Editorial
How to Check a Thai Condo Developer for Nominee Structures in 2026
By THAI.ESTATE Editorial Team13 min read
A nominee structure means a Thai national or Thai-registered company holds land or property title on behalf of a foreign national, who has the real beneficial interest. Thai law forbids foreigners from owning land directly under the Land Code. Nominee arrangements are a workaround, and they are illegal. If a developer's project company is built on one, you - the buyer - face title risk that no sales contract can fix.
Before you sign anything or pay a reservation fee, you need to check whether the company selling you a condominium unit has a clean ownership chain. The Thai government's October 2026 'Stop Nominee' crackdown, announced by the Prime Minister, identified 1,397 legal entities suspected of holding 2,360 plots worth approximately 14.01 billion baht through nominee arrangements (per the Thai Government Public Relations Department, October 2026). That figure tells you nominee structures exist across the market, including entities linked to development projects.
The practical checks below are what the THAI.ESTATE Editorial Team recommends before you pay anything. Some you can run from your home country. Others require a licensed Thai lawyer on the ground.
Quick answer
- Nominee risk is real and enforcement is active. The October 2026 'Stop Nominee' program targets investigations through December 2026 and beyond, with compulsory disposal orders possible for flagged entities.
- 6,533 foreign condo units were transferred in H1 2026 alone (per Real Estate Information Center data), meaning the market is large and not all projects have been screened.
- The project company's shareholder list is a public record at the Department of Business Development (DBD). You can access it online at no cost.
- A chanote (Nor Sor 4 Jor) is the only land title class that gives full legal protection. Check that the land under the project carries a chanote, not a lower-grade title.
- Red flags include a shareholder list with many individual Thai nationals holding very small equal stakes, frequent share transfers in the months before the project launched, and a beneficial owner that cannot be named or verified.
- A Thai property lawyer conducting full due diligence typically charges 15,000 to 50,000 baht (indicative market estimate, 2026). That fee is your first line of defence against a title problem that could cost you the entire purchase price.
Options and scenarios
How do I check the project company's shareholder structure?
Every Thai limited company must register with the Department of Business Development (DBD), which sits under the Ministry of Commerce. The DBD's online portal ('DBD e-Service') holds registered company details including the list of directors and shareholders, registered capital, and date of incorporation. You can search by company name in Thai or English and download a company affidavit.
What you are looking for:
- Shareholder concentration. A legitimate developer typically has a small number of institutional or family shareholders with meaningful stakes. Be cautious if you see dozens of individual Thai nationals each holding exactly 1,000 shares or equally distributed micro-stakes. That pattern can indicate nominees holding shares on behalf of a single foreign beneficial owner.
- Frequent recent transfers. If the share register shows many transfers in the six to twelve months before the project's launch, ask why. Restructuring before a launch can be legitimate, but it can also be a sign of clearing a nominee trail.
- Director nationality and company age. A company incorporated very recently with foreign-national directors and Thai nominee shareholders is a higher-risk profile. An established developer with a track record of completed projects and a stable shareholder structure over many years is lower risk.
The DBD portal is in Thai. You will need either Thai-language reading ability or a lawyer to interpret it correctly.
How do I verify the land title under the project?
The land under a condominium project must carry a chanote (Nor Sor 4 Jor, the full ownership certificate) for the title to be legally secure. Lower-grade documents such as Nor Sor 3 Gor or Sor Por Kor do not give full ownership rights and cannot be used as the basis for a legally registered condominium.
To verify land title:
- Ask the developer's sales team for the title deed number and the land office where it is registered. A legitimate developer will provide this without resistance.
- Have your lawyer attend the local Land Office (Samnak Ngan Thi Din) to inspect the original chanote and confirm that the project company is the registered owner, that no liens or mortgages encumber the land beyond disclosed construction financing, and that the land boundaries match the project site.
- Check the Land Office for any encumbrances. A mortgage in favour of a Thai bank is normal and usually means institutional financing is in place. A mortgage in favour of an unknown private company or individual is a red flag worth investigating.
You cannot verify land title remotely. This step requires a lawyer or trusted representative to physically visit the Land Office.
How do I check if the developer is under investigation or litigation?
The October 2026 'Stop Nominee' crackdown involves the Department of Lands, provincial governors, and coordinating agencies. The program emphasizes what officials describe as 'disregarding names, focusing on conduct' - meaning investigations follow beneficial ownership patterns, not just registered names (per the Thai Government Public Relations Department, October 2026).
