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

[outsider]

5 hours ago, webfact said:

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

One of the most stupid and laughable scams I've come across.

[Mavideol]

6 hours ago, webfact said:

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

why would anybody invest more then 1 million USD to the priviledge of being able to "buy" 1 rai of land that he/she may lose in 5 years, they really think we are stupid, smart people with 1 million USD will go somewhere else where they are welcomed and respected

[nickmondo]

????

[tomacht8]

Unless you're totally blind, you can get 3-4% returns a year investing in mutual funds or dividend stocks. That would be 1.2 - 1.6 million Thai Baht interest per year for 40 million. For 100,000 Thai Baht a month you can rent a beautiful villa with a pool near the beach.

 

Why should you expose yourself to all the bureaucratic headaches with a 1 Rai purchase and tie up your capital in the long term when you can remain flexible?

[ThailandGuy]

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

Whahaha.  Good luck with that. 1 Ray with a house does not cost that much.  What a joke.

[Harveyboy]

6 hours ago, bdenner said:

"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"!!!

Yep got 40 mil couldn't think of a country anywhere in the world safer to put it ....oh my dear Aunt 

[metisdead]

A post with derogatory trolling comments toward Thais has been removed as well as the replies:

 

14. You will not post slurs, degrading or overly negative comments directed towards Thailand, Thai people, Thai culture, Thai institutions such as the military, judicial or law enforcement system or specific locations within Thailand.

[joecoolfrog]

5 hours ago, Neeranam said:

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

When do you intend to sign up ?

[redwood1]

Folks 40 million is just the start.....You still have to pay for the land, and you still have to build a house.....

 

And you can only buy land in certain places....Not where there is cheap land....

 

And you are not guaranteed to be grandfather in incase the law changes in 5 years....

 

Sorry but this just is not going to fly.... 

[Dont confuse me]

I'm down toy last million $ now let me think about where I should invest it? 

Oh yes Thailand they've got a great offer, guaranteed for at least 5 years what could go wrong? Safest investment going!

[jvs]

4 hours ago, tjo o tjim said:

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.

You can buy very nice property for that price,many nice islands to

be had for that kind of money.

https://www.privateislandsonline.com/search?availability=sale

Edited October 26, 2022 by jvs

[Adumbration]

You losers are just poo hooing this because you don't have 40M baht sloshing around.

 

This will be a huge success.  Torrents of dirty Chinese, Russian and UAE money will absolutely flood into Thai property as soon as this new law takes effect.

 

The new laundry is ready for business.

[Burma Bill]

6 hours ago, webfact said:

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.

A good opportunity for this?????

 

[mran66]

Hilarious, that's all I can say. 

 

Can only wonder what they thinking and what they discussed in the decision making meeting as well as other preparatory meetings and reviews. Had someone been in position to record, would have a lot of subscribers in YouTube. 

[Arkady]

This keeps on being reported as if it is a proposal by the government for a new law or amendment of an existing law. It is not. 

 

It is already an existing section in the Land Code (Section 96 bis below) as a result of an amendment made by the Democrat led government in 1999.  The current government obviously does not have the ability to get a law or amendment of its own of this type through parliament with the public participation process and vetting by the juridical council required with hardly any parliamentary time left before elections and significant opposition to land sales to foreigners throughout Thai society, including probably its own MPs.  

 

In fact all the government needs to do is issue a one page Interior Ministry regulation in the Royal Gazette to update the qualifying investments for the THB 40 million to investments that are actually available today. So if they really want to do it, it will be done.  Section 96 bis was sabotaged by the Interior Ministry subsequent to its promulgation in 1999 because no existing qualifying investments were ever specified in ministerial regulation.  Regulations were delayed for 3 or 4 years until Taksin was in power and specified only qualifying investments that had already ceased to be available and others that were supposed to be issued but never were.  So no foreign purchases of land have ever been authorised under 96 bis. Nevertheless the Post hilariously quoted today someone saying that it worked really well to revive the economy in the late 90s 555.

 

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.

[bbbbooboo]

Hmmm… only 40 million baht. Thats a bargain….. i’ll pass ( thanks)

[Orinoco]

Just one more, we think we are still special Thailand threads.

Look,  they are fighting to get through immigration for the deal of the century.

 

Edited October 26, 2022 by Orinoco

[taxin]

7 hours ago, webfact said:

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

So a digital nomad visiting Thailand can buy land, but a foreigner under 50 married to a Thai for 20 years with Thai citizen children cannot, makes sense I suppose.

[ikke1959]

33 minutes ago, Arkady said:

This keeps on being reported as if it is a proposal by the government for a new law or amendment of an existing law. It is not. 

