Thailand's crackdown on a loophole that effectively bypasses its restrictions on land ownership by foreigners is causing prospective buyers to delay purchase decisions on luxury villas in resort destinations such as Phuket and Koh Samui, according to agents.
Bangkok has stepped up its scrutiny of business and property ownership in the country, with the Department of Business Development (DBD) flagging 11,426 companies on Koh Phangan and Koh Samui where foreigners hold stakes, accounting for nearly 68% of all registered firms on the two islands, which are districts in the southern Thai province of Surat Thani, according to local media reports.