Practical checks:
- Central Bankruptcy Court records. Thailand's Central Bankruptcy Court publishes lists of companies under rehabilitation or bankruptcy proceedings. Your lawyer can search these records.
- Civil court case searches. The Thai Courts of Justice system maintains some public case records. A lawyer can search by company name for pending civil disputes, which may include contractor claims, buyer complaints, or agency disputes.
- Land Department investigation lists. As of late 2026, the Department of Lands is actively publishing investigation lists related to the 'Stop Nominee' crackdown. Ask your lawyer to check whether the project company or its parent entity appears on any published watch lists.
- News and public records search. Search the company name in Thai (get the exact Thai name from the DBD affidavit) in Thai-language news sources. Complaints from previous buyers, construction halts, and regulatory actions are often reported.
How do I assess the developer's track record on completed projects?
Nominee-risk and financial-risk often travel together. A developer with a weak track record on previous projects is more likely to be cutting legal corners on ownership structure as well.
Ask the developer to provide a list of completed projects with addresses. Then:
- Visit or research those projects. Are they built, occupied, and managed? Search the project name in online mapping tools and in community forums where residents discuss building management.
- Ask for the juristic person registration of completed projects. A juristic person (niti bukhkhon) is the legal body established under the Condominium Act to manage a completed building. If completed projects have no registered juristic person, that is a sign of poor post-completion governance.
- Check the EIA (Environmental Impact Assessment) approval status for the current project. For buildings over certain size thresholds (typically over 10,000 square metres or 80 units, per Thailand's environmental law framework), an EIA is legally required before a building permit is issued. Ask for the EIA approval reference number and verify it with the Office of Natural Resources and Environmental Policy and Planning (ONEP). Selling units before EIA approval is a red flag.
- Check the building permit (or Condominium Act licence). Under the Condominium Act, the developer must hold a condominium licence issued by the provincial authorities before legally selling units. Ask for the licence number. If the developer cannot or will not provide it, do not pay.
What can I verify online versus what requires a lawyer?
Some checks are genuinely accessible from abroad. Others are not.
Online, without a lawyer:
- DBD company search: shareholder list, directors, registered capital, incorporation date
- ONEP EIA database: whether an EIA was approved for the project address
- Thai Courts of Justice public case search (limited, in Thai)
- General news search using the company's Thai registered name
Requires a lawyer or in-person representative:
- Physical inspection of the original chanote at the Land Office
- Checking encumbrances and mortgages on the title
- Verifying that the project company is the registered landowner (not a related entity)
- Searching the Department of Lands investigation lists related to the 'Stop Nominee' program
- Reviewing the actual condominium licence and building permit documents
- Examining the construction financing agreement (to confirm bank lending rather than pure buyer-instalment reliance)
Budget for legal due diligence of 15,000 to 50,000 baht as a baseline (indicative market estimate, 2026). For a purchase above 5 million baht, treat this as non-negotiable.
Comparison table
| Check | Can you do it remotely? | Source | Nominee-risk signal | Cost (indicative) |
|---|---|---|---|---|
| Shareholder list review | Yes, via DBD portal (Thai language) | Department of Business Development | Equal micro-stakes across many Thai nationals | Free |
| Land title class (chanote) | No - requires Land Office visit | Land Office (Samnak Ngan Thi Din) | Lower-grade title or title held by unrelated entity | Lawyer fee |
| Encumbrances and mortgages | No - requires Land Office visit | Land Office | Mortgage to unknown private entity | Lawyer fee |
| EIA approval status | Partial - ONEP database | Office of Natural Resources and Environmental Policy | No EIA on large project | Free |
| Building permit and condo licence | No - requires document inspection | Provincial authorities | Selling before permit issued | Lawyer fee |
| Bankruptcy and court records | Partial - some public records in Thai | Central Bankruptcy Court, Courts of Justice | Active proceedings against the company | Lawyer fee |
| Department of Lands watch list | No - requires coordination | Department of Lands (Stop Nominee program) | Company appears on 2026 investigation list | Lawyer fee |
| Completed-project track record | Partial - news and mapping tools | Public sources, community forums | No completed projects, no juristic person registered | Free |
Risks and mistakes
Paying before the condominium licence exists
Under the Condominium Act, a developer must hold a condominium licence before collecting payments beyond a reservation deposit. Some developers collect full down payments on pre-licence projects. If the licence is never granted - because the land title, EIA, or building permit has a problem - your payments are exposed. You would need to pursue civil litigation to recover funds, and recovery is not guaranteed.
