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SUMMARY
Yes. Buying a villa in Thailand is riskier for foreigners now, especially when the deal relies on nominee shareholders, guaranteed-looking lease renewals, or short-term rental income that may require a hotel licence.
The underlying restriction on foreign land ownership has not suddenly changed. The bigger shift is that authorities are looking more closely at who really funds, controls and benefits from Thai companies used in property transactions.
That makes the gap between a genuine Thai company and a nominee structure much more important than the nominal 51/49 share split. A company that only works if nobody checks the bank transfers or the Thai shareholders is much harder to defend today.
Leasehold is still a real route, but buyers should value the registered 30-year term as the core right. Supreme Court Decision No. 4655/2566 makes it much harder to treat a pre-arranged 30+30+30 package as if it were a secure 90-year interest.
Registered superficies can improve the structure because it can separate ownership of the villa building from ownership of the land. It does not create foreign freehold, but it can make the buyer's actual rights clearer and easier to defend.
Phuket adds a second layer of risk because the villa market has slowed sharply. Krungsri reported 475 villa sales in 2025, down 69.6%, while remaining supply rose to 2,043 units and the estimated sell-through period stretched to roughly 50 months.
That weaker liquidity changes the economics of legal mistakes. A buyer with a poor lease, questionable company structure or ageing lease term can no longer assume a strong resale market will provide an easy exit.
Off-plan buyers face more moving parts at the same time: future lease registration, future building rights, future common areas, construction execution and developer financing. A slow sales market makes those dependencies more uncomfortable, especially for projects relying heavily on continued reservations.
Rental projections also deserve a harder look. A villa can sit in a strong tourism market and still fail to support the advertised nightly-rental model if the property cannot legally operate in the way the forecast assumes.
The cleanest foreign-buyer structures are the ones that openly accept Thailand's land restrictions: a registered lease, properly documented building rights, and where appropriate a registered superficies. The risk rises quickly when the deal depends on passive Thai nominees, unregistered promises or future lease periods being sold as already guaranteed.
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Is Thailand actually making villa purchases riskier for foreigners now?
Yes. Buying a villa in Thailand is currently riskier for foreigners who rely on nominee companies, aggressive lease-renewal promises or rental income that assumes the property can operate like a hotel.
The underlying land law has not suddenly changed. Foreign individuals have long faced tight restrictions on owning Thai land directly. What has changed is how much confidence a buyer can place in some of the workarounds that became common during the villa boom.
Thai authorities are now looking much harder at companies that appear Thai on paper while being financed or controlled by foreigners. The Department of Special Investigation and Department of Business Development have recently coordinated investigations in major resort markets and explicitly said the campaign against nominee structures would extend beyond individual tourist destinations.
Leasehold buyers have another problem. Supreme Court Decision No. 4655/2566 made it much harder to treat a 30+30+30 arrangement as if it were a secure 90-year property right. The court found that two pre-agreed additional 30-year periods in the case before it were designed to bypass the statutory 30-year limit and were void.
Meanwhile, Phuket's villa market is much slower than during the boom. Krungsri Research's latest Phuket outlook shows villa sales falling 69.6% in 2025 while remaining supply rose 56.4%. That makes a bad structure harder to escape through an easy resale.
So yes, the risk has moved higher, but very unevenly. A clean registered lease with properly secured rights is in a completely different category from a villa whose supposed ownership depends on Thai shareholders acting as placeholders.
| Villa structure | Position today | Main risk | Our view |
|---|---|---|---|
| Registered land lease | Clearly established route | Limited duration | Reasonable |
| Lease plus registered superficies | Recognised structure | Documentation must be right | Strong option |
| Genuine Thai operating company | Possible | Scrutiny of control and funding | Case-dependent |
| Thai nominee company | Illegal | Enforcement and unwinding | Very high risk |
| Direct foreign land ownership | Generally restricted | Transaction may be invalid outside narrow exceptions | Very high risk |
What has changed in Thailand's foreign-property crackdown?
The big change is that Thai authorities are increasingly checking who really owns and controls property companies rather than accepting the shareholder register at face value.
