Proposal would allow foreigners in Thailand to own 1 rai of land – but there’s a 40 million baht catch

[webfact]

A pool villa in Pattaya. File Photo. fokke baarssen / shutterstock

 

By Online Reporter

 

A proposal being drafted by the Interior Ministry would see foreigners in Thailand allowed to own up to 1 rai of land for residential purposes.

 

However, foreign buyers would be required to invest 40 million baht in Thailand for a period of three years in order to be eligible for land ownership.

 

The move was announced by Deputy Interior Minister Nipon Boonyamanee on Monday, who said a proposal will be put before Cabinet for approval.

 

Mr Nipon explained how the ministry is exploring ways to stimulate real estate sales among foreign business people with high spending power.

 

Full story: https://www.huahintoday.com/thailand-news/proposal-would-allow-foreigners-in-thailand-to-own-1-rai-of-land-but-theres-a-40-million-baht-catch/

 

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[pomchop]

Obviously the new ganja has resulted in even more vivid pipe dreams.

[RandiRona]

Lol...another useless half cooked scheme from deputy interior minister.

Hard pass!!

[ukrules]

I wonder if continuing to own the land is linked to renewing the investment after the three year period.

 

Also this bit was interesting :

 

Quote

In addition, Mr Nipon said the ministry aims to reduce the transfer and mortgage fees to 0.01 percent for properties which cost more than 3 million baht.

 

[KIngsofisaan]

Only the extreme 1% richest that want a property in Thailand would go for that and then 1 rai is probably not enough for a Mega Mansion.

[Dan747]

This is a "NO GO"-I'm "OUT!!"

[pacovl46]

This is already possible, although it's 5 years of investment and it's a smaller amount of money, don't remember how much it actually was, and if you were to build a house on it then you'd have to live in it yourself.  

[cheapcanuck]

Just another scheme to milk foreigners out of their money.

I'll stick with renting.

[Orinoco]

Well you know what they can do with there latest business's model

I suggest using lube.

[NightSky]

too little too late..

 

We just sold our home in Thailand (was in wife's name) and we're out. I would only ever rent in future.

[Orinoco]

That's about 930,000 GBP to live in a  home on one rai  !!!!!!!!!!!!!!!!!

What a load of jokers.

 

[Purdey]

No mention of permanent residents, who do not need to transfer money from abroad.

Readers may be interested to look into usafruct agreements if you have a Thai spouse. I read abou it on this site many years ago. Buy in his/her name, sign an usufruct agreement and have full rights to live in and use the property for the rest of your life. More reasonable, I think.

[2baht]

They will need to employ more immigration officers, people will be coming in droves for this wonderfully generous offer! ???? 

[whaleboneman]

Great scheme: buy property at farang price but forced to sell at Thai price because you're the only numpty that fell for it.

[RichardColeman]

Very little point in owning any land with the visas here. You could well find yourself owning land and being barred from entry. 

[mvdf]

3 hours ago, webfact said:

A proposal being drafted by the Interior Ministry would see foreigners in Thailand allowed to own up to 1 rai of land for residential purposes.

 

However, foreign buyers would be required to invest 40 million baht in Thailand for a period of three years in order to be eligible for land ownership.

Such disproportionately unfair terms. Invest more than USD 1 m for 3 years (and expose it to local risks) to be eligible to buy something that's just as risky, if not even more.

 

[starky]

7 minutes ago, RichardColeman said:

Very little point in owning any land with the visas here. You could well find yourself owning land and being barred from entry. 

Very popular tactic in the Phillipines. 

[Tracyb]

38 minutes ago, Orinoco said:

I suggest using lube.

…or not!

[2baht]

40 million baht, cheap for your own slice of the Centre of the Universe!

[ezzra]

3 hours ago, webfact said:

he move was announced by Deputy Interior Minister Nipon Boonyamanee on Monday, who said a proposal will be put before Cabinet for approval.

Why is the proposal now? dose the good  minister has some properties he'd love to off load to foreigners now? and as for the 40 million catch, might as well be 4 billions baht...

[Bim Smith]

Never to be trusted. The original Elite Visa came with land owning rights only to be withdrawn years later and they had to be sold. This time round you would be 40 million out of pocket. 

[2baht]

[Bert got kinky]

 

Proposal would allow foreigners in Thailand to own 1 rai of land

Or just marry a Thai lady that you want to spend the rest of your life with and who you trust absolute.

 

[Muhendis]

The true test, as has been said before, is can your non-Thai kids inherit your land after you die.

I think that would probably be "no".

In those circumstances, I would imagine the land would need to be sold to a Thai at some knock down price or taken by a government agency to be sold at auction.

As some have said. It is a blatant attempt to relieve foreigners of their hard earned capital. 

[2baht]

1 minute ago, Bert got kinky said:

Or just marry a Thai lady that you want to spend the rest of your life with and who trust absolute.

That's it Bert, I did it 30 years ago. ????

[billsmart]

I've been told, and by some Thai real estate lawyers, that US citizens can own 1 rai of land as a result of an agreement/treaty made between Thailand and the US during WWII. Has anyone else heard this or know anything more about it? ????

[steven100]

One rai of land ....  a big house on it .....  40 million baht invested ...

 

hmmm .....  and you could lose the lot in a couple of years quite easily ....  TIT  

[Phil1975]

This guy aint smashing the 0.2% THC gear 

[jacko45k]

6 minutes ago, Bert got kinky said:

 

Proposal would allow foreigners in Thailand to own 1 rai of land

Or just marry a Thai lady that you want to spend the rest of your life with and who you trust absolute.

 

Sounds good.....but there is quite a risk involved. 

[klauskunkel]

Quote

Proposal would allow foreigners in Thailand to own 1 rai of land – but there’s a 40 million baht catch

the other catch is that you have access to your land between 11am to 2pm and 5pm to midnight only and not at all on holidays.