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…
Bonds issued by the Thai government, the Bank of Thailand, state enterprises, or the Ministry of Finance.
Real estate mutual funds or infrastructure mutual funds, or mutual funds to rehabilitate debts of financial institutions under the Securities and Exchange Act.
Real estate investment trusts under the Legal Problems of The Trust for Transactions in the Capital Market Act.
Capital stock of a juristic person under the Investment Promotion Act.
Activities or companies operating under the Board of Investment (BOI).
The foreign investor may buy houses and/or land in Bangkok, Pattaya, or another “residential area” under Thailand’s town-planning laws.
Foreign investors are not permitted to purchase land or houses in military zones.
The land/house must be used for personal use and “must not violate the morals, customs or way of life in the local community.”
To apply to buy houses or land, the foreigner must submit an application to the Director-General of the Land Department who will seek approval from the Ministry of Interior.
Once the application is approved, the investor must inform the local land department within 60 days.
If the buyer withdraws their investment, they must inform officials within 60 days.
Foreigners are only eligible to buy one rai of land once. The limit will apply even if the investor sells parts of or all of the land.
The initiative hopes to attract wealthy expats, retirees, digital nomads and people with special expertise.
(Source: – The Thaiger)