Select foreigners can own 0.16 hectares (1 rai) for residential use in Thailand from September

[Arkady]

Now it is pretty clear what they are trying to do and I have the sense this time that they could get it done. 

 

This is nothing new as the Land Code in Section 96 bis was amended in 1999 by the Chuan government to allow foreigners to own  1 rai of land if they put THB 40 million into approved investments. The law provided for much of the key details to be filled in with ministerial regulations.  When the were issued several years later, huge backtracking was evidence because the regulations specified approved investments that did not exist. So no one was able to use this law to buy land.  But it remains on the books and can easily be activated.

 

The government can issue a one page decree to create new ministerial regulations that will bring this law to life for the first time. This will avoid the painstaking process of getting completely new amendments through parliament against political opposition and dealing with the public backlash as it grinds through its three readings. Not to mention that the government has no time to pass any new legislation before its time will be up. Think of it like the legalisation of cannabis.  A one page decree followed by a 120 waitiing period and they're done without many Thais even noticing.  They wake up 4 months later and find foreigners are allowed to own land.

 

What they can't change without going through the parliamentary process is what is already in the law, e.g. ministerial approval is required for each transaction and purchases can only be made in Bangkok, Pattaya or areas designated as residential zones throughout the country. The ministerial approval will probably make it unviable for those without the highest level connections. What seller is going to wait around for months or years for that?  But they can make the investment conditions viable. In 1999 the intention was to get foreigner to invest mainly in special real estate funds designed to help out the crippled property industry but by the time the regulations came out these fund were no longer being issued. The BOI was empowered to designate alternative qualifying investments but declined to do so.  An easy way would be to designate investments in any BOI promoted company or any stocks listed on the SET.

 

Unlike the now redundant provisions in the Land Code for foreigners to own land under international treaties owners, there is no provision for foreign heirs to inherit the land.  So presumably the estate would have 12 months to sell to a Thai buyer, as in the case of foreign heirs of a Thai citizen.  The treaty laws allowed foreign heirs to inherit as long as they were also qualified to hold land under the relevant treaty.

 

This is the current law.

Land Code

(Added by Land Code Amendment Act 1999)
Section 96 bis The provisions prescribing the acquisition of land by foreigners by virtue of the provisions of a
treaty under first paragraph of Section 86 shall not apply to the foreigners who bring in the capital for
investment more than forty million Baht as prescribed in the Ministerial Regulations whereas the acquisition of
land for purpose of residence shall not exceed one rai and shall be approved by the Minister.

The acquisition of land by foreigners under paragraph one shall be in accordance with the rules, procedures,
and conditions prescribed in the Ministerial Regulations. The essential issues shall be included in the
Ministerial Regulations as follows.
(1) The type of business in which the foreigners invest that economically and socially benefits the country or
which is declared by the Board of Investment as eligible for the application of the investment promotion under
the law thereon.
(2) The period of maintaining the investment shall not be less than three years.
(3) The land that the foreigners may acquire shall be within the locality of Bangkok Metropolitan
Administration, the City of Pattaya, Municipality, or the zone designated to be the residential area under the law
on city planning.

 

Section 96 ter Any foreigner who is granted to acquired land under Section 96 bis shall, if fails to comply with
the rules or conditions prescribed in paragraph two of Section 96 bis in the Ministerial Regulations, dispose of
the land being under his/her right within the time period prescribed by the Director-General which is not later
than a hundred and eighty days but not longer than one year. If such time period elapses, the Director-General
shall have power to dispose of such land.
If the land granted to be acquired by the foreigner under Section 96 bis is not used for purpose of residence
within two years from the registration date of acquisition, the Minister shall have power to dispose of such
land.

[Excel]

3 minutes ago, Bday Prang said:

Can't fault them really, definitely an improvement on the UK's current immigration policy which welcomes destitute illegals who hate us

Plus of course legally attempting to get your wife to the UK is impossible if you don't meet the income requirements, even though you may have paid UK income tax all of your working life, served the country as a member of the armed forces etc etc.  Yet the illegals are taken in and cared for. 

