Thai cabinet open up country for sale to foreigners - but there's a 40 MB catch

[webfact]

Daily News Thai Caption: In exchange for 40 million baht!

 

Daily News quoted government spokesman Anucha Buraphachaisri as saying that rules on foreign land ownership for residential purposes had been changed. 

 

The laws will have a period of five years before being subject to review. 

 

The proposal had come from the Interior Ministry to boost economic activity and was in the offing for more than a year.

 

It applies to four target groups: Well off high earning foreigners, retirees, digital nomads and experts with required and special skills.

 

Foreigners in those categories will be able to buy up to one rai of land for residential use in Bangkok, Pattaya or other designated downtown areas.

 

File photo

 

For this privilege the foreigner must invest 40 million baht in a single project and must commit to three years.

 

This could be invested in Thai government bonds, real estate funds or investment trusts according to the law. 

 

Early withdrawal of funds need to be reported within 60 days.

 

Applications can be made at land offices. Anucha said that changes to the law would be good for the economy and investment sector. 

 

He cautioned that PM Prayuth Chan-ocha said the law would be subject to review every five years. 

 

Now the rubber stamping comes via the Government Gazette before the law is finally changed. 

 

-- © Copyright  ASEAN NOW 2022-10-26

 

- 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!

 

Get your business in front of millions of customers who read ASEAN NOW with an interest in Thailand every month - email [email protected] for more information

[Geoffggi]

9 minutes ago, webfact said:

He cautioned that PM Prayuth Chan-ocha said the law would be subject to review every five years. 

Daylight come and me wanna go home .......LOL - Do the government really think we just got off a banana boat ????????????

[2baht]

Relieving themselves into the wind! ???? Kite flyers!

[bdenner]

"For this privilege the foreigner must invest 40 million baht in a single project and must commit to three years."

No one with half a brain would do this: "Put all your eggs in one basket"!!!

[Mutt Daeng]

The scheme could create some employment opportunities for locals. I would have thought that loads of new staff will have to be hired to deal with the masses of prospective foreign buyers, who, no doubt will be "bursting down the doors" of their local land offices, to take advantage of this fabulous offer and secure their ONE RAI of land.

[bob smith]

This government hasnt got a bleedin. Clue!! How can anyone take this seriously? If you are stupid

enough to invest a million dollars here that is subject to a governmental review every 5 years you are an absolute tool! 

[JonnyF]

40 minutes ago, webfact said:

The laws will have a period of five years before being subject to review. 

Well, that's certainly reassured me. Where do I sign up? ????

[soi3eddie]

A report from a few years in the future says that for some reason it has been proven now that foreigners actually don't want to own land in Thailand. This because not a single foreigner had taken advantage of the generous foreigner land ownership scheme that only required 40 million Baht invested in Thailand. 

 

[webfact]

Cabinet greenlights bill for foreign ownership of land not exceeding 1 rai
by Namo Vananupong

 

    
BANGKOK (NNT) - The Cabinet has greenlighted a draft ministerial regulation that will enable foreigners to buy a maximum of 1 rai of land in Thailand.

 

One of the conditions includes an investment value of at least 40 million baht that must be retained for 3 years. The ministerial regulation opens the door for a greater range of investment options for foreigners and can be revised every 5 years.

 

Prime Minister’s Office Spokesperson Anucha Burapachaisri elaborated on the Cabinet’s approval, in principle, of the drafting of a ministerial regulation on foreign ownership of residential land.

 

The approval was made with regard to the measure calling for economic and investment stimulation by attracting high-potential foreigners to Thailand. The Cabinet approval opens the door for a greater range of investment options for foreigners.

 

The ministerial regulation will be in effect for 5 years after its announcement in the Government Gazette.

 

Mr. Anucha said the draft regulation will designate 4 types of high-potential aliens who will be able to acquire land in Thailand for residential purposes.

 

The 4 categories include high-wealth persons, retirees, individuals who intend to work from Thailand, and specialists who possess certain skills.

 

The amount of land that may be acquired shall be no more than 1 rai (1,600 square meters).

 

The land must only be used for self-residency and must be located within Bangkok, Pattaya, municipalities, or other suitable areas as stipulated by the urban planning law.

 

The alien acquiring land must invest no less than 40 million baht in a business or enterprise and retain the investment for at least 3 years.

 

The spokesman said the prime minister has affirmed the ministerial regulation can be revised every 5 years to accommodate the circumstances at the time.

 

The Ministry of Interior will now submit the draft regulation to the Office of the Council of State for consideration.

 

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221026100454016

 

-- © Copyright NNT 2022-10-26

 

- 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!

[Boyn]

40 million baht for 1 rai of land that sounds like a bargain to me, it is isnt it ? someone tell me if im being stupid.  And to be reviewed in 5 years that makes it even better .......doesnt it?

[ikke1959]

And after 5 years what will happen??? Nobody knows....they change the law like the cannabis and you lost your property.... Never trust this kind of tricks...  