That makes a meaningful difference for villa buyers.
A company can show 51% Thai ownership and 49% foreign ownership while still attracting investigation if the economic reality tells another story. Officials can look at who provided the money, whether the Thai shareholders actually paid for their shares, who manages the company, where the revenue goes and whether those Thai shareholders have any genuine role.
This has become especially visible in Thailand's resort markets.
The DSI and DBD recently announced intensified nominee investigations in Koh Samui and Koh Pha-ngan and said they were preparing broader enforcement. Officials cited 11,426 companies with foreign participation across the two islands, around 68% of registered companies there. That figure does not mean those businesses are illegal. It shows why the authorities see enough foreign exposure to justify systematic checks.
Phuket has seen the same approach. Recent government operations have combined checks on hotel licences, construction permissions, company ownership and possible nominee arrangements. These are increasingly field investigations rather than warnings issued from Bangkok.
For a foreign villa buyer today, a structure that works only if nobody asks where the money came from is much harder to defend than it used to be.
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Can foreigners legally own villas in Thailand today?
Yes, foreigners can legally own important rights connected to a Thai villa, but they generally still cannot buy the underlying land in their personal name.
That distinction causes much of the confusion around Thai villas.
A foreign buyer may own a building separately from the land in the right circumstances. The buyer can also register a lease over the land and may use rights such as superficies or usufruct depending on the transaction. These structures can give substantial control and long-term use without pretending that the foreigner owns Thai land outright.
There is also a narrow legal route for direct residential land ownership under Section 96 bis of the Land Code. Government investment guidance describes requirements including at least 40 million baht of qualifying investment, ministerial approval and a land limit of one rai in specified areas. For ordinary overseas villa buyers, that is clearly an exception rather than the standard solution.
This is why the word "ownership" needs to be unpacked whenever a Thai villa is marketed to foreigners.
A buyer who owns the building and holds a registered 30-year land lease has a real asset and real legal rights. A buyer who is told that Thai shareholders will technically own the land while the foreigner "really owns everything" is being offered something very different.
| What the foreign buyer gets | Usually possible? | Main limitation |
|---|---|---|
| Thai land in personal name | Generally no | Narrow statutory exceptions |
| Villa building | Potentially yes | Rights over the land still matter |
| Registered land lease | Yes | Normally up to 30 years per lease |
| Registered superficies | Yes | Must be correctly created and registered |
| Usufruct | Yes | Different succession and transfer characteristics |
| Foreign-quota condominium | Yes | Does not solve villa-land ownership |
Is using a Thai company to buy a villa becoming too risky?
Using a genuine Thai company can still work, but creating a Thai company mainly to hide foreign control of villa land is now one of the weakest ways to buy.
The distinction between those two cases is much more important than the company name or the shareholder percentages.
A genuine Thai business may own land while having foreign shareholders, provided the company complies with Thai law and the Thai shareholders are real investors rather than stand-ins.
Nominee structures are different. Thai shareholders may appear on the documents while contributing little or no money, exercising no genuine control and existing mainly so the company can satisfy Thai ownership requirements.
These arrangements have never been legally safe. Lately, they are getting much more attention.
Recent government operations have specifically looked for patterns such as Thai shareholders holding 51% only on paper, foreigners running the entire business, shares moving back toward foreigners and revenues going directly to the foreign controllers.
That makes funding particularly important. If a lightly capitalised company suddenly owns an expensive villa and the Thai shareholders could never realistically have financed their stake, investigators have an obvious question to ask.
Foreign buyers should stop treating "everyone does it through a company" as meaningful reassurance. The useful question now is whether the company would still look legitimate after an authority reviewed its bank transfers, shareholders and actual decision-making.
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Is a 30-year villa lease still safe for foreigners?
Yes. A properly registered 30-year Thai villa lease remains a credible way for a foreigner to secure long-term use of land.
The danger starts when the first 30 years are marketed as something much longer.
Thailand's Civil and Commercial Code caps a conventional lease of immovable property at 30 years for one term. The parties can enter into another lease later, but today's contract cannot simply manufacture another 60 guaranteed years and make them legally equivalent to the first registered term.
