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

[Neeranam]

4 hours ago, inThailand said:

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. 

Depends how old you/we are.

[IamNoone88]

This will only upset the "wealthy" and others who were the pioneers that committed to Thailand's growth and have been through thick and thin during the past decade and still have no proper home ownership and run business on some forced local shareholding. Take care of the pioneers first and new comers second.

[thaibook]

49 minutes ago, Cake Monster said:

The type of people that Thailand would like to Invest in the Country, really are not gullible enough to fall for this kind of entrapment.

These people have mostly gotten their wealth from sheer hard work, and being savvy about the World in general.

They will not want to put all their hard work at risk with an Investment that could highly likely turn very sour very quickly, in a Country run by Tin Pot Soldiers with little or no idea about  the needs of Investors.

Dream on Prayut, and the rest of the rabble. When you can run your Country like professionals, then maybe try to entice the people you seek.

If you can prove your ability to run the Country well, the Investors will naturally come, and with them, their Money, which, when all is said and done, is the only reason you seek these people in the first place.

 

 

 

If one has worked hard and been successful or even relatively successful, having $250,000 to invest in real estate shoud not be difficult.  A qualified investor in the USA (even a Usonian) needs to demonstrate assets other than his residence of at least $1million).  If the worst happens and after 10 years one is forced to leave and cannot sell the property it is the equivalent of having paid $25,000 a year or just over $2,000, in rent.  What would you get in South Kensington now for $2,000 per month - a broom cupboard?  

 

All in all these are not high numbers.  Whether they will attract the additional number of investors mentioned is a different issue.  There already are quite a few who fit these criteria but I do not think the scheme of itself will attract many more.  The qualifications are not onerous but the additional attractions offered are of low value. 

[spidermike007]

These guys really have no idea what they are doing. They just assume you offer a small incentive and they will come in droves. A million? Maybe 4,000. Unlikely, but maybe. 

 

There are a multitude of reasons why wealthy people AVOID Thailand. There is very little appeal. Thailand mostly attracts expats because it is reasonable. 

 

Are you aware of why wealthy tourists AVOID Thailand? Here are just a few things you could do, or suggest, if you were a serious man, Prayuth. 

1. Get rid of Anutin and submit your own resignation. You are two of the least competent ministers in this hapless administration. You and A need to be replaced with talented people who have real experience in their fields and creative minds. Less xenophobia helps too.

2. Lower luxury taxes to 20%. This would help Thailand to attract some wealthy tourists and expats. Most wealthy people love to spend real money while on vacation. Same applies to expats with money. Contrary to what you think, wealthy foreigners are NOT dumb. They do not enjoy paying for stunningly over priced items, and will wait for their next trip to London, Hong Kong, Singapore, New York, Nassau, or Dubai to buy a handbag at what it should cost, rather than what you think foolish people will pay.

3. Improve traffic safety.
4. Improve immigration service.
5. Get rid of the toxic army.
6. Address corruption.
7. Pay attention to air quality.
8. Stop treating tourists and us expats like dogs. This applies to the govt., not the people.

 

That is just a start. I could go on for days. Do not expect the wealthy tourists or expats to come. They come here once, if they come at all. And they do not return for a dozen good reasons like the lack of top quality service, expertise, shopping, English skills, sommelier service, fairly priced world class wine, high standard F & B, and the list goes on.

I think some of these factors have to be taken into account. But, it is a simplistic explanation, and one that has not been formulated with much in the way of introspection, reflection, and contemplation. Nor are the authorities taking much responsibilities for the extreme sabotage to the industry that they have committed.

 

At a minimum:
The unwillingness to tackle the scams, and corruption in general.
The traffic and public safety issues.
The lack of a competent and effective police force, that foreigners can count on, when they need them.
The environmental issues, and so many other causes, are all having an impact on tourism.
The inept military government, who nobody likes, and most people despise.
Haphazard and xenophobic immigration policy, meant to deter tourism, and ex-pats, rather than encourage them.
Racist ranting from the government, often directed at tourists and ex-pats and a nonsensical nationalistic agenda, that is pure politics.

[newnative]

30 minutes ago, Freddy42OZ said:

1 Rai or 0.4 acres is 17400 sq/ft   

That is a tiny plot barely big enough to put a house on.  You wouldn't have any space for a garden.  

So I expect if it happens it will consist of Moobans with tiny houses with no gardens, with each "owner" owning the tiny parcel of land their house sits on. 

Also never forget that 'Foreigners' does not mean exclusively Westerners.   This is more likely to be aimed at a million Asians than a million Whiteys.

