Thai govt considers allowing foreigners to more easily buy/own property

[mikebell]

20 hours ago, Mr Meeseeks said:

Interesting, would be good to own some land and houses here in my own name if allowed post-covid.

The article said it would be a temporary measure, so if you seize the opportunity & then they shut the door do you lose the land?

In any case this is pie-in-the-skyland.  There's too many Thai audit companies doing the books for the company-house owning scam + too many lawyers making an easy living setting up these companies with Thai shareholders (51%).  They NEVER tell you that if the proverbial hits the fan all shareholders (especially the farang 49%er) could go to jail.  It cost me my house.

[SymS]

20 hours ago, webfact said:

The plan now is to drop that threshold down to properties between 10 million and 15 million baht. 

 

This would only apply to property in housing estates and even then foreigners could only buy 49% of property in any one estate.

 

Why limit this to housing estates? What is the rational behind it? I'd love to buy a house in the countryside where such developments may not be available.

 

It's also funny (to me) they talk about a second home, I don't own a house anywhere, that would be my first...

[Mr Meeseeks]

Not allowing foreigners ownership, especially of land, is a source of national pride.

 

Lyrics to the Thai National Anthem (note the second line):

 

Thailand unites the flesh and blood of Thais.
The land of Thailand belongs to the Thais.
Long has been our independence,
Because Thais have been united forever.
The Thais are peaceful and loving, but are not cowards in war.
Our sovereignty will never be threatened,
We will sacrifice every drop of our blood for our nation.
We are ready to die for freedom, security, and prosperity!

[CM Dad]

20 hours ago, tjo o tjim said:

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

Chinese of course. 

[unblocktheplanet]

Frankly, I have always been strong opposed to foreigners being able to buy property. Just like the Chinese in other countries, or Yanks in Mexico, it would drive prices up & locals would never be able to afford their own home. We're guests here. Get used to it.

[connda]

20 hours ago, webfact said:

t would mean foreigners with at least 10 million baht could buy and own a house - and even the plot of land it sits on.

Talk about discrimination at it's finest.  A government of the rich, by the rich, catering to the rich.  Don't have 10 million THB?  Then you can't buy or own the property your house sits on?  Freakin' hypocritic *******s.  Honestly, I've put a huge amount of money into my wife house and property.  If they pass this law, all of us who are married to Thais should be able to have our names placed on the charnote of our wives property.  But plutocratic governments only care about one class - their wealthy compatriots, friends, buddies, and golf partners.  Which is screwed up beyond belief.  So the gap between the wealthy and the rest of us keeps getting ratcheted wider and wider by creating a set of two-tiered laws regarding foreign property ownership. 

[robertson468]

20 hours ago, Pattaya Spotter said:

So if it's absurd...why even mention it...to get a rise out of people? As for the 30 year leases with extensions, Thai law doesn't recognize the extensions so they aren't worth the paper they're written on. Whoever the Thai owner of the land/property at the end of the 30 year period is under no obligation to honor such an extension. Legally valid leases are a maximum of 30 years (if registered with the Land Department). So the proposed 50 year period is almost double what's currently allowed. How long do people expect to live?

Think a little more I would suggest.  Some would like to pass the property on to their relatives don't you think?

[Tbone999]

They certainly have short memories, fine, owning a 10 million baht house and 1rai, but just decide to lock you out on a dime. So forget that little carrot, but I'm sure there'll be some fools along to keep following the dangly stick. If they were really serious about anything, they need to promote a more secure visa system that allows PM, but that ain't gonna happen. These guys are so dumb, they all think we're as dumb as they are. That's what you get for living in a bubble.

[Nanaplaza666]

20 hours ago, Pattaya Spotter said:

Of course anyone buying in during the 3-5 year period would be grandfathered in...why do some always assume the absurd? A more interesting question is what happens when it's time to sell...can a new foreign buyer retain ownership? And yes, leases are a maximum of 30 years at present (for thais and foreigners).

Like all your qouts are always sunny ????????

[Presnock]

While I realize this is only in the "discussions" mode and means just about nothing, I see the final 

line here that "this would only be temporary for the next 3-5 years".  Does that imply that ownership

of such land and dwellings would cease or that the buying of such would cease.  I seriously think that there will not be so many "rich" people that would want to buy such properties in the first place, knowing the temporary nature of governments locally that could affect their investments.  This is my

opinion only of course but just wondering.  And 40-50 year mortgages seem to be quite long for those that are retired anyway.  Stay safe avoid the virus.

 

[connda]

20 hours ago, webfact said:

However, any changes in the law are likely to be temporary for the next 3-5 years as a post Covid stimulus package.

Well in that case, who in their right mind is going to rise to the surface and take the bait (other than the ignorant who have never lived here and don't understand the xenophobia behind how Thailand operates).

"Come to Thailand", they'll say, "where the property ownership and immigration laws are temporarily changed for you, kon rich and wealthy - oh don't worry about five years from now when we turn around and take your rights away.  We want your money now.  In five years or so, you'll be considered another dirty, albeit rich, foreigner and a national security risk to Thailand.  But today!!!  Come, come with your wonderful buckets of money to shower on the our most beautiful Thai people and our wonderful land (where your money is wanted but not particularly you - farang, keark, jin, nippun, and the rest of you non-Thai, foreign scum).