For the buyer, that difference can be worth millions of baht.
A villa with a registered 30-year land right can be valued around those 30 years. A villa sold at a premium because the buyer thinks he has effectively secured 90 years needs much closer scrutiny.
The registered lease also needs to be distinguished from side promises. Important rights should normally appear in a form that can actually be registered and verified rather than living only in a sales agreement or letter of undertaking.
A 30-year lease can therefore be perfectly reasonable. Paying for 90 years while securely receiving 30 is where the economics become much harder to defend.
Did Thailand's Supreme Court effectively kill 30+30+30 villa leases?
For the classic version of the scheme, the Supreme Court decision is a serious blow: buyers should no longer treat a pre-arranged 30+30+30 lease as a guaranteed 90-year right.
Supreme Court Decision No. 4655/2566 involved an initial 30-year lease together with promises made on the same occasion for two further 30-year periods.
The additional 60 years had effectively been agreed in advance and paid for. The court found that the arrangement showed an intention to circumvent Section 540 of the Civil and Commercial Code, which limits leases of immovable property to 30 years per term. The promises covering those future periods were therefore void.
This ruling is particularly relevant to resort property because 30+30+30 language has been used heavily in marketing to foreign buyers.
Another lease could still be signed in the future. Thai law allows a new lease after the first one expires.
The problem is paying today on the assumption that the future owner will already be legally compelled to deliver two more decades-long terms because a package of documents was signed at the beginning.
That is a much shakier proposition now.
| Lease promise | How we would value it |
|---|---|
| Registered first 30 years | Core property right |
| Unregistered long lease | Much weaker |
| Future renewal negotiated later | Possible |
| Automatic 30+30+30 agreed upfront | High legal risk |
| Sales claim of "90-year leasehold" | Needs very close scrutiny |
| Separate registered supporting rights | Potentially valuable if correctly drafted |
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Can superficies make buying a Thai villa safer?
Yes. A registered superficies can make a foreign villa purchase much cleaner because it can separate ownership of the building from ownership of the land.
That solves a very practical problem.
Under Thai law, superficies can give someone the right to own buildings or structures on land belonging to another person. A foreign buyer may therefore lease the land while separately securing stronger rights over the villa itself.
This usually gives the transaction a more coherent legal foundation than trying to recreate foreign land ownership through nominal Thai shareholders.
The wording still matters. Buyers need to know how long the right lasts, what happens when the land lease ends, whether the right passes to heirs, whether it covers an existing building and what happens on termination.
Superficies does not turn Thai leasehold into foreign freehold. It can, however, make the buyer's actual rights much easier to identify and defend.
Is Phuket villa property getting more dangerous for foreign buyers?
Phuket currently deserves more caution because legal scrutiny is rising while villa liquidity has deteriorated sharply.
The two trends reinforce each other.
Phuket has one of Thailand's deepest foreign villa markets, particularly around Bang Tao, Cherng Talay, Surin, Kamala, Rawai and other resort zones. That brought an enormous development wave after the pandemic and also made the island an obvious place for authorities to investigate nominee structures and unlicensed businesses.
Government enforcement has remained active lately. Phuket officials have inspected hotels and other establishments for licences, construction compliance and shareholder structures, while national agencies continue to examine possible nominee ownership.
At the same time, the villa boom has cooled.
Krungsri Research's latest market work puts 2025 Phuket villa sales at 475 units, down 69.6% from 2024. Remaining villa supply reached 2,043 units, up 56.4%, and the monthly absorption rate dropped from 6.3% to 1.8%.
At that selling pace, Krungsri estimated roughly 50 months would be needed to clear the stock, compared with about 10 months previously.
That is an enormous swing in negotiating power. Buyers now have far more reason to walk away from questionable structures because another project is likely available.
CBRE's latest first-half figures also show that development has not disappeared. Sixteen villa projects launched 224 units, with the 15-35 million baht segment still accounting for the largest share.
