Government Spokesman clarifies measures to attract foreigners of high potential

[snoop1130]

 

BANGKOK (NNT) - Last week, a meeting of cabinet ministers approved measures to attract foreigners to help stimulate the Thai economy and investment. Among the measures is the issuance of long-term visas; people on social media have linked the issue with foreigners’ ability to own land and property while expressing concerns that foreigners may buy all the land in the country. The government has responded that foreigners’ right to buy or rent property is still subject to specific requirements, and has warned people not to distort related information.

 

Government Spokesman, Dr. Thanakorn Wangboonkongchana, said today that the economic stimulus measures are aimed at drawing foreigners of high net worth to compensate for the drop-in tourist arrivals and revenues while stimulating investment in progressive industries in the country. The measures focus on four groups, including wealthy people, retirees, those wanting to work in Thailand and highly-skilled professionals. As a result, experts or highly-skilled workers in technology or future industries can support the national development by strengthening technological connectivity, transferring new knowledge, enhancing skills and capacity, and increasing job opportunities in the country. The issuance of long-term visas and changes to related rules and regulations will remove some challenges experienced by investors. An assessment will be conducted every five years.

 

Concerning comments on social media that link the issuance of long-term visas with foreigners’ right to buy or rent property in Thailand, while suggesting that it is like selling land to them, the Government Spokesman said that foreigners’ right to buy or rent property still complies with the existing requirements. Some groups are trying to distort information in order to criticize the government. All sides should open up and study the issue thoroughly and consider the benefits that the country will achieve.

 

According to Section 19 of the Condominium Act (2008), foreigners are permitted to own up to 49 percent of the building’s residential space, while the remaining 51 percent of the same area must be Thai owned.

 

Concerning land holdings, the law does not allow foreigners to buy a home or land in the country. However, Section 96 of the Land Code states that foreigners who invest a minimum of 40 million baht are permitted to buy up to 1,600 square meters of land for residential use, with the government’s permission. The owner is however, required to sell the land, if it is not put to residential use within two years.

 

If the government’s economic stimulus measures can draw a million foreign experts and those of high economic potential to the country in five years, economic benefit of 1 trillion baht will be created, with 800 billion baht from domestic spending and 270 billion baht from tax revenue collection. The funds result from personal income tax collection, value-added tax (VAT) and investment tax.

 

-- © Copyright NNT 2021-09-20

 

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[HeijoshinCool]

.

 

So, it must be out there somewhere......

 

A mailing list for the Thai government to buy, of 1 million wealthy foreigners who are currently wanting to buy land in Thailand and invest money into the economy, but don't know about this plan.

[MRToMRT]

46 minutes ago, snoop1130 said:

Concerning comments on social media that link the issuance of long-term visas with foreigners’ right to buy or rent property in Thailand, while suggesting that it is like selling land to them, the Government Spokesman said that foreigners’ right to buy or rent property still complies with the existing requirements.

Am I confused or am I confused. Will we or will we not be?

[tomacht8]

Basically nothing new. Condos 49% and 40 million max 1 rai. Where are the changes now? I can't find anything specific in the original posting. Except about a lot of talk about big money and tax revenues.

[RotBenz8888]

1 hour ago, snoop1130 said:

Concerning comments on social media that link the issuance of long-term visas with foreigners’ right to buy or rent property in Thailand, while suggesting that it is like selling land to them, the Government Spokesman said that foreigners’ right to buy or rent property still complies with the existing requirements. 

I think ultimately, when the proposal has been sieved and filtered, a foreigner who invests 10 million etc, will not even be relieved from 90d reporting. 

[Tarteso]

1 hour ago, snoop1130 said:

51 percent of the same area must be Thai owned.

 

1 hour ago, snoop1130 said:

the law does not allow foreigners to buy a home or lan

 

1 hour ago, snoop1130 said:

who invest a minimum of 40 million baht are permitted

This news will atract from tomorrow  a Trillions “falangos” and “fandangos”.. to invest in… Believe me ????

Edited September 20, 2021 by Tarteso

[webfact]

Restrictions on foreign residents’ land ownership in Thailand to remain

 

Commercial property and residential condo buildings are pictured in Bangkok on March 10, 2020. Alex OGLE / AFP

 

Long-staying foreigners can own at most 49% of a condominium building and cannot own land in Thailand, but can rent land on a long-term basis under a special law, such as the Thai investment law for investing in the Eastern Economic Corridor (EEC) mega-project, said Deputy Government Spokesperson Ms. Traisuree Traisoranakul Monday.

 

She said that the cabinet’s decision last week, regarding the granting of incentives to foreign investors or wealthy pensioners to persuade them to reside or to stay long term in Thailand, including long-term visas and other privileges, has caused widespread confusion as well as concern among some Thais, particularly regarding land ownership by foreigners.

