Wealthy foreigners to own small landholdings associated with homes here agreed in principle

[webfact]

Deputy Prime Minister Supattanapong Punmeechaow is the minister behind the scheme to attract 1 million foreigners to live and work in Thailand over the next 5 years. The Centre for Economic Situation Administration (CESA) chaired by Prime Minister Prayut Chan ocha recently approved a proposal in principle that when perfected and approved by the cabinet, will allow foreigners to own small landholdings in Thailand associated with residential units. This is in addition to another provision drawn up by the Ministry of the Interior that will allow for more flexible work arrangements and work permits for the new cadre of incoming foreigners who will be expected to invest substantially in the kingdom’s challenged economy.

 

by Carla Boonkong & Pranee O' Connor

 

This important step is part of a wider programme to attract more foreigners to Thailand to live. However, the government is also determined that these new residents must have the ability to generate wealth and prosperity for the kingdom’s wider economy. The proposed legal provision has yet to be ratified by the cabinet and there are already signs that ministers are aware of the politically sensitive nature of the plan.

 

A high powered Thai government committee chaired by Prime Minister Prayut Chan ocha has approved in principle a proposal to allow select foreigners who qualify for newly approved 10-year visas to own small landholdings in connection with their homes. The proposal was agreed on January 21st last by the Centre for Economic Situation Administration (CESA) while other plans to extend lease terms for foreigners and allow more foreign ownership of condominium developments were rejected. The news is linked with an ongoing programme, first announced last April, to attract 1 million foreigners to come and live in Thailand over the next five years, a move which it is hoped could generate 5 to 6% of the country’s GDP in the future.

 

A select committee within the Thai government has approved a measure in principle to allow certain qualified foreigners to own land in Thailand going forward but limited to one rai or approximately 0.4 acres or 0.16 hectares, strictly for residential purposes.

 

Full story: https://www.thaiexaminer.com/thai-news-foreigners/2022/02/01/wealthy-foreigners-to-own-small-landholdings/

 

-- © Copyright Thai Examiner 2022-02-02

 

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[ukrules]

I can see it now, triple priced houses in the special rip off zones.

[redwood1]

Don't get excited.....There will be loads of requirement to be met, in the small chance this goes through...

[ezflip]

39 minutes ago, webfact said:

these new residents must have the ability to generate wealth

Didn't I hear a joke somewhere that goes like "If you want to live in Thailand with 1 million baht, you must first bring 5 million baht with you."

 

The idea that 1 million foreigners will come and generate 5 to 6% of the country's GDP seems like number/scheme provided by TAT... or weed has finally been legalized.

[Danderman123]

Wait until the land is expropriated by the next government.

[freedomnow]

He must have harvested his 3 personal use plants fast.

 

What next a space elevator to the moon ?

[inThailand]

Blah, blah, blah! They will not be allowing foreigners land / house ownership. Increasing foreigner owned condos is more likley, but still not going to happen in our lifetime. 

[lujanit]

2 hours ago, webfact said:

However, the government is also determined that these new residents must have the ability to generate wealth and prosperity for the kingdom’s wider economy.

So there you have it.  Select foreigners who work in Thailand.  Not pensioners.  What's the bet that a minimum salary which will be quite high will be the requirement?  When a person leaves the job they will be required to sell the property.

 

More money is number one,  more xenophobia.

[Dukeleto]

A million…maybe a 100 tops and they won’t be working…well officially anyway.

[johnhender]

Why risk buying into a unstable country ? Chances are is that if you can afford a house in Thailand you can afford a house somewhere else. How can you make a decision when everything changes from day to day. You can bet the land will be the worst plots, I looked at buying a house a couple times - the hoops to jump through just aren't worth the effort 

[DaveE13]

The thais have got to get rid of the soppy old dinosaurs 

A high  powered government commite chaired by pinnochio ????????????????????????

Edited February 1, 2022 by DaveE13

[ezzra]

No earth shattering news here, foreigners can own property legally through an easy, problem proof company set structure and buy and sell as they pleased...

[Kerryd]

People think because they've read the article in English that means that it's all about them. 
You are reading an English translation of a Thai news article ! 

Guaranteed that they are not thinking about you when they plan schemes like this. They are thinking about their masters in China and the boat loads of wealthy Chinese that Beijing wants to transplant into other countries to spread their influence.

The ones who will help China's ambitions by promoting things like high speed rail lines and "exclusive" resorts (and new airports and so on, just like they are doing, or have done, in places like Cambodia).

They don't give a toss about the geriatric Westerners scrapping by on their meagre pensions (yeah yeah I know, you all are bringing in and spending well over 65k a month, blah blah blah).
They also don't give a toss about the "digital nomads" who contribute little more than the odd Yelp review while their income goes to their home banks and they spend their time moving from the cheapest dive hotel they can find to the next cheapest.