Phuket has therefore moved from "buy quickly before the stock disappears" toward a market where legal quality and developer strength should carry much more weight.
| Phuket villa measure | 2024 | 2025 / latest comparable reading | Change |
|---|---|---|---|
| Villa sales | About 1,563 units implied | 475 units | -69.6% |
| Remaining villa supply | About 1,306 units implied | 2,043 units | +56.4% |
| Monthly absorption | 6.3% | 1.8% | Sharp fall |
| Estimated clearance time | About 10 months | About 50 months | 5x longer |
| H1 2026 new villa launches | — | 224 units | New supply still coming |
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Does the weaker Phuket villa market make foreign ownership risk worse?
Yes. The softer Phuket villa market makes legal mistakes more expensive because buyers can no longer assume that a quick resale will rescue a bad purchase.
This is where market risk and ownership risk meet.
During the strongest part of the villa boom, rapidly rising demand could hide a lot of weaknesses. A buyer who disliked a developer, realised a lease was less attractive than expected or simply changed plans had a decent chance of finding another buyer in an expanding market.
Current inventory changes that calculation.
With sales down sharply and around 50 months of villa stock implied by Krungsri's recent absorption numbers, resale buyers have many more alternatives. They can compare a second-hand leasehold villa with fresh projects offering a brand-new lease term.
That is especially painful for older leasehold properties. A villa with 26 years remaining competes differently from one with 12 years left. The building might be equally attractive, but the legal life attached to the land has shortened.
As seen above, Phuket's absorption rate has fallen from 6.3% to 1.8%. Buyers should therefore be much more conservative about the idea that any villa can be sold easily if the legal structure later becomes uncomfortable.
Are off-plan villas riskier for foreigners in Thailand now?
Yes. Off-plan Thai villas currently combine three separate risks: foreign ownership structure, developer execution and a much slower sales market.
Completed property gives a buyer several things to inspect before committing. We can see the actual building, confirm whether the access exists, examine the neighbourhood, compare construction with permits and investigate whatever rights have already been registered.
With an off-plan villa, much of that still exists only on paper.
The buyer may be relying on a future lease registration, future building ownership, future common areas, future roads, promised management services and construction that may still be funded partly by continuing sales.
That last point deserves more attention now because the Phuket market has slowed so sharply.
Krungsri found that developers cut new villa launches by 60.6% in 2025 after the previous year's surge. That looks like a market trying to digest existing stock rather than one where every new launch is being absorbed quickly.
CBRE still counted 224 new villas launched during the latest first half, so credible developers clearly remain active. But buyers should care much more about who already owns the land, how construction is financed, what approvals are in place and what happens if sales stop before the project finishes.
A polished show villa cannot answer those questions.
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Can foreign villa owners still rely on Airbnb income in Thailand?
Foreign villa buyers should be much more careful about assuming that nightly Airbnb-style rentals will legally support the advertised investment return.
Thailand has recently been enforcing hotel-licensing rules more actively in Phuket.
One government operation in Karon and Rawai found properties taking short-stay bookings through online platforms while operating without the required hotel licences. Authorities said similar enforcement would continue in Phuket and other tourism destinations.
The campaign has continued. More recent Phuket inspections have checked hotel licences alongside construction compliance and possible nominee arrangements, and the government has been pushing unlicensed properties either toward compliance or enforcement.
That can completely change a villa investment model.
A 20-million-baht villa producing a projected 2 million baht a year from nightly stays appears to generate a 10% gross yield. If that operation cannot legally run in the form assumed by the sales agent, the relevant comparison may instead be the income available from lawful longer-term rentals.
Phuket tourism is still large enough to produce strong accommodation demand. The question buyers need answered is much narrower: can this particular villa legally capture tourist demand on the rental schedule used in the financial projection?
Is Thailand about to introduce 99-year villa leases for foreigners?
No. Foreign villa buyers should currently assume that the standard residential lease framework has not been replaced by a general 99-year regime.
Longer lease periods have been debated repeatedly.
The government previously asked agencies to study changes that included extending property leases to as much as 99 years and increasing the foreign condominium ownership quota. Those ideas attracted huge attention because they would have materially changed how foreigners could approach Thai property.
