Support sought for bill to curb foreign land grabbers in Phuket and throughout Thailand PHUKET: The Office of the Ombudsman is seeking support for a law to prevent foreigners illegally owning land via nominees. - See more at: http://www.thephuketnews.com/support-sought-for-bill-to-curb-foreign-land-grabbers-in-phuket-and-throughout-Thailand-41479.php#sthash.PIX55tjR.dpuf
The legislation was discussed yesterday (August 19) at a seminar organised by the Office of the Ombudsman, which wants to push the bill through for scrutiny by Parliament. The 40-section bill targets foreigners illegally holding land in Thailand, their legal consultants and their nominees. Foreigners holding land plots in Thailand illegally would face five to 20 years in prison and/or a fine of B500,000 to B2 million, while the consultants would face two-thirds of whatever penalties are imposed on the wrongdoers. Under the bill, a committee to investigate “hidden” transactions would be set up. One provision in the draft allows those found to be holding Thai property illegally to transfer the plots to legitimate entities within one year to avoid being punished. Ombudsman Siracha Charoenpanij said the proposed law aims to close loopholes being exploited by foreigners. Mr Siracha became the centre of a heated debate in March last year when he claimed that foreigners owned 30 per cent of all the land in Thailand. Currently, foreigners may “own” land through a number of channels such as registering a limited company with 51:49 Thai-foreign ownership, or by putting the land in the name of a Thai spouse.“We must bring to account the foreigners, Thai nominees and legal advisers,” he said. - See more at: http://www.thephuketnews.com/support-sought-for-bill-to-curb-foreign-land-grabbers-in-phuket-and-throughout-Thailand-41479.php#sthash.PIX55tjR.dpuf
