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

[BritScot]

15 hours ago, cocoonclub said:

That wasn’t the point of criticism. The point of criticism was that laws can change, which they can and do in every country. 
 

Where does it say that land ownership is being reviewed after 5 years? The law is being reviewed, that doesn’t mean that your ownership of already acquired land is also being reviewed. 

Yes and that was the reason I/we as a family left Thailand in 2019. The remark from imigration "It's only 800,000baht" was the tipping point. Not knowing what the rules were as constantly changing with the compulsory  insurance being talked about (I had looked at health insurance and it was so expensive I decided to buy a car and 2 big bikes as my families health insurance. This worked out well as I was able to cash out when we were leaving).

[jacko45k]

1 hour ago, Kwaibill said:

One rai would suit me fine for a residence, but they put too many restrictions, i.e. confining it to urban locations.

Be impossible to find a whole rai you could buy in an urban location, so they risk little! .....

[jonclark]

I am sure there will be many Chinese investors buying up land here. The Chinese dream is to own land & property and there are many Chinese flush enough to start buying up land here as a route out of China, combined with the disaster of their current property bubble. The Chinese are also very good at dealing with uncertainty - well you would have to be with the CCP in power. So this will work for them - Many posters need to realize that this is not a western focused country anymore. Asia is the future and that is probably where this is aimed at. An Asian demographic. 

 

 

[Chongalulu]

1 hour ago, Boyn said:

I am seriously looking for a bridge, does it open?

In which case "Biffin's bridge" seems to fit what you’re seeking..

[ThailandRyan]

2 hours ago, nchuckle said:

In which case "Biffin's bridge" seems to fit what you’re seeking..

Here's the Bridge, and it's in Bangkok.

[Mavideol]

why would anybody invest more then 1 million bucks to get a temporary permit of stay that can be removed after 5 years or before when somebody can get a "gold visa" leading to citizenship in certain European countries for around 250,000 Euros and no risk of being kicked out and advantages of owning land & housing without any restrictions

European Citizenship by Investment Countries List

IMPORTANT: Spain, Portugal, Malta and Greece have Golden Visa Residency by Investment programmes.

Citizenship can be achieved for these countries through naturalization.

 

 

https://www.eb5brics.com/europe-citizenship-by-investment

 

Edited October 27, 2022 by Mavideol

[Dogmatix]

On 10/26/2022 at 10:32 AM, Boyn said:

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?

Only the ministerial regulation to do with the qualifying investments to be reviewed every 5 years.  The 40 million is already in the Land Code and can't be changed without a  new law that has to go through parliament.

[alex8912]

11 hours ago, cocoonclub said:

You trying to speak for everyone else doesn’t change the fact that you’re wrong — laws can and do change everywhere. 
 

All I can see is that you’re so butt hurt about being wrong that you’re desperately trying to speak for others to make up for your own lack of arguments, and calling names that you can’t even explain. But again, it doesn’t change the fact that laws can and do change in every country. 

Laws can and do stay the same everywhere as well. Have you ever heard of blue laws? 
What's your silly point or are you a child who keeps repeating herself. 

[Dogmatix]

The Land Code doesn't allow for inheritance by foreign heirs which could be a problem for some potential buyers. Originally the Land Code did allow for inheritance of land by foreigh heirs in the context of the foreign treaties but since there are no surviving foreign treaties that permit land ownership. Unless foreign heirs are qualified to buy land under this scheme, the land will have to be sold. Also while the estate of a Thai citizen has Thai national status, the estate of a foreigner does not which means the estate might have to transfer the land within 30 days of the owner's decease.

[blackcab]

On 10/26/2022 at 4:32 AM, Boyn said:

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?

 

No, you have to put 40 million baht down before you start. You have to import 40 million baht of foreign currency and exchange it to Thai baht, and then invest that 40 million baht for 3 years in a government approved scheme.

 

Once you have done that, you then need to pay more money to purchase the land. The initial 40 million baht does not buy you even 1 square meter.