The earlier 99-year plan did not become the standard residential regime.
Property groups continue to push for longer leases, including proposals around 60 years. The fact that lobbying is still necessary tells us where the law stands today.
A buyer can hope that Thailand becomes more liberal later. The purchase price should still be based on the rights that can actually be secured and registered now.
| Idea discussed | What buyers sometimes assume | What we would assume today |
|---|---|---|
| 99-year residential lease | Long leases are about to become standard | No |
| 60-year lease proposals | Reform is imminent | Still uncertain |
| Higher foreign condo quota | Foreign land rules are being removed | No |
| Current registered lease | Can automatically become 90 years | No |
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Is a villa easier to resell if a foreigner bought it legally?
Yes, but even a legally sound foreign villa can become harder to resell as its lease gets shorter.
This is one of the biggest economic weaknesses of leasehold villas.
A freehold condominium can generally be resold as the same type of ownership interest, subject to the building's foreign quota and transfer rules. A villa sitting on leased land gradually loses remaining lease duration.
A buyer receiving 29 years of land use is buying something economically different from a buyer receiving 10.
That difference becomes more visible when developers are still launching new projects. A resale villa with a short remaining term may be competing against a new villa offering close to a full 30-year registered lease.
Location, construction quality, rental income and renewal prospects can offset some of that disadvantage, but the remaining legal term needs to be priced explicitly.
The current Phuket slowdown makes this tougher because buyers can afford to be picky. A weak resale structure no longer gets carried as easily by a shortage of alternatives.
What should foreigners check before paying a Thai villa deposit?
Before paying a Thai villa deposit today, a foreign buyer should be able to trace the land, the building, the money and the legal right to use both.
Start with the land itself. The title, title history, mortgages, encumbrances, boundaries and legal access need independent verification. A beautiful villa with uncertain road access or a problematic title is still a problematic property.
Then check what the foreign buyer will actually receive. If the transaction is leasehold, the registered term and renewal wording matter. If ownership of the building is separate from the land, that separation should be legally documented. If superficies or usufruct is part of the structure, confirm exactly how and when it will be registered.
Company-owned property needs another layer of work. Buyers should understand who the Thai shareholders are, whether they genuinely funded their shares, what the company actually does and who controls the company in practice.
Off-plan buyers also need evidence that the developer controls the land, has the relevant permissions and can finish the project without depending on endless new reservations.
Rental investors should separately check whether the property can lawfully operate on the short-term model used in the sales forecast.
None of these checks is exotic anymore. They are the difference between knowing what was purchased and discovering it after the deposit has already left the account.
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Which villa ownership structure is safest for foreigners in Thailand now?
For most foreign buyers today, the cleaner structures are the ones that openly accept Thailand's land restrictions and secure strong registered rights around them.
A registered land lease is relatively easy to understand. Adding a properly drafted and registered superficies can strengthen the buyer's position over the building.
A genuine Thai company can also own land, but we would only be comfortable where the Thai ownership, capital and business purpose are real. The increased nominee enforcement makes artificial shareholder arrangements particularly unattractive now.
A Thai spouse can legally own land as well, but that means the Thai spouse owns the land. Foreign spouses should understand that clearly rather than treating marriage as an indirect foreign freehold structure. Registered rights may still be useful depending on inheritance, divorce and estate-planning needs.
The weakest arrangements are increasingly obvious: passive Thai nominees, unregistered promises, automatic multi-decade renewals presented as guaranteed ownership and rental projections that depend on unlicensed hotel activity.
| Structure | Clarity of foreigner's rights | Main weakness | Risk today |
|---|---|---|---|
| Registered lease | High | Finite term | Moderate |
| Lease + superficies | High | More drafting and registration work | Moderate |
| Thai spouse ownership | Clear | Foreigner does not own land | Situation-dependent |
| Genuine Thai company | Medium to high | Must withstand corporate scrutiny | Moderate to high |
| Nominee company | Poor | Potentially illegal | Very high |
| 30+30+30 sold as guaranteed 90 years | Poor | Future periods may be void | Very high |
So, is buying a villa in Thailand riskier for foreigners now?