Ignoring the shareholder structure because the sales office looks professional
Marketing quality has no relationship to legal compliance. The October 2026 'Stop Nominee' crackdown identified entities worth 14.01 billion baht (per the Thai Government Public Relations Department, October 2026) - these are not minor informal arrangements. A professional showroom does not clear a nominee shareholder structure.
Relying on the developer's own legal documents
Developers provide their own due-diligence packages. These are sales documents. They do not replace independent verification. Your lawyer works for you, not the developer.
Signing a contract with no delay penalty clause
Even if ownership structure is clean, construction delays are common. A contract without a defined penalty for delay (for example, a daily or monthly penalty as a percentage of the purchase price) leaves you without leverage. Thai law does allow contractual penalty clauses under the Civil and Commercial Code, but they must be written in explicitly.
Missing the 49 percent foreign quota
A Thai condominium can legally have foreign ownership of up to 49 percent of total floor area under the Condominium Act. If the foreign quota in a building is already full, you cannot take ownership of a unit in your own name regardless of the contract you signed. Verify the remaining foreign quota before paying anything. Ask for written confirmation from the juristic person or developer.
Assuming the 'Stop Nominee' crackdown only affects completed land holdings
The October 2026 program targets 13,088 entities and individuals for investigation (per the Thai Government Public Relations Department, October 2026). The investigation mandate runs through December 2026, but legal risk from nominee structures persists indefinitely. A compulsory disposal order on a project company's land holding would directly affect buyers in the project.
FAQ
What is a nominee structure in Thai property?
A nominee structure is an arrangement where a Thai national or Thai company holds legal title to land or a company stake on behalf of a foreign national who has the real financial interest. This is illegal under Thai law. In a development context, a nominee structure in the project company means the registered Thai shareholders are not the true owners of the business.
How many entities are under investigation in the 2026 Stop Nominee crackdown?
Per the Thai Government Public Relations Department in October 2026, the program identified 1,397 legal entities suspected of holding 2,360 plots worth approximately 14.01 billion baht through nominee arrangements. A wider group of 13,088 entities and individuals has been prioritised for investigation.
Can I check a Thai developer's shareholder list myself?
Yes, partially. The Department of Business Development (DBD) maintains an online portal with company affidavits. You can search by company name and download a list of directors and shareholders. The portal is primarily in Thai, so you will need language ability or a lawyer to interpret the results correctly.
What land title class should the project land carry?
The project land must carry a chanote (Nor Sor 4 Jor). This is the highest-grade title in Thailand and the only one that gives full legal ownership rights. A condominium cannot be registered on lower-grade titles. Verify the chanote status at the local Land Office through your lawyer.
What is the foreign ownership quota for Thai condominiums?
Under the Condominium Act, foreign nationals can collectively own up to 49 percent of a building's total floor area. If that quota is full, you cannot take legal title in your own name. Always confirm the remaining foreign quota in writing before paying.
What does a Thai property lawyer's due diligence typically cost?
As an indicative market estimate for 2026, full due diligence by a licensed Thai property lawyer typically costs between 15,000 and 50,000 baht, depending on the complexity of the title structure, the number of entities involved, and the location. For purchases above 5 million baht, this is a necessary cost.
What is an EIA and why does it matter for my purchase?
An Environmental Impact Assessment (EIA) is a government-mandated study required before construction can legally begin on projects above certain size thresholds. Under Thai environmental law, large condominium projects (typically over 10,000 square metres or 80 units) need EIA approval before a building permit is issued. If a developer is pre-selling without EIA approval, the project carries regulatory risk that could delay or block construction.
What is a juristic person in Thai condominium ownership?
A juristic person (niti bukhkhon) is the legal body established under the Condominium Act to manage a completed condominium building on behalf of all unit owners. It handles common fees, building maintenance, and compliance. If a developer's previous completed projects have no registered juristic person, that indicates poor post-completion governance and is a warning sign.
Are there escrow protections for my payments as a foreign buyer?
No. Thailand does not have escrow accounts for foreign real estate buyers in the traditional sense. The real protections are a payment schedule tied to verifiable construction milestones, a contractual delay penalty clause, and the developer's verified track record on previous projects. These must be written into your purchase agreement.
What is the single most important step before paying a reservation fee?
Request the DBD company affidavit and the land title deed number before paying anything. Have a licensed Thai lawyer review both documents. If the developer refuses to provide either, do not pay.
Planning a property purchase in Thailand? Send us your requirements - the THAI.ESTATE team will reply with specific options and a safety checklist for your case.