Cabinet agrees to let foreigners buy land and houses in Thailand

[reader]

from the Thaiger

A major decision was made today by Thailand’s Cabinet which will allow foreigners to buy houses and land in Thailand. The foreigner will be eligible to buy houses and land if they invest at least 40 million baht in Thailand and can maintain the investment over three years, according to Bangkok Biz News.

The land purchased cannot be bigger than 1 rai (1600sqm) under Section 63 of the Land Act.

The new law will come into effect one month after its publication in the Royal Gazette, which will be “soon,” said the Cabinet. The initiative will be effective for five years.

The proposal was put forward by the Ministry of Interior earlier this year to pull foreign investment into the kingdom.

Wealthy foreigners can buy houses and land up to one rai if they invest in any of the following…

1. Bonds issued by the Thai government, the Bank of Thailand, state enterprises, or the Ministry of Finance.
2. Real estate mutual funds or infrastructure mutual funds, or mutual funds to rehabilitate debts of financial institutions under the Securities and Exchange Act.
3. Real estate investment trusts under the Legal Problems of The Trust for Transactions in the Capital Market Act.
4. Capital stock of a juristic person under the Investment Promotion Act.
5. continues at
6. https://thethaiger.com/news/national/cabinet-agrees-to-let-foreigners-buy-land-and-houses-in-thailand
7. Activities or companies operating under the Board of Investment (BOI).

[Boy69]

It's ridiculous proposal it's targeting only rich people who are able to invest min. one million dollars in the Thai economy and this rich people don't need it anyway because they already had legal ways to get around the restrictions on owning property in Thailand. 

[fedssocr]

so, will not apply to most foreigners who are interested in buying property in Thailand

[PeterRS]

Given the huge amounts invested in real estate in Hong Kong and Singapore by wealthy Chinese, I suspect this change in the law is aimed primarily at that market.

[reader]

File under TIT.

From Thai PBS World

Seek to withdraw foreign land ownership 

The government appears ready to do a U-turn on its plan to allow foreign land ownership in Thailand for residential purposes, following widespread opposition to the policy, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said today (Monday).

Interior Minister Anupong Paochinda is expected to ask the cabinet to withdraw the ministerial edict, approved by the cabinet on October 25th, allowing qualified foreigners to buy 0.16 hectares of land, on the condition that they must invest at least 40 million baht for at least three years.

To qualify to own land in Bangkok, Pattaya, other municipalities and other areas specified by law, the foreigners must also be wealthy global citizens, wealthy pensioners, those who want to work from Thailand or highly-skilled.

Supattanapong said that the edict is currently pending with the Council of State, to “fine-tune” wording, adding that the foreign landownership plan is just an “option”.

If there are still people who feel uncomfortable with this plan, he said that the government, for the time being, will have to withdraw the edict for reconsideration and take time to clarify the matter to the people.

He also said that the government will have to explain to foreigners why the plan has to be withdrawn.

[scott456]

I am not interested in buying properties in Thailand.

[Boy69]

If you want to find love in Thailand rent one and the same is applicable for property there. 

[Patanawet]

Already u-turned.

[Gaybutton]

The proposal has been withdrawn, but unless you are independently wealthy you wouldn't have been eligible anyway.

The one issue that remains, and I think has a good chance of approval, is increasing the maximum time for rental contract validity from 30 years to 50 years.  I think many of us who are getting on in years would prefer to rent rather than buy at this stage of the game.  I know renting is my preference.