Bangkok, Thailand (PressExposure) September 19, 2009 -- /1888PressRelease/ BSA Law, a leading Thai law firm, is warning both Thai nominees and foreign land controllers to expect a crackdown on the use of nominees to control prime tourist land. The crackdown has been prompted by the revelation that up to 90% of prime tourism areas across the country is foreign controlled, through legal loopholes.
A Thai business law attorney from BSA Law, says that legal advice will be essential for both parties. "This is a very sensitive cultural issue in Thailand. If the government feels that the loopholes used for foreigners to control land in Thailand detract from the national interest, they will likely come down hard on the practice".
"Thai legal advice will be necessary for people to avoid possible large fines or even detainment", the attorney continued.
The prime tourist areas being investigated by investment officials include: â¢Phuket â¢Chiang Mai â¢Rayong â¢Pattaya â¢Hua Hin â¢Koh Phangan â¢Koh Samui
There are some well-recognized legal exceptions to the prohibition on foreign land ownership in Thailand, including the following named by the attorney:
â¢Foreign companies may own land for the purposes of conducting an approved business activity â¢Foreigners may own a condominium provided that the total Area of the condominium units owned by foreigners does not exceed 49% of the total usable area of the condominium."
The law firm in Thailand has advised caution in basing decisions on media sources, saying that Thai laws are often reported as being in effect despite not having been officially passed.