Across Thailand, foreign owners of villas, houses, land and hotels have woken to a new reality. More than 20 Thai government agencies, including the Department of Special Investigation, the Royal Thai Police and the Land Department, are investigating thousands of companies suspected of using Thai nationals as nominee shareholders to get around the Foreign Business Act. Authorities have flagged around 2,200 companies holding property worth around 85 billion baht.
The total number of companies involved is thought to be much higher. Arrests have been made, and both foreign investors and their Thai nominees may face criminal prosecution, asset seizure and forced sales. For many owners who bought in good faith, often with the advice of Thai law firms, the result has been fear, confusion and a flood of conflicting and sometimes dangerous advice.
The crackdown is aimed at real problems, including money laundering and abuse of Thailand's land laws. But it raises hard questions that deserve a public hearing.
Why is this happening now, and why with such force? Could this have been handled in a way that went after criminal networks without punishing ordinary homeowners and retirees?
Does it damage Thailand's reputation as a destination for foreign property investment at a time when developers are sitting on a large overhang of unsold units?
And, most urgently, what can owners actually do to protect themselves and their families while staying within the law? Can a market-led solution restore confidence, protect owners and keep foreign investment flowing into Thailand?
Four of the country’s most experienced property figures will try and answer these questions. They are part of Better than Freehold, a legal structure designed to help existing owners wind down their nominee companies and move into secure, registered leaseholds that can be renewed by contract and passed on to heirs. This also gives new buyers a compliant way to invest.
Andrew Moore FPFS, CDir, is a British financial services professional and property investment specialist with more than 35 years’ experience in UK financial services, building businesses and property investment. He is a chartered financial planner and chartered director whose work focuses on financial structuring, governance and asset-backed investment. Over the past two decades he has developed several major real estate projects on Koh Samui. He is the creator of Better than Freehold, and its principal trust officer, which helps existing owners dissolve their nominee companies and restructure into leases, and helps new buyers invest in Thailand legally.
Pokpong Yindeepol has more than 40 years’ experience in the Thai property sector. He was senior advisor and director of Real Estate & Corporate Services at AIA Thailand, managing major corporate developments there, including the AIA East Gateway project. He has wide experience in corporate management and real estate asset administration across Thailand’s insurance and commercial property sectors.
Suphin Mechuchep is CEO and a director of Primo Service Solutions, which started providing property services in January. She has more than 30 years’ experience in Thai real estate and was for many years managing director and chairperson of JLL Thailand, a leading global real estate consultancy. Suphin chairs the PropertyGuru Thailand Property Awards, which recognize excellence in the Thai market. She is widely regarded as one of the country’s most influential property figures, having led major commercial deals and asset management strategies for decades.
Spencer Roberts is co-founder and CEO of Better Than Freehold. He has had 38+ years in corporate real estate and property investment, with 32 years based in Asia. Former country CEO for CBRE and JLL (Asia). He leads the executive team and platform commercial rollout across Thailand and the wider region.
Moderator: Raine Grady, formerly Nine News Australia correspondent and head of Capital Television Group.
For more information visit: betterthanfreehold.com