 

It is already an existing section in the Land Code (Section 96 bis below) as a result of an amendment made by the Democrat led government in 1999.  The current government obviously does not have the ability to get a law or amendment of its own of this type through parliament with the public participation process and vetting by the juridical council required with hardly any parliamentary time left before elections and significant opposition to land sales to foreigners throughout Thai society, including probably its own MPs.  

 

In fact all the government needs to do is issue a one page Interior Ministry regulation in the Royal Gazette to update the qualifying investments for the THB 40 million to investments that are actually available today. So if they really want to do it, it will be done.  Section 96 bis was sabotaged by the Interior Ministry subsequent to its promulgation in 1999 because no existing qualifying investments were ever specified in ministerial regulation.  Regulations were delayed for 3 or 4 years until Taksin was in power and specified only qualifying investments that had already ceased to be available and others that were supposed to be issued but never were.  So no foreign purchases of land have ever been authorised under 96 bis. Nevertheless the Post hilariously quoted today someone saying that it worked really well to revive the economy in the late 90s 555.

 

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.

And don't forget if you want to make a business 51% of the shares has to in hand sof Thai people...

[mrbojangles]

Think I'll pass on this one thanks!!

[alex8912]

6 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.

We are not talking about you can take a right ( or left ) on a red light at an intersection and now this year you can't do that.. So STOP being a Thai apologist when you are completely wrong!! 

[sambum]

8 hours ago, Geoffggi said:

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

Reminds me of the time when I hadn't used my account for a while at a  certain Thai Bank (which has to remain nameless - defamity laws may apply!), and decided to close it, as I had moved location. "Sorry, that account has been closed already" "Who closed it?" "We did" "Why" "Because you haven't used it in over a year" "So where is my money?" "Gone" " GONE!!!?" Gone where?" "ADMINISTRATION CHARGES"

Now that was only about 500 baht, but it shows how these institutions (and Governments) can work if they want to! What if it had been 10,000 baht? Would the same "logic" apply?

[Freddy42OZ]

8 hours ago, bdenner said:

"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"!!!

Who says 40 million is 'all their eggs'?    That's only slightly more than $1 million USD

The issue with it is the amount of land is far too small, what crappy little house are you going to build on that?  Even with a small house there won't be much space left for a garden, let alone a nice long gravel drive and room to park a few cars. 

Also the places you can invest are pathetic.  What about letting people invest into real businesses?  

Of course the reality is that anyone with real money can stay here as long as they want without this nonsense.

[Bkk Brian]

3 hours ago, BritScot said:

So if I marry a ???????? citizen and move there I have to invest $500k to buy a house and live with my spouse?

No if your marrying a US citizen then you can apply for a green card, buy property + get citizenship

[DavisH]

Maybe they really mean"upcountry"....40M baht for 1 rai of flooded ricefield in Nakorn Nowhere. 

[alex8912]

5 hours ago, Neeranam said:

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.

A Thai can buy many acres of land in the USA easily and they can get a 10 year multi entry tourist visa and then easily renew it another 10 years. Why in the world are you being such an over the top apologist? I'd love to hear from some normal retirees here. Rich Thais can buy so many different investment properties in the USA and not just one that sits on less than a 1/2 acre of land. You also seem to forget a Thai can easily marry an American and get a green card then citizenship too. There seems to be maybe 4 posters on here that have Thai citizenship ( maybe). 

Edited October 26, 2022 by alex8912

[finnomick1]

So what's new ?

 

[alex8912]

4 hours ago, Neeranam said:

No, as a Brit, I would also have to invest $500,000 for a retirement visa in the USA. 

Same in Australia, who are very choosy who they let in, unlike Thailand.

Until there is there is some kind of reciprocal agreement, Thailand will make it hard for foreigners to buy land. 

I know a few Thais who would want to retire to the US and Oz, but they can't. 

 

 

Like your local noodle lady? 

[Srikcir]

There maybe another problem with foreigners purchasing Thai property under the subject new rules that appear to align with the new Long Term Resident visa. 

 

While a foreigner can inherent Thai land owned by a foreigner as a "statutory heir", he cannot register ownership of the land assuming he does not also qualify to own property under the Long Term Resident visa provisions. Under present law he must dispose of the "inherited" land within one year to a Thai national.

 

So maybe there needs to be a stipulation in the inheritance laws that the 40 million investment value of the property inherited can qualify for legal and binding transfer to any foreigner under the same provisions of the 10-year LTR visa. Albeit there may still be some limitations, ie., minimum age (50 years old), that may need further review?

[Pib]

I just surveyed the 10 richest billionaires (USD) in the world.....and 10 out of 10 said they plan to take Thailand up on this offer since Bt40M (a little over 1M USD) is pocket change.  They can then build their dream home on 1 rai of land in Khon Kaen.   So, it sounds like Thailand got this one just right.