Foreigners might be able to own land in Thailand, but there’s a few catches
Foreigners might be able to own land in Thailand. The proposal is being drafted by the Thai Interior Ministry which would allow foreigners to own up to 1 rai of land (around 1,600 square metres, .16 hectare or .4 acre).
But, yes, there’s a catch. Foreign buyers would be required to invest 40 million baht in Thailand for 3 years to be eligible for land ownership. Despite the up-front barrier, Thai politicians believe the proposal will help stimulate foreign ownership of property in Thailand.
The other catch is the limitation of the size of land that would be available to a foreign buyer – only 1 rai.
Deputy Interior Minister Nipon Boonyamanee says the proposal will now go to Cabinet for discussion and approval.
He says that, particularly the areas foreigners tend to visit or live – Bangkok, Samut Prakan, Chonburi (Pattaya), Phuket, and Chiang Mai – would be the major beneficiaries of the move.
He noted that, compared to other countries, the cost of property in Thailand “is not high” and that the proposal would help to stimulate the economy.
As an additional incentive, the ministry is hoping to reduce transfer and mortgage fees to 0.01% for properties that cost more than 3 million baht.
The Thai government clearly has its sites on wealthy foreigners with a new range of long term (10 year visas) and now this proposal is to allow foreign ownership of land, albeit with a steep entry price.
Earlier, the Board of Investment of Thailand announced that applications for its new Long-Term Resident visa will open from September 1.
“The 10 year visa aims to attract foreigners of “high potential” to live and work in Thailand.”
The BOI claims the new LTR visas will “make living in Thailand long term easier and less bureaucratic”.
SOURCE: Hua Hin Today