Yeah, those "digital nomads" are not all (insert big tech company here) millionaires living the "free" life. They are mostly the ones doing the "Top 10 signs your cat want's to kill you" type garbage or whatever piecemeal work they can get to pay next month's rent with.
 

[Kerryd]

There is stuff in that article that may apply to you that wasn't included in the bit snipped/pasted in the OP.

Stuff like:
"In the last week, changes first introduced on October 1st last by the Ministry of Public Health in respect of enhanced requirements for any foreigner applying for an O/A Retirement visa were highlighted by Thai officials and international embassies.
 

This means that those applying for this retirement visa type, which should be differentiated from the normal O Non-Immigrant Retirement visa, must show hospital inpatient insurance of $100,000 or ฿3.4 million, an increase from the previous requirement of ฿400,000.
 

Higher medical coverage requirements for O-A retirement visa option but now Immigration Bureau will also accept self-insurance for those with assets

However, the Thai Immigration Bureau has, at the same time, provided an option for applicants to self insure provided that they have adequate capital and income available.
 

New health insurance regime for retirees living in Thailand means foreign firms can provide cover

The critical requirement for this option is to show ฿3 million in available assets including cash in the bank, available financial assets or ownership of property.
 

It is also understood that Immigration Bureau officers are authorised to accept evidence to show that any hospital bills will be paid for by sources from abroad.

This would apply to insurance provided to foreign retirees by their national governments or services in their home country.
 

The evidence requirement will mean that written documentation must be provided and certified by the foreigner’s embassy in Thailand.
 

New regulations do not yet impact the more popular Non-Immigrant O visas for marriage and retirement

These new arrangements do not impact current requirements for non Immigrant O visas or extensions either for marriage or retirement visas for now but may signal future intentions by the government which have also been regularly aired publicly by senior officials.

(So - rich Chinese in, old (white) retirees out. (Kind of like the "good guys in, bad guys out" motto of Immigration eh ?)

[SiSePuede419]

2 hours ago, ezflip said:

The idea that 1 million foreigners will come and generate 5 to 6% of the country's GDP seems like number/scheme provided by TAT... or weed has finally been legalized.

Maybe if they can grow legally, done deal. ????

[tonray]

"as part of the incentive program, wealthy homeowners will be allowed to increase their 90 day reporting period to 91 days and will be only be required to file a TM30 report if they associate or otherwise socialize with non wealthy foreigners."

[Chang_paarp]

3 hours ago, webfact said:

The proposed legal provision has yet to be ratified by the cabinet and there are already signs that ministers are aware of the politically sensitive nature of the plan.

Given the xenophobic nature of Thai politics, this proposition has little to no chance of getting past the cabinet no matter what the PM would like to think. 

 

The other unspoken thing to realise is this proposition would require a change to the national anthem.

[maddermax]

One thing is for sure .... It won't be retrospective!

[rickudon]

Still dreaming.......

Back in the days of the more relaxed visa environment, 12 years ago, there were half a million farangs living in Thailand, many bringing money into the country. But the more restrictive  immigration rules over the years since then (plus a bit of Covid lockdown) have halved these numbers. A million is fantasy - unless of course they are aiming at the Chinese.......

[dallen52]

In principle. 

Not actually. 

[hotchilli]

3 hours ago, webfact said:

A high powered Thai government committee chaired by Prime Minister Prayut Chan ocha has approved in principle a proposal to allow select foreigners who qualify for newly approved 10-year visas to own small landholdings in connection with their homes

If I buy and own land and the house that sits on it I want permanent residency rights, not a 10 year visa and bu##er off.

[Skeptic7]

The daily dose of ????????.

 

[Millcx]

55555555555 Jokes just keep Rollin 55555555555

[Ralf001]

13 minutes ago, hotchilli said:

If I buy and own land and the house that sits on it I want permanent residency rights, not a 10 year visa and bu##er off.

If after 10 years you have not gained PR status then yes, you should <deleted> off.

[USNret]

3 hours ago, freedomnow said:

He must have harvested his 3 personal use plants fast.

 

What next a space elevator to the moon ?

That’s silly. Space elevators can only go to geosynchronous orbit. 

[bwanajohn]

After seeing what happened to foreigners allowed to buy land in Sri Lanka and Malaysia I always thought the Thai government did us a solid by not allowing foreigners to buy land here. 

[Orinoco]

Nah.

All going to be a load of BS in the long run.

They don't want  us here,  just our money.

TIT.

 

 

[generealty]

Ralf001 - My my who got out of the wrong side of the bed then ?

[vukovar77]

1 hour ago, ezzra said:

No earth shattering news here, foreigners can own property legally through an easy, problem proof company set structure and buy and sell as they pleased...

No,I think it is not legal if you have company for only to own some property and property is not on your name ,but company .Company must work some business as well.

[Orinoco]

2 minutes ago, generealty said:

Ralf001 - My my who got out of the wrong side of the bed then ?

Maybe he didn't get any last night.