 

Dimensions that equal 17,400 sq2 (rounded to 2 digits)

131.91 ft x 131.91 ft

118.72 ft x 146.56 ft

105.53 ft x 164.88 ft

92.34 ft x 188.43 ft

79.15 ft x 219.84 ft

65.95 ft x 263.84 ft

     I disagree.  I rai is a fairly good-sized plot, in my opinion.  I rai equals 400 square wah.  For comparison, my partner and I have a 3 bedroom/4 bath house on 170 square wah.  There is plenty of room for a large pool, a sala, large deck areas, a two car garage, and fairly large front and back yards--the back yard is large enough for a small guest house with room to spare if we wanted to construct one.  All this on 170 sq. wah, less than half of a 1 rai plot.  

    I think you will find that many large homes, especially those in gated projects, sit on less than 1 rai of land.  For example, there is a home listed at the very nice Jomtien Park Villas for 38.5MB.  It has 6 bedrooms and 5 bathrooms, large pool, garage parking for 5 cars, a guest house, and nice garden spaces from the photos.  It sits on 303 square wah, still less than 1 rai by quite a bit.  It's true you won't be able to pursue a second career as a farmer on 1 rai but to say 1 rai limits you to a tiny house with no garden is, I believe, incorrect.  

[JohnHans]

Why do these so called government employees constantly believe wealthy foreigners are stupid?

[Guderian]

6 hours ago, webfact said:

allow select foreigners who qualify for newly approved 10-year visas to own small landholdings in connection with their homes

The key word here is "small". People who can afford this bureaucratic nonsense are unlikely to be happy with anything much less than a rai, and might well want a couple of rai of land. Think of it, they'll want, say, at minimum a five-bedroom house with a big patio area, private swimming pool, garden, plenty of parking space for maybe half a dozen trucks and large cars, plus possibly separate quarters for the maid and gardener. And what will Thailand actually be offering them? Welcome to your new home built on your small piece of land, Mr. Gates/Musk/Bezos...

 

[mokwit]

1 minute ago, Raphael Hythlodaeus said:

Many countries have investment schemes which include citizenship and a passport.

For example, Turkey has a scheme whereby a property investment of $250,000 secures Turkish citizenship/passport. 

What is Thailand offering? A 10-year Visa with masses of paperwork? 

As always one sided inequitable terms.

[Stoker58]

 They’re f’ing obsessed with “wealthy foreigners”, aren’t they?

[mokwit]

Just now, Stoker58 said:

 They’re f’ing obsessed with “wealthy foreigners”, aren’t they?

It is not mutual. Wealthy foreigners are not interested in Thailand or rubbing shoulders with the Thai elite.

[car720]

Interesting to note how the number of negative comments just keeps getting bigger and bigger.  One knows why of course.

[bananafish]

You can own land, until they change their mind and take it off you again. 

[Silencer]

21 minutes ago, Misterwhisper said:

I likewise know dozens...  whose trusted Thai wife and her family, who usually are the "majority owners" of the limited company, sold the property and MADE the foreign husband "move on".  

Yes, $hlt happens, married or not. Your other shareholders, and their rights, is a critical component of the company and best set up with a knowledgeable law firm to mitigate these occurrences. But even then it can happen. However, many more people successfully buy and sell this way.

[Bundooman]

If we wait a year or so, they'll be giving us all land and houses.

the following year, they will pay us to accept one!

and he'll be the minister, (or is he a general)? to tell us about it!

Sigh!

[JAS21]

Allowing anyone but Thais to own land will in the future only make the gap between the well off and poor greater.

 

Rich foreigners will find a way to get around legistratiom and buy up land from the masses.

 

Will the government care…NO

 

 

 

 

 

[Bundooman]

34 minutes ago, JohnHans said:

Why do these so called government employees constantly believe wealthy foreigners are stupid?

Because they are consistently stupid themselves!

[Old Croc]

3 hours ago, USNret said:

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

Geostationary.

[mar zarych]

Why would anyone in their right mind purchase property in Thailand (other than in support of a Thai person or family} when the price to rent is such a great deal. I've seen several nice homes upcounty for a few hundred dollars a month. No complicated paperwork and very little obligation. 

[Xonax]

Why even consider to own land and property in Thailand, without getting a permanent residence permit?

[LivinLOS]

1 hour ago, Raphael Hythlodaeus said:

Many countries have investment schemes which include citizenship and a passport.

For example, Turkey has a scheme whereby a property investment of $250,000 secures Turkish citizenship/passport. 

What is Thailand offering? A 10-year Visa with masses of paperwork? 

