Easing of property laws for foreigners should not price Thais out of the market

[inThailand]

Lastly if more than 49% of condos end up being allowed to be sold to foreigners - as mooted in the cabinet's plans - foreigners should not be allowed to vote. 

 

What foreigner would buy a condo for 10M+ and pay monthly fees with no say to what happens, and be at the whimps of the Thai condo owners? This has the reverse result, no foreigners will be buying condos.

[Sydebolle]

Interesting, how many "experts" are throwing in their piece of advice; I just noticed that all of them are ethnic Chinese ....... let's see. I was never in the real estate race hence never cared personally. 

[Skypirate]

Is there a Thai Citizen that owns property unrestricted in another Country?  Tit for Tat?

There are so many equitable ways to deal with this issue.

However, the powers that be continue to try and appease you with BS.

[Bobydog]

21 hours ago, Willy333 said:

There’s so many things they can do to attract foreigners before easy property laws.

 

Rich foreigners don’t want to deal with:

-90 day reporting

-alcohol bans

-the government flip flopping every other day

-the government leaking personal information

-corrupt police

…

 

Now, if you want to attract Chinese investors that won’t live here and contribute to the local economy then yeah…

Is there any truth in Chinese owñiñg 50% of the Condo market in Thaiĺañd?

[Mansell]

17 hours ago, SymS said:

"limited to where they can buy". I don't understand the rational behind this, as most selected locations will be undesirable to many.
Just impose other limits like preventing foreign companies from purchasing residential real-estate (except condos up to 50% like now), set minimum and maximum size of land, minimum pricing, or maybe a 25% or whatever stamp duty when real-estate is sold to a foreigner, this should stop speculation, and people would only be a house where they indeed intends to live.

This is to stop the farang buying all the choice places. Example: In Nicaragua you can buy property everywhere except land by the sea. Makes sense if you think about it. In a very short time here all the good stuff would be farang owned…..not great for Thai people. 

[jacko45k]

1 minute ago, Mansell said:

here all the good stuff would be farang owned…..not great for Thai people. 

Foreign owned might be more accurate. 

[mikebell]

9 hours ago, garyk said:

 But you are still there, speaks volumes. 

Have you tried to travel recently?  I've been here 16 years; my son has a business here; I have friends; a rental contract to fulfil; possessions; a girl friend.  At 79 it will be difficult to leave but I still hope to do it in June next year.

[mikebell]

17 hours ago, Percy P said:

A lot of foreigner do that now . I've looked after 1 family for 40 years  ,and the children who's mother and father past away 15 Years ago. 

Precisely my point.  Encourage older people to retire here by easing restrictions and treating them with respect.  I've lived here 16 years and despite handling the finances for my mooban every month for the last TEN years, I am still regarded as a would-be bandit when I visit the bank.

[RJRS1301]

22 hours ago, The Cipher said:

Want to attract talented and/or well-to-do foreigners? 0% tax rate on all income and capital gains. Personal or corporate. Bam - solved ur problem. ✌️

While the Thai pay for the infrastructure which you enjoy? Seems a little lopsided

 

[mikebell]

19 hours ago, Smithson said:

Other countries target people who invest in businesses, as this is on going and not a one off payment.

Agreed & you make a good point about the year round contribution to the economy.  However would you start up a company and yield 51% of it immediately to Thai shareholders?

[brianthainess]

It ain't never going to happen. 

[The Cipher]

1 hour ago, RJRS1301 said:

While the Thai pay for the infrastructure which you enjoy? Seems a little lopsided

No idea. I just see that the government is interested in attracting talent/capital and that the forum consensus - which I disagree with - seems to be that nobody of talent or means would ever come to Thailand.

 

But every single person I know worth $10M or more (I work in an industry where I have to meet these guys) that has relocated either themselves or their businesses in the past five years has done so specifically to decrease tax burden. Would the government be right to offer the tax incentive? Maybe, maybe not. But if it was offered, I bet some bigger fish would come.

[Smithson]

1 hour ago, mikebell said:

Agreed & you make a good point about the year round contribution to the economy.  However would you start up a company and yield 51% of it immediately to Thai shareholders?

I already did that, 51% owned by my Thai partner, but we built the business together from scratch with tiny investment. There's many people I know who have done similar. For them the biggest problem is visa/WP laws, which are expensive and time consuming. It seems the govt wants more money from foreigners but still wants to keep them separate from Thai society.

[Smithson]

52 minutes ago, The Cipher said:

No idea. I just see that the government is interested in attracting talent/capital and that the forum consensus - which I disagree with - seems to be that nobody of talent or means would ever come to Thailand.

 

But every single person I know worth $10M or more (I work in an industry where I have to meet these guys) that has relocated either themselves or their businesses in the past five years has done so specifically to decrease tax burden. Would the government be right to offer the tax incentive? Maybe, maybe not. But if it was offered, I bet some bigger fish would come.

0% tax rate on all income and capital gains personal or corporate is a pretty big incentive. What would be the gains for the Thai people? I pay income and company tax, as do many Thais. I doubt they'd be thrilled by your suggestion.

Edited September 22, 2021 by Smithson

[jayboy]

5 hours ago, Mansell said:

This is to stop the farang buying all the choice places. Example: In Nicaragua you can buy property everywhere except land by the sea. Makes sense if you think about it. In a very short time here all the good stuff would be farang owned…..not great for Thai people. 

Do you know what "farang" means?

[thaibeachlovers]

21 hours ago, Captain Monday said:

Hidebound, moribund,  forever the "sick man of Asia".

Strange then that so many millions of farangs flocked there. Perhaps some of us like that sort of "sick".

[thaibeachlovers]

11 minutes ago, jayboy said:

Do you know what "farang" means?

