Legal Risk Prevention for Foreign Investors in Real Estate (Nominee Structures)外國投資者不動產投資的法律風險防範（代名結構）
- 8小时前
- 讀畢需時 3 分鐘
· 實質重於形式原則
· 潔淨之手原則與缺乏法定受害人地位
· 避免在土地交易中使用隱蔽的代名結構
· The Principle of Substance over Form
· Clean Hands Doctrine and Lack of De Jure Injured Person Status
· Avoidance of Concealed Nominee Structures in Land Trading
對於外國投資者而言，利用隱蔽的代名結構在泰國獲取土地是一種常見但極具高法律風險的做法。最高法院第 2252/2560 號判決凸顯了這一嚴重風險。在此案中，一家外國法人與泰籍被告共同投資設立一家泰國公司，以進行土地開發。形式上，1.29億泰銖之土地購置資金全數由該外國法人提供。當泰國董事實施欺詐行為，該外國法人遂提起刑事告訴。
最高法院適用「實質重於形式原則」作出裁決，揭開公司面紗以審查真實的資金來源。由於主要資本來自外籍人士，法院認定該外國法人為實際的土地交易業務經營者。由於《外商營商法》嚴格禁止外國人從事土地交易，該外國投資者的行為自始即屬違法。因此，法院裁定其並非「法律上受害人」並駁回案件，使其最終無任何法律救濟途徑。
為了避免喪失法律保護並面臨刑事責任，外國投資者必須放棄高風險的代名結構，並利用合法的法律框架進行房地產投資：
(a) 避免使用隱蔽的代名結構： 透過泰國人頭從事受禁業務（如土地交易）將剝奪您的「法律上受害人」地位，這意味著如果被泰國合夥人欺詐，您將無法起訴。
(b) 利用合法的國家投資促進政策： 申請 BOI 投資促進或在 IEAT 園區內投資，這些機制合法允許外國法人為授權業務擁有土地。
(c) 確保資本結構之一致性： 確保合資企業的泰國合夥人具有與其持股比例相符之真實財務能力，避免註冊資本與實際資金存在不一致情形。
(d) 利用長期租賃權： 透過辦理土地長期租賃登記（最長 30 年）以獲得受法律保護的「物權」，而非以非法方式取得土地所有權。
(e) 區分交易目的之法律性質： 應確保投資目的具備合法性；例如，個人住宅購置與被嚴格禁止的商業土地交易在法律影響上有著本質的區別。
For foreign investors, utilizing a concealed nominee structure to acquire land in Thailand is a common but highly risky practice. Supreme Court Judgment No. 2252/2560 highlights this severe risk. In this case, a foreign juristic person co-invested with Thai defendants to establish a Thai company for land development. On paper, the foreign entity held shares worth only 700,000 Baht, but in reality, fully funded the 129-million-Baht land purchase. When the Thai directors committed fraud, the foreign entity filed criminal charges.
The Supreme Court ruled by applying the "Principle of Substance over Form," piercing the corporate veil to examine the true source of funds. Since the substantial capital originated from the foreign national, the Court deemed the foreign entity as the actual land trading business operator. Because land trading is strictly prohibited for foreigners under the Foreign Business Act, the foreign investor's act was illegal from the inception. Consequently, the Court ruled they were not a "de jure injured person" and dismissed the case, leaving them with no legal recourse.
To avoid losing legal protection and facing criminal liabilities, foreign investors must abandon high-risk nominee structures and utilize legitimate legal frameworks for real estate investment:
(a) Avoidance of Concealed Nominee Structures: Operating prohibited businesses (like land trading) through Thai fronts strips you of "de jure injured person" status, meaning you cannot sue if defrauded by your Thai partners.
(b) Utilization of Legitimate State Promotions: Apply for BOI promotions or invest within IEAT zones, which legally permit foreign entities to own land for authorized operations.
(c) Alignment of Capital Structure: Ensure Joint Ventures are with genuine Thai partners whose financial capabilities match their shareholding, avoiding discrepancies between registered capital and actual funds.
(d) Utilization of Long-Term Leasehold Rights: Register a long-term land lease (up to 30 years) to secure a legally protected "real right" (in rem) instead of illegally acquiring freehold ownership.
(e) Distinguishing Transaction Objectives: Ensure the investment intent is legally sound; personal residence acquisition has different legal implications compared to strictly prohibit commercial land trading.
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