And how many westerners go retire there ?? Compared to here ??

[LivinLOS]

What always seems to be missed in this discussion is there is already a totally clear avenue in the land code for wealthy investors to own one rai for thier personal home.. Has been for decades.. 

Only currently the investment amount is 40 million, so basically this is just about adjusting the eligibility levels.  

[Tropposurfer]

I'd like to see it but like many other AN members I doubt it will ever happen under this or the next junta that rules LOS, certainly not without ridiculous, unworkable, neutering caveats.

I'll make a pretty obvious guess and say that to see any sort of reasonably global and enlightened attitude in LOS around this issue it will take a democratically elected and functioning government to have any chance of bringing such a thing to workable fruition.

I'm still mulling over the other options to own my residence (and a business I'm planning to open) via a company setup but as yet not pulled the trigger on that.

As far as the stuff in the article about; 'sufficient investment in the country' bla bla.

I plow plenty of money into the country each year, employ a few people part, and full time, as well as the estate service personnel we pay through our annual service fees.

Our course golf caddies love us lol ???? as we bring them home made cakes when we play, and invite them all (a big happy fun mob!) over for BBQ Aussie style a few times a year and we tip and support them in other ways.

The pandemic has hit them very hard as it has so many Thai so to be able to help them a bit more during the last few years has been a great privilege too, not that the boys in BKK care a toss about these truths that many of us falang's live out in our residency here.

For me I hold no bitterness about the confusing and nonsensical stuff that we see and experience here around this or other realities of LOS life. It's all a part of what makes life here so colourful, amazing, and challenging to my comfortable white -privilege lol ????

Edited February 2, 2022 by Tropposurfer

[LivinLOS]

6 minutes ago, Tropposurfer said:

As far as the stuff in the article about; 'sufficient investment in the country' bla bla.

I plow plenty of money into the country each year, employ a few people part, and full time, as well as the estate service personnel we pay through our annual service fees.

If  half a million usd locked into a 'approved investment' is not in your remit, then the 'sufficient investment' is not in line with thier expectations. 

[Enoon]

 

Why would their target market want to own homes/land in Thailand?

 

It is quite an uncomfortable place to live, "holistically" speaking, when compared to the sort of places that market already has access to.

 

For a start it's a ******* furnace for half the year.

 

What is the number 1 reason that the lower income foreigners, bewailing their inability to obtain long-term security of ownership of property/land in Thailand, really felt compelled to be in Thailand?

 

Does it apply to the sort of "wealthy" foreigners being sought?

 

Clue......it ain't "temples".

 

 

 

Edited February 2, 2022 by Enoon

[mokwit]

Just now, Enoon said:

For a start it's a ******* furnace for half the year.

What will eventually drive me from here is that it's a ******* furnace for half the day.

[node]

One can get Citizenship in over 7 Caribbean islands for $150,000 USD - $250,000 USD and still maintain one original Nationality.

Open an Air BNB : small restaurant : jetski or day tour business for the tourists off the cruise ships, to generate income. 

Why come to Thailand and deal with their uncertainties. after 70-75 yrs old they are ready to kick you out.

Take your Thai other half, open a simple Thai restaurant on the beach you will be set for life in the Caribbean.

[LivinLOS]

Not even especially new 
 

Quote

 

A foreigner who invest forty million baht in Thailand can acquire 1 Rai for residential purposes under the following and conditions:

 

A foreigner bringing money not less than forty million baht as specified in the Ministerial Regulation  into the Kingdom for investment may apply for acquisition of land for residential purpose not more than  one rai (1,600 Square Metre or 0.4 Acre) in area, provided also that permission must be obtained from  the Minister of Ministry of Interior. Under section 96 bis of the Land Code, the application for such  acquisition of land shall be in accordance with rules, procedures and conditions prescribed in the Ministerial Regulation as follows:

 

1. In the case of a foreigner, who brings money for investment and wishes to apply for permission to acquire land for residential purpose, shall lodge an application (Alien 4 Form) to the competent official under section 71 of the Land Code together with the following documents:

 

1.1 A foreigner identification card issued by the Police Station in whose jurisdiction the foreigner is domiciled or a certificate of residence issued by  the Immigration Division, National Bureau of the Royal Thai Police Force or a passport indicating the nationality of the foreigner;

 

1.2 Evidences of an investment in the business or activity that falls under  Ministerial Regulation prescribing rules, procedures and conditions concerning the acquisition of Land for residential purpose by foreigners   B.E. 2545:

 

