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Thailand Considers Law Revisions to Attract Foreign Real Estate Investment
Picture courtesy: Kapook Thailand is actively considering changes to its real estate laws to encourage foreign investment, as outlined by Finance Minister Pichai Chunhavajira. The potential amendments aim to revise the "rights over leasehold assets" laws, offering more attractive lease agreements that could bolster the nation's economy. This initiative is part of a broader strategy to draw foreign investors, improving Thailand's economic growth, which has been sluggish and hampered by increasing household debt. The real estate industry is crucial to Thailand's economy, influencing various related sectors. As domestic purchasing power diminishes, the government led by Paetongtarn Shinawatra, aims to adopt ideas from previous administrations to allow foreigners to invest in Thai real estate. Current Thai laws restrict foreign ownership of land, presenting a political challenge. Thaksin Shinawatra, a key figure in the governing party, previously suggested that land sold to foreigners should first transfer to state management under the Treasury Department. This proposal would let foreigners lease the land for up to 99 years, keeping land ownership with the state after lease expiry. Implementing such measures would require amendments to existing state land laws. To further entice foreign investment, there's a move to extend lease terms from the current maximum of 30 years to 99 years. This extension could make investments more appealing. In April 2023, the cabinet directed ministries to explore these longer lease terms, and by June, tasked the Interior Ministry with advancing these proposals. Thailand's 2019 Rights Over Leasehold Assets Act currently allows lease terms from 3 to 30 years. These rights enable the transfer and use of property as collateral, yet the law hasn't been fully utilised or integrated into the market as intended. Revised laws could better define and expand these leasehold rights, aligning them more closely with international standards and encouraging real estate investment. In comparison, countries like England, Wales, France, and Cambodia have their own special lease laws, allowing long-term leases and granting tenants greater rights. These models provide insights for Thailand as it seeks to modernise its approach to leasehold real estate, making it a more competitive and attractive market for international investors, reported Bangkok Post. -- 2024-11-16 -
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Thailand Looks to Bolster Suvarnabhumi Airport as Southeast Asia's Top Transit Hub
Thailand giving Heinz a run for their money -
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Thai Police to Benefit from Increased Allowances in New Fiscal Directive
It might be hard to believe but Thai police officers have to pay for basic equipment out of their own pockets. Thai police officers must purchase uniforms, firearms, transceivers, handcuffs and even motorcycles if required for duty. No wonder they don’t want to go out and do their job. 800 baht a month for allowance? Just petrol would cost more than that. Plus the government should be providing a decent salary and give them the essentials for their jobs. All they get is an housing allowance and government hospital insurance. I’d be setting up some roadside helmet and seatbelt stops as well for some pocket money. You get what you pay for. -
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Thailand Cracks Down on Foreigners Using Thai Nominees
Hope this includes Cinese nationals. -
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Mother Finds 16 Year-Old Daughter Allegedly Working at Bar in Pattaya
Call it "East Pattaya" then. -
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What is Trump really trying to tell us in his latest speech?
Everyone in the Administration and in the legacy media, right up until ten minutes into the debate. And anyone that said he wasn't called a liar.
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