Thailand is tightening controls on foreigners who attempt to circumvent the ban on direct land ownership by using Thai nominee owners or specially created companies. Authorities are moving toward systematic inspections of land transactions, corporate structures, sources of financing, and actual control over real estate.
According to market operators, special inspection committees are being established in every province of the country, comprising representatives from land authorities, the police, the tax service, and other agencies. Their task is to identify schemes in which a foreign buyer effectively controls a land plot but formally registers it in the name of a Thai individual or a company with Thai shareholders.
Legal consultants in Thailand also note that starting in 2026, controls will be tightened regarding company registration and land transactions. The Department of Business Development requires confirmation of the actual source of funds and investment declarations when establishing or amending companies, while the Department of Land Resources cross-checks corporate data against land titles.
The focus is on so-called nominee structures, where Thai citizens or companies act as nominal owners of land on behalf of a foreigner. Thai law generally prohibits foreigners from directly owning land, although foreigners may own condominium units within established quotas, enter into long-term land leases, or own a building separately from the land.
The new checks will apply not only to future transactions but also to existing arrangements. Authorities intend to analyze the source of funds, the composition of shareholders, the family and business ties of the parties, the actual use of the land, as well as signs that the Thai nominee owner has no independent economic interest in the property.
For foreign buyers, this means a sharp increase in legal risks. The use of Thai nominee shareholders or fictitious structures may lead to criminal prosecution, liquidation of the company, forced sale of the land, and loss of control over the asset. Lawyers advise investors to review old ownership structures and bring them into compliance with the law in advance.
This is particularly important for Thailand’s real estate market amid growing foreign demand. In recent years, foreign buyers—including investors from Russia, China, Europe, and the Middle East—have shown strong interest in properties in Phuket, Bangkok, Pattaya, Samui, and other tourist destinations. Part of the demand has been for villas and land plots, where legal restrictions are significantly stricter than in the apartment segment.
Tighter controls could cool some villa and land transactions, especially if they were based on informal agreements with nominal owners. At the same time, this could increase demand for more transparent formats—such as purchasing condominium units within the foreign quota, long-term land leases, officially structured investments, and projects with legally verified ownership models.
A large Ukrainian manufacturer of corrugated cardboard and corrugated packaging, Galpack LLC (Zhydachiv, Lviv region) increased its stake in PJSC Rohan cardboard mill (RKF, Rohan, Kharkiv region) to 86.5325% from 43.266%.
As reported in the information disclosure system of the National Securities and Stock Market Commission, PJSC RKF received the relevant information from the depository on September 23.
According to the National Securities and Stock Market Commission, as of Q2 2020, in addition to Galpack LLC with 43.266% stake, among the major shareholders were Tetiana Chykhladze (19.2988%) and Vitaliy Tereshchenko (Kharkiv Regional Council deputy, Chairman of the board of the mill in 1998-2007) with a package of 26.5411%.
Founded in 1858, the Rohan cardboard mill produces roofing board (for roofing felt production), packaging cardboard (since 2020), as well as roll packaging for food and pharmaceutical industry. The products are almost entirely supplied to the domestic market.
GalPak LLC is a part of UGPS (Ukrainian Green Packaging Solutions) group of companies with a head office in Zhydachiv, which specializes in the production of containers, packaging, corrugated board, laminating, tape, stretch film and components for corrugated packaging.
UGPS has representative offices in Lviv, Kyiv, Uzhgorod, Odesa and Kharkiv, as well as in Radom (Poland).
Arunas Siksta, a citizen of Lithuania, has become the ultimate beneficiary owner of double liability company Guardian insurance company, the insurer has said in a press release. On September 24, 2019, the National Commission for Financial Service Markets Regulation of Ukraine in decree No. 1855 approved the acquisition of a substantial holding in Guardian insurer via indirect holding of 70% of shares of the charter capital of the financial institution.
Guardian has been working in the insurance market since 2007. It is a universal company that has 35 licenses issued by the National Commission for Financial Service Markets Regulation. The company has an extensive regional network and covers 21 regions of Ukraine.
Guardian is an associate member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the Ukrainian Association of Automobile Importers and Dealers (VAAID), a member of the League of Insurance Organizations of Ukraine (LIOU).