Farang is commonly used to describe white western people. Not for people from Asia or Africa.

[thaibeachlovers]

3 hours ago, Smithson said:

It seems the govt wants more money from foreigners but still wants to keep them separate from Thai society.

IMO a wise decision.

[Smithson]

12 minutes ago, thaibeachlovers said:

IMO a wise decision.

It's a desire, not a decision. Our opinions shouldn't count, it's up to Thais, but generally countries make an effort to accept and integrate people. Besides money, migrants bring new ideas...

[Dickp]

They should just scrap the whole idea of foreigners from buying land program . With all with all restriction being add to program I'm for sure not interested in it. It's just like it is now only with high price property now added to for foreigners 

 

Only foreigners with ten million baht and more should qualify

 

Foreigners should be restricted to buying houses in the Thai capital Bangkok, the island of Phuket in the south and areas of the so called Eastern Economic Corridor (that's Pattaya mainly).

 He said that Thais should keep more than 50% of voting rights irrespective of how many own units in buildings.  

"Thais need to stay in control" in such circumstances, he said.

 He was also in favor of leases going up in increments of 30 years rather than 90 year or 99 year leases being offered off the bat.

 Only foreigners with ten million baht and more should qualify. They should be prevented from buying in the 3 - 8 million baht range favored by most Thai employees as this would lead to pricing Thais out of the market.

 

[300sd]

Good work. Rest assured that regulations this stupid will have the opposite effect as usual. The greedy short shortsightedness is astounding!

[SCOTT FITZGERSLD]

On 9/21/2021 at 2:29 AM, webfact said:

said the government's one million foreigners, one trillion baht investment and economic stimulus plan was a great idea. 

wait i have a better idea ! 1 mil.foreigners and 2 trilion baht....nowait, make it 3 ! yes 3 triliion baht investment !!

[jayboy]

3 hours ago, thaibeachlovers said:

Farang is commonly used to describe white western people. Not for people from Asia or Africa.

Exactly.It's a group which has minimal impact on the property market with the exception of the condo sector - and even there farang are very much minority players.Personally I don't think opening up the property sector to all comers would do anything but good, but it will never happen.

 

 

 

 

[SCOTT FITZGERSLD]

On 9/21/2021 at 2:29 AM, webfact said:

Careful consideration of all factors was important, a beaming Dr Wichai told the media.  

sure doctor, but investors also consider all factors, and they do not wait in line

for thailand. the world is full of so many better options.

[thaibeachlovers]

14 hours ago, jayboy said:

Exactly.It's a group which has minimal impact on the property market with the exception of the condo sector

and IMO it's something that should not change. If farangs want to own land, buy it in their own countries.

If they don't trust their wives, don't buy land in their name in LOS.

[mikebell]

21 hours ago, Smithson said:

I already did that, 51% owned by my Thai partner, but we built the business together from scratch with tiny investment. There's many people I know who have done similar. For them the biggest problem is visa/WP laws, which are expensive and time consuming. It seems the govt wants more money from foreigners but still wants to keep them separate from Thai society.

You had better luck with your partner than I did.! 

Another example which fell short of pettifogging laws; a friend & TGF started a small restaurant.  He cooked; she served.   It was very popular despite its small size.  He had to close it down when local inspectors decreed he had to employ a minimum of 4 Thais.  He could not cover their wages.

[Smithson]

3 hours ago, mikebell said:

You had better luck with your partner than I did.! 

Another example which fell short of pettifogging laws; a friend & TGF started a small restaurant.  He cooked; she served.   It was very popular despite its small size.  He had to close it down when local inspectors decreed he had to employ a minimum of 4 Thais.  He could not cover their wages.

Lucky with business maybe, otherwise it's a mixed bag.

 

It sounds like your friend didn't have a WP and didn't make a substantial investment. The idea is to help the country, not make it easier for foreigners to live here. Over the last decade I've met more people who think they should be able to arrive here and be able to work without limitations. Maybe this is because of the amount of migrant workers in their countries.

 

The rule of having to employ Thais is a good one and in line with other countries. Ideally the jobs would involve training or skill sharing. This is an example of developing the country and not just bringing in lump sums. If Thailand had an immigration policy similar to other countries then after being married here for a certain time people may be able to work without restrictions. Possibly a path towards citizenship even, which would allow them to buy land. This would be similar to policies in Western countries.

[LongTimeLurker]

On 9/21/2021 at 11:53 PM, ericthai said:

I dont see where it would be up to a Thai person, everything comes down to economics.

 

So you believe that a person selling their condo in a building where the other units that are sold to an expat for say 4 million baht you expect a seller to sell it for less than 4 million if sold to a Thai?? Is that what you are saying? 

 

do you work for the Thai government?

As it would be a Thai person or company selling the land / condo then yes, it WOULD be up to a Thai person.

 

I'm not saying I'd expect a seller to sell for less to a Thai (although that currently happens extensively), What I'm saying is that the price will be set higher for a foreigner so a Thai person would not be willing, or able, to afford that higher price.

 

So it would be the Thai sellers that are pricing other Thais out of the market, not the foreigners that are buying.

[pizzachang]

On 9/21/2021 at 10:22 AM, Boarn said:

Laughable, land in Thailand is already way overpriced, who on earth do they think they are.

Isn't real estate out of the realm of reality for many Thais, already?  Maybe they should check how many are currently renting and how do they see their chances of owning real estate.

 

[DaveSamutP]

On 9/21/2021 at 10:40 AM, ezzra said:

Thai people has this inherited phobia about being colonized and lose land and control to foreigners, this is deep seeded fears going back many generations, only now and out of desperation for capital injections they're reluctantly letting go but not for long i envisage...

Absolutely. They will systematically steal any property back temporarily lost to foreigners.