Phuket has 77 of 1,932 Thai firms flagged for nominee checks

Thailand’s Department of Business Development has identified 77 companies in Phuket among 1,932 nationwide as being at high risk of using illegal nominee arrangements to bypass foreign ownership laws, according to a report published on 11 November 2026.

The department is examining companies in which foreign nationals who have acquired Thai citizenship hold shares or serve as directors alongside foreign investors. The businesses are concentrated in sectors including real estate, construction and restaurants.

The 77 Phuket companies form part of 637 high-risk businesses located in tourism provinces and other areas outside Bangkok and surrounding provinces. Chonburi had the largest number in that group, with 347, followed by Chiang Mai with 75, Rayong with 73 and Surat Thani with 40.

Nationwide, 1,932 companies were identified as high risk after an analysis found 12,421 foreign nationals who had acquired Thai citizenship serving as shareholders or directors in 16,504 active limited companies. Of the high-risk companies, 1,768 had foreign shareholdings of between 0.01% and 49.99%, while 164 had 100% Thai shareholding.

The Department of Business Development is coordinating with law enforcement agencies to conduct detailed, on-site inspections. If investigations establish that naturalised Thai citizens committed offences by acting as nominees, they could face penalties under the relevant laws and have their Thai citizenship revoked.