[mar zarych]

Foolishness, 

Why would I spend $300,000 plus when I can rent so inexpensively. Why tie up your money when you never know which way the wind blows ?  Also: No voting rights ? 

 

"This is set to change to somewhere between 70% and 80% though those above 49% who are foreign would not have voting rights at Juristic Person meetings.

 

This is to protect Thai interests, said the sources."

 

Once again too little too late

Edited April 14, 2021 by mar zarych

[Nanaplaza666]

19 hours ago, Peterw42 said:

There was a similar temporary raising of the foreign quota just after the Tum Yum Kung Crisis (1997 Asian financial crisis). People could purchase above the 49% quota for a limited time, and they can still own today above the quota, but they cant be sold as foreign quota.

 

Allowing foreigners to buy in Moo Baans is a great idea but like all the schemes, they just make it unworkable buy putting a stupid 10m Baht minimum price on it. 99% of house in Moo Baans, all over Thailand, are 1-3m baht.

 

Another rearranging the deckchairs on the Titanic exercise, meanwhile, I know 6-8 guys that would come back tomorrow for their yearly 3-6 month stay, if they removed CoE, insurance and quarantine.

And they change it from 49% to 80% but all the new buyers have nothing to say at the annual meetings(so no rights at all) same same but different . 

[Derek B]

I always thought restricting non-Thais from acquiring land was a good idea until it was pointed out that many Thais with ownership rights are mostly described as Chinese-Thai. The assumption being the invested funds still come from a related foreign source.

 

I think it would be wise to define areas of land in need of foreign investment and assign acquisition & ownership rights to those areas. I believe Malaysia has gone down that route in certain states.

 

Whatever happens there will be winners & losers.

[Isaan sailor]

Extended leases?  Higher condo %?  Meh. What would float my boat?  A much lower Baht, of course.

[connda]

26 minutes ago, Presnock said:

I seriously think that there will not be so many "rich" people that would want to buy such properties in the first place, knowing the temporary nature of governments locally that could affect their investments.

The rich and wealthy in the first world don't particularly make their money by accepting risk that has little cost/benefit and a lot of downside.  The wide-eyed Thai government, in their narrow view of foreigners in general, believe that if "they build it, the rich will come."   That view is part and parcel of the extremely narrow view of Thais who somehow see their own land and culture as pretty much the center of the world and something the rest of the world strives attain.  The problem being, there are many other countries which are nicer (in culture, custom, heritage, and natural beauty) and more open (to immigration, permanent residency, and land ownership).  Why would a "rich" person come here to battle the bureaucratic headache (like the first time Kon Wealthy Foreigner is treated like as sack of **** by an immigration or land office official - changing the laws doesn't change the Thai people's deep-seated distrust and dislike of foreigners).  Then revert the laws at a later date?
Yeah, they'll get some wealthy takers, but I seriously doubt they'll get a fraction of the flood of the wealthy that they are expecting.  Then when the first wave of wealthy takers run into the first bureaucratic wall of red tape and xenophobic attitude, their experiences will filter back to their friends.  Many of the wealthy will use the laxed laws to buy investment property as opposed to their own residences.  That is sort of counter to the intent of relaxing the laws, but I'm petty sure that's the direction it will go. 
Thais are not renowned at being able to see into the future and to plan or to project.

 

Edited April 14, 2021 by connda

[GeilGeilertzen]

21 hours ago, Mr Meeseeks said:

Interesting, would be good to own some land and houses here in my own name if allowed post-covid.

 
Borrow some cement you meant.  

[mogandave]

I am always amused when the same people that moan endlessly about a government regulation seem to moan louder and longer when the government attempts to change it. 

 

The maximum lease term is currently 30 years. People that stupidly leased property thinking they were getting a 30/30/30 will have no claim if the law changes. 

 

If you buy property under the new law and then want to sell it after the law charges, you could still sell it to a Thai, or lease it to a foreigner. 

 

If you're going to worry the the government is going to change the law and take your property away from you, you’d be much better off going home. 

 

If you want to worry about the government, worry that they’re going to round you up and kill you.

[SupermarineS6B]

"Come into the parlour said the spider to the fly, prettiest little parlour that ever you did spy"..........  Strange isn't it that the policies over the last few years have been to drive foreigners out of the country, and all of a sudden they've just realized that it's foreigners that's propping the place up.......... I'd like to say it was short sightedness, but i'm afraid it's something else......... genetic.....     It would be a good idea if the powers that be stopped pretending they're running an army camp and realize that everyone's not a squaddie and shouldn't be treated as such, then maybe the normal people and beauty of Thailand will attract the masses of tourists back that it used to thrive on........ I'm happy to see it happening all over the world now that militarys are not flavour of the month anymore and never should be in charge........  I think any rational soul looking at the lunatics murdering the Burmese at the moment should give a lot of thought to empowering armed gangsters in uniform.......   Open the doors boys and let's get back to normal, everyone's praying for it.........  

