资料；
- 土地权属文件；
- 合规情况；
- 税务安排等。
从长远来看，这一趋势有利于泰国房地产市场的发展，因为它能够提升市场透明度并增强法律确定性。
因此，我们建议，在购买泰国房地产或签订长期租赁协议前，投资者应当寻求独立的法律意见，并对交易架构进行全面审查，重点应当关注以下信息：
- 所有股东的资金来源；
- 公司架构中泰国股东的真实性及合法性；
- 公司治理安排及表决权机制；
- 土地权属文件及抵押、负担情况；
- 租赁登记要求；
- 适用于该交易的外国人持股限制；
- 税务筹划及继承安排。
结论
当前，泰国仍然是一个极具吸引力且欢迎外国投资的市场。然而，近期执法行动表明，泰国政府正日益重视外国人持股及投资合规问题，并持续打击利用代持股东规避法律限制的行为。
对于中国投资者而言，最重要的信息非常明确：暨不要依赖代持股架构进行投资，而应选择符合法律规定的持有和投资方式。同时，在投资初期进行合理规划，不仅能够显著降低法律风险，也有助于保障投资的长期安全性和稳定性。
最后，在泰国进行任何房地产收购或投资安排之前，我们强烈建议您首先获得专业律师的法律意见。