Yes, moderately overall and dramatically so for buyers using the weakest ownership structures.
Thailand has not suddenly turned against legitimate foreign villa buyers. What has changed is the amount of room available for pretending that a weak structure is almost as good as ownership.
Nominee-company investigations are more active. The Supreme Court has made the classic pre-arranged 30+30+30 model much harder to defend. Phuket authorities are checking accommodation licences and company structures more aggressively. At the same time, the villa market has gone from exceptionally fast absorption to roughly 50 months of inventory at the recent sales pace.
Those changes all hit the same kind of buyer: someone paying a premium today because he assumes inconvenient legal details will somehow sort themselves out later.
A foreigner buying through a clean registered lease, with strong title due diligence, properly documented building rights and a developer capable of finishing the project can still make a perfectly defensible purchase.
The risk jumps when the transaction depends on Thai shareholders who contributed no real money, 60 future years that are treated as already guaranteed, or nightly rental income that assumes the villa can operate like a hotel without checking whether it legally can.
That is the clearest answer today. Thai villas have not become broadly unsafe for foreigners. Weak foreign villa structures have become much harder to justify.
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OUR METHODOLOGY
This analysis tests whether buying a villa in Thailand is becoming riskier for foreigners by separating four things that are often mixed together: the underlying land rules, enforcement of nominee structures, the enforceability of long lease promises, and the market conditions that determine how costly a bad structure can become.
We treated existing law separately from changes in enforcement. The Department of Lands and Thailand Board of Investment guidance were used for the basic foreign-land framework, the narrow Section 96 bis route, ownership of buildings on leased land, and the distinction between a Thai spouse owning land and a foreign spouse acquiring it indirectly.
For company structures, we prioritized the Department of Special Investigation and Department of Business Development. Recent DSI operations in Koh Samui, Koh Pha-ngan and other tourist markets show that authorities are looking at funding, shareholder reality and actual control rather than relying only on the nominal shareholder register. The DBD's 2025 Foreign Business Annual Report and nominee-screening material were used to understand the risk factors authorities themselves are checking.
For leasehold, we treated the registered first 30-year term differently from promises about future renewals. Chambers and Partners' Thailand Real Estate 2026 guide was used for the current legal framework around leases and superficies and for its analysis of Supreme Court Judgment No. 4655/2566, which materially weakens the classic pre-arranged 30+30+30 structure.
Phuket was used as the main market stress test because it combines heavy foreign-villa exposure with current data on launches, sales, remaining supply and absorption. Krungsri Research supplied the 2025 villa sales, inventory and sell-through figures, while CBRE Thailand supplied the latest first-half launch data.
We also treated rental legality as a separate operating risk rather than assuming tourism demand automatically translates into legal nightly-rental income. Recent Royal Thai Government and Government Public Relations Department inspections in Phuket were used to track enforcement around hotel licences, building compliance and suspected nominee arrangements.
The conclusion is based on convergence rather than a single statistic. A legal structure became more concerning when it was exposed simultaneously to tougher enforcement, weaker contractual protection or a slower resale market.
Key sources used for this analysis include: the Department of Special Investigation on the nominee crackdown in Koh Samui and Koh Pha-ngan, the DSI on suspected nominee landholding structures, the Department of Business Development's Foreign Business Annual Report 2025, the Department of Lands on Section 96 bis, the Thailand Board of Investment on property and land rules, Chambers and Partners on Thailand real estate law and Supreme Court Judgment No. 4655/2566, Krungsri Research's Phuket Housing Industry Outlook 2026, CBRE Thailand's Phuket Overall Figures H1 2026, the Royal Thai Government on Phuket hotel and nominee enforcement, and the Government Public Relations Department on the proposed 99-year lease framework.
Buying real estate in Thailand can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
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Fact-checked and reviewed by our local expert
Attaya Suriyawonghae 🇹🇭
Real Estate Broker, Zest Real Estate