1.2.1 Letter of investment confirmation from bond seller and bonds of Thai Government, bonds of Bangkok of Thailand, bonds of State Enterprise or bonds which the Ministry of Finance secures the capital or interest;

 

1.2.2 Letter from the Asset Management Company confirming that a foreigner has invested in property mutual fund, property mutual fund or mutual fund for resolving financial institution problems established under the law on Securities and Stock Exchange, and an evidence of investment  in such fund;

 

1.2.3 Evidences concerning investment in share capital of a juristic person who is granted promotion of investment under the law on promotion of investment, certificate of registration as a juristic person, name list of the juristic person’s share holders, and a certificate indicating that such juristic person is granted promotion of investment from the Board of Investment; 32

 

1.2.4 Evidences of engagement in an activity that entitles for being granted promotion of investment under the law on promotion of investment according to the announcement made by the Board of Investment, certificate of registration as a juristic person, name list of  the juristic person’s share holders, and the Board of Investment’s letter indicating that an activity being operated entitles for being granted promotion of investment.

 

The evidences mentioned in para. 1.2.1 to 1.2.4 either the  evidence in one para. or one combines with the other(s) can be used but the total amount shall be not less than forty million baht.

 

1.3 Evidences of bringing a foreign currency into the Kingdom or the withdrawal of the money from a foreign currency account or from a non-resident Baht account for investment.

Either one or more of the above mentioned evidences can be used but the total amount shall be not less than forty million baht.

1.4 In the case of the land to be acquired is not located in Bangkok Metropolis, Pattaya City or Tessaban (Municipality); the letter of confirmation from the Provincial Office of Town and Country Planning is required certifying that the land to be acquired is located within a residential zone under the law on Town Planning.

 

1.5 Letter of Ministry of Defense or of the agency concerned confirming that such land is not located in a military safety zone under the law on Military Safety Zone.

 

1.6 The sketchy map showing the location of land seeking for permission.

 

1.7 In the case where an applicant has already had right on land by the time the application is being lodged, an applicant shall produce such land right document;

 

2.  A person who is granted permission shall maintain the investment period not less than five years.  He/she is required to produce the evidence of possession in the  investment in 1.2 as the case may be as current, which shall be not less than forty million baht, to the competent official according to section 71 once a year, on five consecutive years and each year shall be no later than the date making the acquisition registration of the aforementioned land.

 

3. A person who is granted permission shall utilized such land for a residential purpose of his/herself and the family in a way that is not contrary to the local custom or good living of the local community.

 

4. A person who is granted permission shall inform such land utilization for a residential purpose to the competent official of land office according to section 71 within sixty days as from the date of utilization. 33

 

5. A person who is granted permission shall facilitate the competent official supervising the use of such land to ensure that the utilization is in accordance with rules and conditions prescribed in the law once he/she receives a written notification from the competent official under section 71.

 

6. If a person granted permission withdraws an investment in the business or activity before the due date of investment in 2, he/she shall inform in writing to the competent official according to section 71 within sixty days as from the date of making the withdrawal.

 

7. A person granted permission shall utilize such land for residential purpose within two years as from the date of the land acquisition registration.

 

8. If a person granted permission does not comply with the rules and conditions in 2-6, the Director General shall have the power to order such person to dispose of the land in a portion of his possession within the period of not less than one hundred eighty days and not more than one year.

If the time limit elapses the Director General shall have the power to dispose of such land.  Also, if the person does not comply with the condition in 7, the Director General shall have the power to dispose of such land.

 

9. Any foreign language document shall be translated into Thai language. The translation shall be certified according to the Ministerial Regulations (B.E. 2540) issued under the Purview of Administrative

Procedure Act B.E. 2539. (Phraratchabunyat Vithipratibut Ratchakarn Thangpokkhrong B.E. 2539)

 

10. In the case of a person bringing money into the Kingdom to the amount of forty million baht

for investment and has bought the land less than 1 rai, if later and within the period of investment, that person wishes to buy additional land, in this instance, the documents attached to the current investment can be used along with the application for acquisition of the additional land.

 

 

[bbbbooboo]

hmmmm......just  further evidence that TAT continues to live in a dreamworld

[garygooner]

Started reading the article and after paragraph one all I wanted to know was how many laughing emojis it would get?   

18 ....  kinda expected more! 

[Ralf001]

2 hours ago, Misterwhisper said:

. I still have to prostrate every year, kiss countless b**ts and submit increasingly thicker reams of paperwork just to secure another visa and work permit extension.

 

 

Prostrate, Really ?

 

Change employer that is a BOI company, you get 2 year work permits and extensions... They are happy with a basic Wai.