Legal Risk Prevention for Foreign Investors in Real Estate(Sham Loan Agreements and Nominee Structures)外國投資者房地產投資的法律風險防範（虛假貸款協議與代名結構）
The Invalidity of Concealed Transactions (Sham Loans)
Strict Enforcement of the Land Code
Protection of Jointly Acquired Assets and Marital Property
隱蔽交易（虛假貸款）的無效性
嚴格執行土地法
共同取得財產與婚姻財產的保護
For foreign nationals, using a loan agreement to secure real estate purchased under a Thai spouse or partner's name is a common strategy to circumvent Thai land ownership laws. Supreme Court Judgment No. 1523/2565 illustrates the critical failure of this method. In this case, a Swedish national and his Thai partner jointly earned money abroad. The foreigner transferred funds to buy land and a house in Thailand under the Thai partner's name. To maintain control over the asset, the foreigner had the Thai partner sign a 2.4 million Baht loan agreement, kept the title deeds, and registered a right of superficies (surface rights) without remuneration.
對於外籍人士而言，利用貸款協議來擔保以泰籍配偶或伴侶名義購買的房地產，是規避泰國土地所有權法律的常見策略。最高法院第 1523/2565 號判決說明了這種方法的嚴重失敗。在此案件中，一名瑞典籍人士及其泰籍伴侶在海外共同賺取收入。該外籍人士將資金轉入泰國，以泰籍伴侶的名義購買土地和房屋。為了保持對資產的控制權，外籍人士要求泰籍伴侶簽署了一份 240 萬泰銖的貸款協議，扣留了地契，並登記無償地上權。
The Supreme Court ruled that the loan agreement was a "concealed transaction" (sham transaction) intended to hide the true nature of the act: appointing the Thai partner as a nominee to hold land for an alien, which violates the Land Code. Consequently, the loan agreement was deemed completely void under Section 155 of the Civil and Commercial Code. The foreign plaintiff could not sue to recover the 2.4 million Baht based on this fake loan. However, because the funds were proven to be jointly earned prior to their official legal marriage, the Court recognized the foreigner's right as a "co-owner" of the property. Nevertheless, claiming those rights requires a separate legal proceeding under property laws and is subject to the Land Code's strict regulations on the disposal of land illegally acquired by foreigners.
最高法院裁定，該貸款協議屬於「隱蔽交易」（虛假交易），旨在掩蓋行為的真實性質：指定泰籍伴侶作為借名登記人為外籍人士持有土地，這違反了土地法。因此，根據《民商法》第 155 條，該貸款協議被視為完全無效。外籍原告無法基於這份虛假貸款起訴追討 240 萬泰銖。然而，由於證明這些資金是兩人在正式合法結婚前共同賺取的，法院承認了外籍人士作為該財產「共有人」的權利。儘管如此，主張這些權利需要根據財產法進行獨立的法律程序，並受土地法關於處分外國人違法取得土地的嚴格規定所限制。
To protect their assets and ensure legal compliance when acquiring real estate with a Thai spouse or partner, foreign investors must abandon these legally flawed loopholes and adopt the following preventive measures:
為了在與泰籍配偶或伴侶購置房地產時保護自身資產並確保合法合規，外國投資者必須放棄這些存在法律缺陷的漏洞，並採取以下預防措施：
Avoid Fake Loan Agreements: Do not use fictitious loan contracts to control property. The Thai courts will pierce through these arrangements, identifying them as void sham transactions, thereby stripping you of any contractual enforcement rights to claim your money back.
避免使用虛假貸款協議： 切勿使用虛假的貸款契約來控制財產。泰國法院會識破這些安排，將其認定為無效的隱蔽交易，從而剝奪您依約追討款項的任何契約執行權。
Clarify Asset Ownership and Source of Funds: Clarify documents the source of funds. If funds are jointly earned or transferred to a spouse, rely on the legal protections of co-ownership or marital assets (Sin Somros) under Thai family law, rather than fabricating commercial debt.
釐清資產所有權與資金來源： 清楚記錄資金來源。如果資金是共同賺取的或是轉給配偶的，應依賴泰國家事法下共有權利或婚姻財產（Sin Somros）的法律保護，而不是捏造商業債務。
Strict Compliance with the Land Code: Never attempt to bypass the Land Code by appointing a Thai national as an agent (nominee) to buy land on your behalf. This is illegal and exposes the property to forced sale by the state under Section 94 of the Land Code.
嚴格遵守《土地法》： 切勿試圖透過指定泰國國民作為代理人（借名登記人）代您購買土地來規避土地法。這是非法的，並會導致該房地產面臨被國家依《土地法》第 94 條強制出售的風險。
Register Legitimate Rights Correctly: Instead of using under table agreements, utilize legally recognized methods such as registering a Right of Superficies or Usufruct properly for their intended legal purpose—the actual use of the land—not as a disguised control mechanism alongside fake loans.
正確登記合法權利： 不要使用私下協議，而應利用法律認可的方法，例如正確登記「地上權」或「用益物權」，並出於其法定的真實目的（即土地的實際使用），而不是將其與虛假貸款結合作為偽裝的控制機制。
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