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. But, of course, there’s always a catch.
Foreign buyers would be required to invest 40 million baht in Thailand for a period of 3 years in order 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 (that’s around 1,600 square metres, 0.16 hectare or .4 acre).
The 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, 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 which cost more than 3 million baht.
The Thai government clearly has their sights on wealthy foreigners with a new range of long term (10 year visas) and now this proposal 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 Thaiger