[Bday Prang]

2 minutes ago, Excel said:

Plus of course legally attempting to get your wife to the UK is impossible if you don't meet the income requirements, even though you may have paid UK income tax all of your working life, served the country as a member of the armed forces etc etc.  Yet the illegals are taken in and cared for. 

Its a National disgrace that needs sorting out

[shackleton]

Just shows how desperate they are to have foreigners invest in the Country

always looking for ways of getting money ????  even half  baked schemes which are never thought through 

Looking forward to the next money maker 

 

[realfunster]

From the linked article :

 

“He also said that the government hopes that this measure will increase the number of foreigners owning residences in Thailand to about one million”

 

Once I had finished rolling around on the floor, I attempted to drink my coffee but even several minutes after reading this, I still spat it all over my desk.

 

Absolutely hilarious but also so very sad that these incompetents are in charge….

[Hanuman2547]

I think I'll pass on this offer.  Not willing to invest in Thai businesses.

[garygooner]

Yep ... 34 laughing emojis was about what I was expecting!  

[vandeventer]

15 hours ago, kevc said:

Everything they talk about concerning foreigners is always down to how much money they can squeeze out of them, certainly makes you feel welcome and wanted.

Maybe they should pay us, have you ever tried digging on this soil? I have broke many shovels  on this dirt that's full of stones.

[tomacht8]

I have the money. But somehow I'm not interested in the generous offer at all. Just when I think of the associated paperwork, the endless running around for some kind of official stamps, the many regional officials who look at me with wide eyes and have not heard anything about the scheme, the hundreds of paper copies, the waiting time at the authorities, etc. make me to get vomit.

 

Involved are likely the immigration office, the regional land office, the local tax office, the land registry office, the foreign ministry, BOI, director General, translators, banks, lawyers, the local mayor, surveyors, architects, construction companies, insurance companies, the local electricity office, local supply water company, neighbors and whoever else is stirring the cake.

 

Conclusion: Remind me that time is the most valuable asset I have.

I am not interested in this 40 million + X baht scheme for max 1 Rai.

Edited July 16, 2022 by tomacht8

[problemfarang]

with 40 million baht, i would open a construction or restaurant business. i would build a house with a swimming pool and a great garden and other things. I would build it in my construction work land area so it would count the business asset. So i can own it and live in it freely. I would do the same thing for the restaurant. With the rest of my 40mil i would buy a nice car and name it under my business so there will be no legal issues. i would put the rest of the money into the bank. 

 

i think better than buying a 1600 square meter land.

Edited July 16, 2022 by problemfarang

[Kwaibill]

The average American land owner has between 1/6 to 1/3 of an acre. (Single or double in town lots)  One rai is a bit larger than 1/3 acre, so in that regard one rai is adequate size for a home. That said, I am used to rambling around on twenty-five acres (about 65 rai)  in the US. Maybe 1 1/2 rai in my wife's name, or a thirty year lease on a larger parcel (we'll both be gone by then, probably????)

[Mavideol]

10 hours ago, webfact said:

Thailand eyes 1 million new expats with 10 year visas and land ownership

By Online Reporter

 

Thai government spokesperson Thanakorn Wangboonkongchana. File photo

 

Thailand hopes that offering 10 year visas and the option to own land for residential use will help to attract 1 million new expats, which in turn will generate over 1 trillion baht to the local economy.

 

Up until now, foreigners owning land in Thailand had been prohibited.

 

However, government spokesperson Thanakorn Wangboonkongchana on Friday (July 15) confirmed plans to relax Thailand’s rules on land ownership for foreigners.

 

The move, first reported by Hua Hin Today earlier this week, and still subject to cabinet approval, would see foreigners granted permission to own land for residential purposes providing they invest 40 million baht, (approximately US$1 million) in Thailand over three years.

 

Full story: https://www.huahintoday.com/hua-hin-news/thailand-eyes-1-million-new-expats-with-10-year-visas-and-land-ownership/

 

-- © Copyright Hua Hin Today 2022-07-16

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

delusional 555

adjective

• 1. characterized by or holding false beliefs or judgments about external reality that are held despite incontrovertible evidence to the contrary, typically as a symptom of a mental condition: "hospitalization for schizophrenia and delusional paranoia"

[Bill B]

Apparently 1 million unicorns are ready to roll

[cheapcanuck]

I'll pass on this scheme. 

