I’ve seen countless expats go through the same maze you’ll soon be facing, so let me give you the practical realities in the simplest terms I possibly can. Aliens still cannot own Thai land in their own names, and the state is cracking down on the ‘nominee’ work-arounds. Phuket’s been the centre of some high-profile inquiries in the past, with the Ministry of Commerce and the BOI publicly prosecuting companies which use Thai paper shareholders.
Form a true Thai company. You are allowed to own up to a maximum of forty-nine percent of the shares, there must be at least one true Thai partner (typically multiple ones in the majority). The company can buy the land, but is required to meet Foreign Business Act requirements and show genuine business activity, payroll tax, social security for the staff, proper bookkeeping, annual audit, etc. If the inspectors find out your Thai partners are paper tigers, the land is liable to be confiscated and the directors prosecuted.
Apply for BOI promotion. Tourism-related projects that bring significant foreign currency or promote “creative economy” activities sometimes qualify for full foreign ownership of the business, and, under the December 2024 BOI notification, limited land ownership for office and residential use is now possible. BOI status also streamlines work-permit and visa processes, but the bar is high: you must hit minimum-investment thresholds, present a solid business plan, and file quarterly reports.
Take a long-term lease plus a right of superficies. The usual structure is a 30-year lease, with one or two renewals written in, paired with a registered superficies so you legally own the buildings you erect. It gives you effective control for 60–90 years without violating land-ownership rules, and it is widely accepted by Thai banks and courts if drafted correctly. Talk to someone like Sebastien H. Brousseau. He knows property law.
Instead of buying raw land, buy a resort-style condominium project. You can own the units in full and then lease them to an operating company if your model is able to function like serviced apartments with common facilities. It bypasses restrictions on the land but is restricted to projects where the foreign quotient (forty-nine percent of saleable area) is still available.
Avoid the "small events on the side" until you comprehend licensing. Even an evening of a DJ can invoke hotel-plus-entertainment licences, liquor licenses, neighborhood noise curfews, and excise-tax registration. Neighbors object; police show up. Budget for the eventualities.
Work-permit and visa fundamentals. You must have a non-immigrant “B” visa (or BOI sponsorship category) first, prior to the issuance of a work permit. You cannot convert a retirement visa to a work permit. You must display two Thai workers for every foreign if you are the spouse of Thai national; otherwise four. The workers must be on social security and must be paid minimum of the area minimum wage. Include an estimate of 120 000 THB in the cost of government fees, legal drafting, and accounting to establish the compliant company, secure the visa, and grant yourself a one-year work permit. Renewals on an annual basis cost approximately half of the foregoing if your books are in order.
How are the other foreigners doing it? The honest ones are doing some variation of the options outlined above. The unscrupulous ones are still utilizing nominee structures, but the heat is so intense that what once constituted “customary practice” five years ago now attracts hefty penalties in the form of fines, deportation, and asset forfeiture. If somebody tells you “everybody does it” without bringing up up-to-date legal opinions, do you think to yourself. "goodbye"?
Action plan. Use some of your funds to do a comprehensive feasibility study through a Thai lawyer or good legal advisor like I suggested. Perhaps even a tax advisor. Chart the figures for each structure. startup cost, yearly compliance, exit strategy. When you have your preferred path, fix the land through a conditional reservation agreement while your team does due diligence over title, zoning, environmental laws. Good luck turning that six-figure fortune into a restaurant that is approved by inspectors and lets you fret over creating an unparalleled experience for the guests.