Bangkok: The Andaman Sea: The Andaman Sea, particularly Krabi province, is a gem sought after by tourists worldwide. However, behind its beauty lies a network of over 400 registered foreign companies suspected of being nominees. Recently, it was discovered that these companies have developed even more sophisticated methods of concealment, enabling them to seize prime land on Koh Po, valued at over 2 billion baht. Follow this special report, presented as the first installment.
According to Thai News Agency, these foreign companies are leveraging nominees to create an intricate web of ownership, allowing them to acquire land in prime locations. The use of nominees in land acquisitions is a method where local entities or individuals hold land titles on behalf of foreign investors, circumventing local laws that restrict foreign ownership of land. This practice has raised concerns among local authorities and communities who fear the long-term impacts on the region's development and local economy.
The report highlights the challenges faced by local authorities in regulating foreign land ownership and the complexities involved in identifying nominee arrangements. The increasing sophistication of these companies in masking ownership details makes it difficult for regulators to enforce existing laws effectively. This situation calls for a closer examination of legal frameworks and the implementation of more stringent measures to ensure compliance with land ownership regulations in Thailand.