[Michael Hare]

2 hours ago, Arkady said:

Now it is pretty clear what they are trying to do and I have the sense this time that they could get it done. 

 

This is nothing new as the Land Code in Section 96 bis was amended in 1999 by the Chuan government to allow foreigners to own  1 rai of land if they put THB 40 million into approved investments. The law provided for much of the key details to be filled in with ministerial regulations.  When the were issued several years later, huge backtracking was evidence because the regulations specified approved investments that did not exist. So no one was able to use this law to buy land.  But it remains on the books and can easily be activated.

 

The government can issue a one page decree to create new ministerial regulations that will bring this law to life for the first time. This will avoid the painstaking process of getting completely new amendments through parliament against political opposition and dealing with the public backlash as it grinds through its three readings. Not to mention that the government has no time to pass any new legislation before its time will be up. Think of it like the legalisation of cannabis.  A one page decree followed by a 120 waitiing period and they're done without many Thais even noticing.  They wake up 4 months later and find foreigners are allowed to own land.

 

What they can't change without going through the parliamentary process is what is already in the law, e.g. ministerial approval is required for each transaction and purchases can only be made in Bangkok, Pattaya or areas designated as residential zones throughout the country. The ministerial approval will probably make it unviable for those without the highest level connections. What seller is going to wait around for months or years for that?  But they can make the investment conditions viable. In 1999 the intention was to get foreigner to invest mainly in special real estate funds designed to help out the crippled property industry but by the time the regulations came out these fund were no longer being issued. The BOI was empowered to designate alternative qualifying investments but declined to do so.  An easy way would be to designate investments in any BOI promoted company or any stocks listed on the SET.

 

Unlike the now redundant provisions in the Land Code for foreigners to own land under international treaties owners, there is no provision for foreign heirs to inherit the land.  So presumably the estate would have 12 months to sell to a Thai buyer, as in the case of foreign heirs of a Thai citizen.  The treaty laws allowed foreign heirs to inherit as long as they were also qualified to hold land under the relevant treaty.

 

This is the current law.

Land Code

(Added by Land Code Amendment Act 1999)
Section 96 bis The provisions prescribing the acquisition of land by foreigners by virtue of the provisions of a
treaty under first paragraph of Section 86 shall not apply to the foreigners who bring in the capital for
investment more than forty million Baht as prescribed in the Ministerial Regulations whereas the acquisition of
land for purpose of residence shall not exceed one rai and shall be approved by the Minister.

The acquisition of land by foreigners under paragraph one shall be in accordance with the rules, procedures,
and conditions prescribed in the Ministerial Regulations. The essential issues shall be included in the
Ministerial Regulations as follows.
(1) The type of business in which the foreigners invest that economically and socially benefits the country or
which is declared by the Board of Investment as eligible for the application of the investment promotion under
the law thereon.
(2) The period of maintaining the investment shall not be less than three years.
(3) The land that the foreigners may acquire shall be within the locality of Bangkok Metropolitan
Administration, the City of Pattaya, Municipality, or the zone designated to be the residential area under the law
on city planning.

 

Section 96 ter Any foreigner who is granted to acquired land under Section 96 bis shall, if fails to comply with
the rules or conditions prescribed in paragraph two of Section 96 bis in the Ministerial Regulations, dispose of
the land being under his/her right within the time period prescribed by the Director-General which is not later
than a hundred and eighty days but not longer than one year. If such time period elapses, the Director-General
shall have power to dispose of such land.
If the land granted to be acquired by the foreigner under Section 96 bis is not used for purpose of residence
within two years from the registration date of acquisition, the Minister shall have power to dispose of such
land.