[Neeranam]

Good move to help foreigners, yet they continue to moan. 

[Orinoco]

1 Rai, you can shove it,  right up the you know what Thailand.  

 

 

 

 

 

 

[JoePai]

They've been smoking too much of their wacky baccy 

[Neeranam]

Nothing much has changed since 2002, when foreigners could buy up to one rai. 

Only thing is, it is at the discretion of General Anupong ???? 

[cocoonclub]

16 minutes ago, ikke1959 said:

And after 5 years what will happen??? Nobody knows....they change the law like the cannabis and you lost your property.... Never trust this kind of tricks...  

How is that different from the US, the EU, or any other country? I have yet to find that one country where magically there’s an insurance for never-changing laws.

[Geoffggi]

19 minutes ago, cocoonclub said:

How is that different from the US, the EU, or any other country? I have yet to find that one country where magically there’s an insurance for never-changing laws.

Agreed, but here it is on a monthly basis ..................LOL

[KhunBENQ]

31 minutes ago, Neeranam said:

Nothing much has changed since 2002, when foreigners could buy up to one rai. 

Only thing is, it is at the discretion of General Anupong ???? 

Thanks for saying. I was sure that I read this fabolous 40 mio option long ago.

And from that I remember: you can not sell the land, you can not inherit?

Still true?

The whole thing just shows what xenophobic dreamers rule the country.

[Artisi]

More idiotic poorly considered pipe dreams.  Plus you couldn't or wouldn't if you had half a brain trust the imbeciles in charge of the downhill spiral they are perpetrating. 

[NoshowJones]

29 minutes ago, Geoffggi said:

Agreed, but here it is on a monthly basis ..................LOL

and even being known to happen on a daily basis. A day is 24 hours, the latest one being over modified noisy engines. ????

[tjo o tjim]

In the scheme of things, the plan isn't really all *that* bad.  My home in the US is on about 1 rai of land, and at current exchange rates it is a little over US$1 million.  Despite all of Thailand's problems, it is pretty much the same situation everywhere right now-- too many unknowns, plenty of challenges on the horizon, screwed up government, etc.

 

For someone that doesn't want condo life, but is still comfortable being very close to their neighbors it gives another option.  Not really for me, but if they opened up some other places to it it might be a consideration.

[Casino]

Property are illiquid. Don't buy, rent.!!

You can stop the worry, commitment or coming back.  

[Jerno]

1 hour ago, cocoonclub said:

How is that different from the US, the EU, or any other country? I have yet to find that one country where magically there’s an insurance for never-changing laws.

The simple statement of a review of the law every 5 years introduces formal guaranteed uncertainty.  Investors don't like uncertainty, especially announced planned kind.

[Gknrd]

In other words only extremely stupid and rich foreigners are welcome here ... haha

You stand a better chance of surviving a knife fight in an alley then escaping Thailand without getting your pocket picked...  

Actually I love Thailand but, you need to just come enjoy the wonderful people and good food then move on.

[2 is 1]

1 hour ago, webfact said:

The land must only be used for self-residency and must be located within Bangkok, Pattaya, municipalities, or other suitable areas as stipulated by the urban planning law.

Maybe even some really idiot farang can invest million dollar but hey where is the catch!?

Land price when farang going to watch property! I think one wa going to cost more than million!

Here is this area where farang can buy land and today price just for you other 40 million bath!

[Neeranam]

5 minutes ago, 2 is 1 said:

Maybe even some really idiot farang can invest million dollar but hey where is the catch!?

Land price when farang going to watch property! I think one wa going to cost more than million!

Here is this area where farang can buy land and today price just for you other 40 million bath!

A Thai has to invest $500,000 to get a multi year retirement visa in the USA. 

Retirees here have it too easy in my opinion, leading to moaning at any difficulty, like spending 1 hour a year and $50 in immigration.

[phetphet]

There might be a few Russian oligarchs willing to take them up on their offer. So they can moor their yachts on the Chaophraya.

[Seismic]

2 hours ago, Neeranam said:

Good move to help foreigners, yet they continue to moan. 

Lets be honest here. This is designed mainly to attract wealthy Chinese and hope that this will also be accompanied by accelerated Chinese investment in sectors that can foster technological advancement in the Thai economy. However there is no hard evidence to suggest that this will (As hoped) kick start the Thai economy in any way. It will also essentially shrink the pool of potential condominium buyers (who will now have a more desirable investment option) in a market that has long been oversaturated with empty units.

[ezzra]

A bunch of bureaucrats were sitting idle with nothing to do and they came up with this dud idea without committing to any real progress, maybe yes maybe no or yes and than will change the rules back..Wenkers...

[ikke1959]

2 hours ago, cocoonclub said:

How is that different from the US, the EU, or any other country? I have yet to find that one country where magically there’s an insurance for never-changing laws.

Ever extended a visa?? It is always different papers needed more or others... same in the US Eu or whatever country??? I don't think so... Laws change here sometimes within hours... example seatbelts in the back....