[Dogmatix]

1 hour ago, bluesea said:

Keep dreaming !! 10-15 Million for a house or condo, still after the rich ones, no voting rights no one is going to buy or invest.where do they come up with these dumb ideas..

When they went through the motions in 1999 the minimum investment amount was supposed to apply to other designated investments in addition to the house and land.

[ThailandRyan]

4 minutes ago, mogandave said:

If you're going to worry the the government is going to change the law and take your property away from you, you’d be much better off going home. 

Always one in the bunch with the endless "if you don't like it go Home" Montage.  The forum gives us a place to air our grievances and discuss in ad-nauseum the issues at hand.  Please don't become a self righteous individual and ruin our rights to discuss past practices, and things that can, may or may not occur.  Enjoy your day. 

[sungod]

21 hours ago, Pattaya Spotter said:

.why do some always assume the absurd?

its called constant negativity.

[David T Pike]

 The median sales price for a house is approximately ₱6,940,000 in Thailand.

 

 

[SupermarineS6B]

1 hour ago, Mr Meeseeks said:

Not allowing foreigners ownership, especially of land, is a source of national pride.

 

Lyrics to the Thai National Anthem (note the second line):

 

Thailand unites the flesh and blood of Thais.
The land of Thailand belongs to the Thais.
Long has been our independence,
Because Thais have been united forever.
The Thais are peaceful and loving, but are not cowards in war.
Our sovereignty will never be threatened,
We will sacrifice every drop of our blood for our nation.
We are ready to die for freedom, security, and prosperity!

Wow, what can you say ?       I can now see why history is not a strong point in Thai schools..... 

[StevieAus]

21 hours ago, ThailandRyan said:

I don't believe its absurd, and yes I am sure if it is put in place those folks will be grandfathered in, much like the retiree's from a certain time frame back that only have to show so much in the bank yearly for their extensions.  The issue with the leases is the 30/30/30 framework where many have said it's good, and others have said it is not and they have lost their homes as well.  What I find absurd is this:

 

If it has been ruled illegal before what stops folks who lost it all from filing law suits to recover what they lost when a new law is put in place that basically says that what they had before is ok now, and they can have what they could not before.  Confusing

I think you will find that any changes that are made to the legislation, if in fact they are made, will not apply retrospectively.

The changes that are made will apply from when the legislation is enacted and gazetted..

You can bring as many lawsuits as you wish but unfortunately it will not allow you to turn back the clock.

[ThailandRyan]

2 minutes ago, sungod said:

its called constant negativity.

Not negativity, but in truth reality.  Tell me in the historical records where it has never gone pear shaped and all are better for it.  More regulations have made it more tenuous for extensions, insurances, and then even the added paperwork.  Now tell me how that's negative except in the fact it puts people off in a negative way because of the supposed changes that never do occur or the ones that end up costing some problems.  (0 day reports is a prime example where it has become ridiculous.  Add in wanting to be assured that whatever plan is being put in place for purchase of a residence in order to bring in cash for the country does not turn out as a catch 22 for the foreign investor.  Not negativity as I said but reality.  Take of the rose colored glasses and look at things from the outside looking in and you might see a different perspective.

[Dogmatix]

2 hours ago, SamuiFan said:

Just what I thought - do they take it away after 3-5 years? This could deg be a game changer if it’s true, authentic and fair to us property (but not land) owners in TH. 

The only change that will take place will be the cheapest condo rules. There would be too much hoo hah about foreign land ownership, as always. Allowing non-voting ownership in condos is no threat, so would probably be allowed to stay. If not, there would little point in doing it at all, as there would be no secondary market in the condo’s foreigners would want to buy in resorts.
 

Selling non-voting condos to foreigners might result in two tier prices as you would be powerless to do anything when the management runs the building down, lets the pool go green and sells the fitness centre as another unit (all things friends have complained of in Thai condos). I wouldn’t consider such an investment myself.

I would also not consider buying a 30 year lease on a condo or oand or even a longer lease for the same price as Thais can buy the freehold. Thai leasing law has been developed for Thais who lease land or shop houses for business for 3-30 years. You don’t expect any rights at the end of the the lease and the right to transfer the residual lease depends on a number of factors. Countries like the UK started off with similar leasing laws 100 years ago but the law has evolved in line with the needs of the housing market and the lenders.  This has not happened in Thailand because Thais don’t buy long  leases on residential property. The Thai  mortgage market only started in the 80s pioneered by Citibank.

Edited April 14, 2021 by Dogmatix

[Boomer6969]

22 hours ago, Forrests Father said:

Getting desperate?
Golf bubble, elite visa, Chinese tourist bubble, Phuket HiSo holiday bubble, yacht bubble, hospital big spender bubble, retirees who are willing to spend 300k per month and now the 15 mio ‘own a house concept’? What’s next? 
spend 1000 mio and become an astronaut on the new Thai spaceship?

That's probably because the BBB (Boom Boom Bubble) has burst...

[sungod]

1 minute ago, SupermarineS6B said:

It's called knowing your environment......   

 

I think its great news if it happens, should generate some good income.

 

Try having a moan at that!

[CharlieH]

Flame post removed.