In 1999, my wife and I purchased 800 sq m of bare land in Ubon Ratchathani city to build our new house. The land department at first refused to allow my wife to purchase, because she was married to a foreigner, even though she was a Thai national. She passed over the details of the new law recently passed by the Chuan government, which allowed Thai ladies married to foreigners to purchase up to 1 rai, but only for residential purchases. As for myself, despite being a permanent resident for over 20 years, I still can not buy even one sq m in the Kingdom. 

[GeorgeCross]

"i'm gonna buy my rai on lower suk and put a condo on it.."

 

said mr. rich chinese guy.

[overherebc]

16 hours ago, redwood1 said:

1 Rai = 1600 meters...

 

Enough room to build a modest house and maybe squeeze a small swimming pool in.....But that's about it...

 

Or you can buy roughly 2 acres with established olive trees, a lot, a house ( 3 bedrooms, 2 bathrooms ) ready to move in near the coast in south Italy ( best wine and food on the planet ) for around £140,000.

No investment required.

Edited July 16, 2022 by overherebc

[bbbbooboo]

Hmmm…. Beware of the word “select” .It actually  will exclude most of us ordinary foreigners in the same way the word “exclusive” does. It excludes those without millions in money and includes those that do

[MaiChai]

Hilarious. Whats the old expression: Don't spend more than you are prepared to loose?

If you are a pensioner then rent and move around to different countries as the goal posts change.

If you are married to a Thai and you think you have a good long lasting relationship, then build a house through your wife, which means you can get half of it back if the marriage does not work out.

IMHO nothing changed, unless you are a complete idiot to follow through on this!

[NB1986]

For this money its still better option to buy a comfy apartment in BKK and when you need a break you go somewhere to travel, Thailand has many nice places, but what i think is they did it because of Russian oligarchs, they are banned to own property mostly everywhere so Thailand will become hub for their money.

[ThaiFelix]

20 hours ago, peterfranks said:

As far as I'm aware, that has been the law for many years already.

 

So what has changed?

Yeah but you dont have to tell everybody.  This is supposed to be a new bright and shining idea from a modern forward thinking government. 

 

In any case how did you know already?  Do you listen to this government or something?  Well, well, now we know who it is?   lol

 

[NeoDinosaw]

19 hours ago, peterfranks said:

One Rai is plenty.

 

I have 1 Rai, built a 350 sqm house, 3 bedrooms and double car carport, a 11 x 6 meter swimming pool, 40 sqm maids quarters on it.

 

And guess what, I still have 800 sqm meter of lawn left. Far too much to maintain.

where is this ?

 

[peterfranks]

8 minutes ago, NeoDinosaw said:

where is this ?

 

Why does it matter where this is? 1 Rai is the same size all over Thailand

[overherebc]

1 hour ago, NeoDinosaw said:

where is this ?

 

Don't worry, you can't find out.

It's a kind of secret squirrel thing.

Edited July 16, 2022 by overherebc

[brianthainess]

18 hours ago, pomchop said:

40,000,000 Thai Baht equals

1,092,299.20 United States Dollar

Bargain. 

[brianthainess]

I feel so much better now, knowing that if everything went tits up with my missus i'd only lose 2m I feel so pleased, plus the added bonus of not having to take care of 1 rai. ???? coz there is also an added bonus i could move to where the postman delivers mail and pay all those fines ???? 

[jonclark]

10 hours ago, jacko45k said:

If it fails just when you need it is it not money wasted? 

Still have the 40 million though. Honestly in the many years I have been on this forum people always get themselves tied up over land ownership, but nothing changes. For what it's worth  many Thai husband's and wives have a single name on the home ownership papers. For both of my married neighbours the house and land is in the wifes name only and the car is in the husband's. This is not an uncommon occurrence. 

 

[kevc]

Magic set aside one million pounds and you can buy yourself an allotment.

[Jackin1960]

Well you never know someone might find it to be the best deal they can find after becoming persona non grata everywhere else. I am not sure if I would fancy investing that much in Thailand as I would imaging it would involve having rather too many Thais tied to any deals investments. Another large supermarket chain Tesco pulled out of Thailand in 2020 due to problems. 

[Neeranam]

This existed when I worked for Clifford Chance Wirot 22 years ago. 

It is subject to General Anupong's approval.