Connect with us

Economy

Reform urged for foreigners to invest or buy condos in Thailand

Published

 on 

PHOTO: Industry people are urging Thailand to simplify rules for foreigners to invest and buy condos. (via Fire in Thailand)

The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction.

He called for the money transfer procedures in particular to be revised as they can involve forcing condo buyers to transfer their money out of Thailand into their home currency and then back into Thailand again in order to show the required foreign exchange transaction to the Lands Department. For buyers who have businesses or families in Thailand, this is an unnecessary burden.

Most countries don’t care about money coming into their country, just money going out, so the vice-chairman suggested Thailand’s rules are overbearing. He also argued against the sentiment that Thai people consider foreign ownership of property in Thailand to be treasonous, though Thais can buy property overseas without the same stigma.

He stressed that Thais and foreign buyers are rarely in competition as the homes and locations desired by foreign pensioners are usually different to the desires of Thai buyers. In fact, a senior research fellow at the Thailand Development and Research Institute suggests that without foreign investment in the property sector the economy may struggle.

Skilled labour shortages, 1.5 trillion baht of debt, and slowing Thai population growth all hurt the housing market, but Thailand attracts foreigners like digital nomads seeking to relocate or pensioners seeking to retire in the country. Long-term foreigners pump money into the Thai economy, stimulate employment and invest in the country.

Thailand is aiming to generate 800 billion baht of investments from 80,000 rich pensioners and 10,000 other wealthy people, plus an additional 270 billion baht in taxes. The government’s overall plan has set its sights on bringing in 1 million foreigners, each of which is expected to spend 1 million baht per year to generate 1 trillion baht annually.

The plan is to set up a service centre for long-term residents to help them clear all the complexities and hurdles for foreigners to buy condos and invest in Thailand now. The research fellow suggested also increasing the amount of medical support available if Thailand is luring in many older foreigners. They expect the scheme to pick up in the first or second quarter of 2022.

SOURCE: Bangkok Post

For more information on Property Insurance, CLICK HERE

 

Get more from The Thaiger

Neill is a journalist from the United States with 10+ years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

Follow Thaiger by email:

Southeast Asia18 mins ago

North Korea aims to be world’s top nuclear power after missile test

Thailand42 mins ago

Naked Thai woman under influence of kratom rescued from Bang Pagong River

Teaching in Thailand1 hour ago

How to land an English teaching job in Thailand

Sponsored3 hours ago

What makes Tops Fine Food the ideal place to shop for premium food in Bangkok

Tourism1 hour ago

Cruise brings 600 tourists to Koh Samui

Politics2 hours ago

Bangladeshi-Burmese border conference offers model for Thailand

Press Room2 hours ago

BKFC Asia 4: The Big Bash announced for December 10

Join the conversation on the Thaiger Talk forums today!
Pattaya2 hours ago

Pattaya hotel thieves snatch valuables from Thai and Dutch tourists

Thailand2 hours ago

Thai gold necklace thief escapes arrest by swimming to Myanmar

China3 hours ago

People of China protest on streets over mainland’s zero-Covid policy

World3 hours ago

Iranian Kurdish football player arrested after speaking out

Tourism3 hours ago

Thailand’s monkey feast festival in Lopburi attracts raucous crowd

Travel3 hours ago

Eat, pray, sleep Bali-Style- how I escaped the box

Thailand4 hours ago

World Cup to be shown in Thai prison | GMT

Crime20 hours ago

Angry woman sets fire to her boyfriend’s Pattaya room

Thailand21 hours ago

Explore Thailand’s least visited city in the South!

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending