News Forum - Government urged to simplify measures for foreign property ownership

[Thaiger]

Thailand’s government is being urged to simplify measures for foreigners who want to buy property. Such things as money transfers and more medical staff are among the measures that are being scrutinised as too stringent. The vice-chairman of the Board of Trade of Thailand, Atip Bijanonda, says these obstacles are making it hard for foreigners to buy condos. Thus, the goals of boosting the economy through foreign property ownership may not be realistic if many potential wealthy pensioners are being put off by the complicated buying process. “To get a condo transfer, foreigners are required to transfer money from overseas […]

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[Bob20]

Whilst I agree with an amount of protectionism to avoid situations like in western countries, where for instance Russians have bought-up complete luxury areas, you can not have the wish for a certain type of visitor while at the same time create prohibitive rules for them.

Just for example, limit private property to only one in number and stipulate that it must be for your own use. Automatically extend your extension of stay and do away with 90-day reporting. And as you've invested in property and live there, don't ask for investment in bonds as well.

I bet there would be a lot of movement in the real estate market immediately and they'd actually reap the benefits, rather than drewl over thought-up numbers that will never materialise.

[AlexPTY]

there is a good policy in Philippines. if you want long term stay visa, you can put $20K on your "special" account and get your "special" visa. You can use this money buy property. it's called Special Resident Retiree's Visa (SRRV)

[Thommo]

2 hours ago, AlexPTY said:

there is a good policy in Philippines. if you want long term stay visa, you can put $20K on your "special" account and get your "special" visa. You can use this money buy property. it's called Special Resident Retiree's Visa (SRRV)

Although I work here in Thailand and are very close to retiring I think Philippines may be the place for me   no BS 90 day reporting for one

[Griff1315]

2 hours ago, Bob20 said:

Whilst I agree with an amount of protectionism to avoid situations like in western countries, where for instance Russians have bought-up complete luxury areas, you can not have the wish for a certain type of visitor while at the same time create prohibitive rules for them.

Just for example, limit private property to only one in number and stipulate that it must be for your own use. Automatically extend your extension of stay and do away with 90-day reporting. And as you've invested in property and live there, don't ask for investment in bonds as well.

I bet there would be a lot of movement in the real estate market immediately and they'd actually reap the benefits, rather than drewl over thought-up numbers that will never materialise.

I thought your portfolio was as Deputy health minister. Making sence over property ownership is a side line?

[Bob20]

2 minutes ago, Griff1315 said:

I thought your portfolio was as Deputy health minister. Making sence over property ownership is a side line?

Government money never sleeps

[Bob20]

3 hours ago, Thommo said:

Although I work here in Thailand and are very close to retiring I think Philippines may be the place for me   no BS 90 day reporting for one

I looked at property on Boracay 8 years ago. Glad I didn't do it with the political situation since and closure of the whole island for prolonged periods of time even before Covid. And don't forget the annual typhoons. Big advantage is that everyone speaks English though.

[Stonker]

8 hours ago, Thaiger said:

With a goal of attracting 1 million of these buyers, the government expects a 1 trillion baht contribution per year from this sector. Breaking down that number equals out to about 1 million baht per head.

So that's at least ten times as many as there are here now, spending much the same each or more.

Hmmm .....

I wonder where they'd all live ...

8 hours ago, Thaiger said:

800 billion baht of that investment is being attributed to around 10,000 wealthy, global citizens and 80,000 wealthy pensioners.

So that's roughly the same number of "global citizens" and "pensioners" that there are here now, but all spending ten times as much.

More hmmm .....

[Stonker]

7 hours ago, AlexPTY said:

there is a good policy in Philippines. if you want long term stay visa, you can put $20K on your "special" account and get your "special" visa. You can use this money buy property. it's called Special Resident Retiree's Visa (SRRV)

That means buying a property for 600,000 baht would get you a 'Special Resident Retirees Visa' ... I'm sure that'd be very popular here, but I don't think that's quite the crowd Thailand's trying to attract.

[Stonker]

8 hours ago, Thaiger said:

Another 270 billion baht, roughly, is expected to come from taxes.

270 billion in taxes, even spread over a million people, is 270,000 baht in tax each per year.

If most are retirees or earning abroad (untaxed), that's maybe a million baht each "expected" from the rest in tax every year.

Much more hmmm .....

[HiuMak]

17 hours ago, Thommo said:

Although I work here in Thailand and are very close to retiring I think Philippines may be the place for me   no BS 90 day reporting for one

I rather do the 90 days reporting and have better safety in Thailand.

[Thommo]

On 11/6/2021 at 8:15 AM, HiuMak said:

I rather do the 90 days reporting and have better safety in Thailand.

I have been to Phil maybe 15 + times   never had a personel safety issue but granted I think you need to be more aware. And of course the diving is much better there :)

Edited November 8, 2021 by Thommo

[HiuMak]

If you roam out of makati and manila or surround, you gotta be careful, especially if you are a farang.

I am perhaps have similar experience with you been visiting Philippines about 15-20 times but each time never stayed longer than 2 weeks. Mosts times within Manila or nearby suburbs. I have never encountered any issues.

I have a friend who works in the Philippines in Manila. Always has his driver cum bodyguard with him. He was telling me once he veered out to the deep south and was almost kidnapped. A grown man and strong. He wiggled his way out with his bodyguard and both got back to makati safe.