BANGKOK, THAILAND – Thailand’s Department of Business Development announced a sweeping 2026 crackdown on more than 21,000 suspected cases in which foreigners were believed to hold land and property through nominees.
DBD targets suspected proxy land holdings
The Department of Business Development (DBD) planned to investigate 21,459 suspected nominee arrangements in the property sector, along with 4,554 additional high-risk companies nationwide, according to director-general Poonpong Naiyanapakorn. The focus was on structures in which foreign investors used Thai shareholders only on paper to circumvent legal restrictions on land ownership.
The agency also moved more aggressively against so-called corporate mule accounts, company shells used solely as vehicles for financial transactions.
Technology-driven enforcement push
“We will significantly strengthen enforcement already at the stage of company registration,”
said Poonpong Naiyanapakorn, DBD director-general.
He said technology would be used to better link ownership structures, financial statements and data on high-risk individuals to detect illegal activities more quickly. The DBD set clear priorities for 2026 inspections, centring on foreign direct investment, real estate project development, agricultural land and residential property.
Tourism hotspots under scrutiny
Key target areas included Phuket, Pattaya, Chiang Mai, Surat Thani, Prachuap Khiri Khan and the greater Bangkok region, all provinces facing strong tourism and property pressures. Poonpong reported that foreigners from Russia, Israel, Europe, India and China increasingly sought to acquire land through nominees.
“This practice can undermine confidence in the investment climate,”
said Poonpong Naiyanapakorn, DBD director-general.
Since early January, more than 200 suspected mule-account cases involving low-income individuals had been identified, with further action under way.
Fewer new firms, many closures in 2025
In 2025, 85,251 new companies were registered nationwide, a decline of 2.68% from the previous year, while 22,783 firms were closed, 3.78% fewer than in 2024. December 2025 brought a mixed picture: 5,187 new registrations marked a 6.61% drop from November but an 18.51% rise year-on-year.
Company closures in December rose to 6,112, up 145% compared with the previous month. Registered capital for December stood at 13.39 billion baht, nearly 10% below November and more than 41% lower than a year earlier.
Sectors with strongest growth
Business-support services saw the sharpest expansion, with growth of 194.21%. Hotels and resorts increased by 48.73%, while transport and logistics rose by 29.70%.
Given an incomplete economic recovery and external risks, the DBD expected only 80,000 to 85,000 new business registrations in 2026.
Record foreign investment approvals
Under the Foreign Business Act, 1,078 foreign business cases were approved in 2025, with investment of 324.15 billion baht, the highest value in five years. The number of approvals rose by 13%, while investment value increased by 42%.
By project count, Japan led with 186 ventures, followed by Singapore with 167, China with 152, the United States with 148 and Hong Kong with 113. By value, Singapore ranked first with 103.4 billion baht, ahead of Japan with 85.7 billion baht.
Eastern Economic Corridor draws major share
In the Eastern Economic Corridor (EEC), 313 projects were approved, equal to 29% of all foreign investments, with a total volume of 106.46 billion baht. The corridor remained one of the country’s most strategically important investment zones.
The DBD’s nominee and shell-company campaign was intended to complement this inflow by tightening oversight of high-risk structures linked to land and corporate ownership.
Close cooperation with investigators
In 2025, the DBD worked with 17 agencies and reviewed 46,918 high-risk companies in six sectors, including tourism, real estate, logistics, agriculture and construction. Checks in twelve provinces during the last three months of the year led to 11 cases being forwarded to the Economic Crime Suppression Division.
A total of 357 legal entities were referred to the Anti-Money Laundering Office (AMLO), and 3,634 cases were sent to the Revenue Department for further tax review. The newly announced 2026 campaign aimed to build on this approach and uncover proxy structures in Thailand’s property and corporate sectors more systematically.