 

Noting that the cabinet’s decision needs to be clarified, she said that the basic principle, that foreigners cannot own land in the kingdom, remains unchanged. Foreigners can own only 49% of a condominium building or 49% of the entire room space of the building, while the remaining 51% must be owned by Thai nationals.

 

Full story: https://www.thaipbsworld.com/restrictions-on-foreign-residents-land-ownership-in-thailand-to-remain/

 

-- © Copyright Thai PBS 2021-09-21

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[Rampant Rabbit]

7 hours ago, snoop1130 said:

can draw a million foreign experts and those of high economic potential

be  lucky if they  get 1 with all those  ludicrous  rules, clueless  morons

Edited September 20, 2021 by Rampant Rabbit

[Rampant Rabbit]

6 hours ago, MRToMRT said:

Am I confused or am I confused. Will we or will we not be?

let  me simplify it for you. NO and NEVER  will  be, pls  ignore anything the govt says about this until hell freezes over, time ends or there is  no  miltary govt in  the "land of the (hilarious)  free"

[Rampant Rabbit]

6 hours ago, HeijoshinCool said:

.

 

So, it must be out there somewhere......

 

A mailing list for the Thai government to buy, of 1 million wealthy foreigners who are currently wanting to buy land in Thailand and invest money into the economy, but don't know about this plan.

apparently there s  queue at the cemetry

[it is what it is]

If the government’s economic stimulus measures can draw a million foreign experts and those of high economic potential to the country in five years, economic benefit of 1 trillion baht will be created, with 800 billion baht from domestic spending and 270 billion baht from tax revenue collection. The funds result from personal income tax collection, value-added tax (VAT) and investment tax.

 

the government certainly enjoys coming up with sums to support their over optimistic financial forecasts

[nattaya09]

Sounds like they spraypainted the turd a different color and called it a new plan!

[RichardColeman]

Imagine if every country in the world suddenly announced Thais would be banned from owning any land abroad - or only 49% of it. They'd be totally outraged at the anti-Thai xenophobia

[Albert Zweistein]

All the country need is a total make over.

[Gold Star]

I think it should be a reciprocal agreement. 

 

If your country of citizenship allows Thais to purchase land there, then you should be allowed to own land here.

 

That would take care of the Chinese takeover and expansionist problem, and open it up for the rest of us simply wanting to own a house. 

[smedly]

That was a handbrake turn not a U-turn lol

[The Cipher]

37 minutes ago, Gold Star said:

I think it should be a reciprocal agreement. 

 

If your country of citizenship allows Thais to purchase land there, then you should be allowed to own land here.

 

That would take care of the Chinese takeover and expansionist problem, and open it up for the rest of us simply wanting to own a house. 

I'm not sure how much this would help, really. Especially in Bangkok.

 

There's still considerable risk that international capital would immediately bid up prime lots in central Bangkok, which would then have knock-on effects on the rest of the metropolitan area. Unless they desperately need to raise cash quick, I don't see why the gov would do this. A disjunction in housing prices from income levels is not worth the risk.

[zzaa09]

Can never have enough uppity hiso Farang mingling with the assorted tribes.

 

 

[Destiny1990]

New plan leasehold 30 years + bonus one extra year. ????????

[Muhendis]

Does anyone know the whereabouts of 1 million foreign technical experts who are fluent in Thai?

The language barrier alone will make this idea a bit of a challenge but then I think policy makers may already be aware of this.

[tonray]

I am however allowed to own and pay for our house Netflix account....a fact I constantly leverage whenever the GF gets out of line....ha ha ha ha

[JayClay]

2 hours ago, RichardColeman said:

Imagine if every country in the world suddenly announced Thais would be banned from owning any land abroad - or only 49% of it. They'd be totally outraged at the anti-Thai xenophobia

Of course they would; because they'd be specifically targeting a single race...

[hotchilli]

11 hours ago, snoop1130 said:

The government has responded that foreigners’ right to buy or rent property is still subject to specific requirements, and has warned people not to distort related information.

Don't expect too much in return for your investment of trillions.

[oznomad]

One million high net worth people over 5 years comes to 548 per day, every day.

 

Yep, that's going to happen.

[bkk6060]

They will never allow foreigners to fully own land and houses.  No way ever.

[crazykopite]

[Scott Tracy]

1 hour ago, JayClay said:

Of course they would; because they'd be specifically targeting a single race...

Thai is not a race, it's a nationality. 

[MadMac]

Nice shot in both knees again. Thailand is a hub for dual knee shots ????

[newnative]

  So, a lot of talk about making big changes but it amounted to nothing for regular folk.  

[brianthainess]

Why would multimillionaires be Bovered about owning land, when tax on alcohol will be reduced. Sarcasm mode off. I see another U-turn coming up soon on that one too.