Updated Rules: Land Department Tightens Controls on Company-Based Property Transfers

Currently, for cases of buying and selling houses under a company structure,
the Land Department has become much stricter with regulations.

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Just buying under a company name
with 51% Thai shareholders and 49% foreigners
may no longer be enough for ownership transfer.

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Officials will check whether:

1. This company has real business operations or not.

2. Verify that it’s not a company set up just for this purchase.

3. Examine the company’s balance sheet and investigate the financial sources of every director.

4. Registered capital or asset value in the company
   must be close to the value of the real estate being purchased.

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5. Summon Thai shareholders for questioning.

6. On the transfer day, all shareholders must be present in person. No power of attorney allowed.

7. The company name must not overly indicate any particular country, for example, “Wang Chao Ma Han Co., Ltd.”

8. If after ownership transfer,
   there is an improper change in shareholder structure
   or Thai shareholders withdraw,
   the asset will be held during investigation (if found non-transparent, it will be confiscated immediately).

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9. Some district land offices currently do not accept company-based transactions at all.

10. For agents involved in introducing the property, if there’s any dispute, they will also be called in for investigation.

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It has become much more difficult now.
P.S. Image from Matichon.

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