[blackcab]

On 10/26/2022 at 5:24 AM, KhunBENQ said:

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?

 

You can sell the land, but you can only sell it to either a Thai citizen or a non Thai citizen who themselves have imported 40 million baht and invested it in the same manner. As there will probably not be too many foreigners taking up this offer, in reality it means you would be much more likely to have to sell to a Thai citizen.

 

A beneficiary can only inherit the land if they themselves invest 40 million in the same way we have been discussing. This means it is probable that the land would have to be sold by your estate upon your death as your non-Thai beneficiary either could not or would not want to qualify to inherit.

[blackcab]

On 10/26/2022 at 7:47 AM, twix38 said:

Retirees having a spare 40 million baht! lmao

40 million baht just to own my own home and land it sits on. 

why would I? if anything it makes me feel more determined NEVER to buy but only rent. much safer and no real term commitment to put up with anything - problem neighbours, dogs, construction, karaoke, loudspeakers, bars, noise of any sort, boundary or legal issues etc that can start up at any time and totally blight life.

NAH!

 

No, the 40 million must be invested in a government approved scheme. It doesn't buy you any land at all. Once you have invested the 40 million you then have to import more foreign currency and exchange it to Thai baht in order to pay for the land.

[blackcab]

On 10/26/2022 at 9:18 AM, Purdey said:

This could be inflationary. I imagine some property companies setting aside land for foreigners and putting this THB 40m price tag on many plots, raising land prices in the vicinity exponentially for all Thais. Thais will be very willing to sell their land to real estate agents and retire of course but expect some to complain bitterly of foreigners coming here and stealing their heritage. 

 

No, in this scheme 40 million baht buys you nothing. You must first import foreign currency in sufficient quantity and exchange it for Thai baht. You need at least 40 million baht. Once you have the 40 million baht you need to invest it all in a government approved scheme. Once you have done that you will be allowed to purchase the land, but to do that you will need to import more foreign currency equal to the purchase price and then exchange that to Thai baht to pay for the land purchase.

[blackcab]

On 10/26/2022 at 12:38 PM, Srikcir said:

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?

 

The first thing is that the property is not valued at 40 million baht. How the scheme works is that you must first import the equivalent of 40 million baht of foreign currency into Thailand and exchange that into Thai baht. You must then invest that 40 million baht into an approved investment.

 

Once you have done that you then need to import and exchange more foreign currency to pay for the land purchase, which could be of any value.

 

In terms of inheritance, this land would be dealt with in the same way that you mentioned, in that it could not be inherited by any non-Thai who did not qualify as a purchaser themselves. This means that in all likelihood, the land would have to be sold or bequeathed to a Thai citizen.

[blackcab]

23 hours ago, BTB1977 said:

Hay looks at us . We are letting frang own land.  But only the stupid ones that would invest 40 million for one rai of land. No ones that stupid. 

 

No, the 40 million doesn't even get you 1 square meter of land.

 

You have to invest 40 million baht and then once that is done you have to pay for the land on top.

[blackcab]

23 hours ago, johncat1 said:

Invest 40 million baht to get a postage stamp plot of land. WITH strings attached !!  Nobody in their right mind would invest 40 million Baht in such an unstable country where laws can change at the whim of the dictator. Anybody fool enough to do this can kiss their money goodbye, If the government don't steal it the banks will. Plus they will always be known as the ATM Farang, and never be treated equally alongside a Thai.   

 

No, the 40 million does not come with any land at all.

 

You have to invest the 40 million in a government approved scheme, and then once you have done that you need to import more foreign currency to pay for the land you want to purchase.

[blackcab]

17 hours ago, d4dang said:

or other designated downtown areas. Where are these designated downtown areas? How many downtown areas are there where you can buy one rai for 40 million Baht or less in Thailand?

 

That's not the deal. The deal is you have to import the equivalent of 40 million baht of foreign currency into Thailand and exchange it into baht. That money then has to be invested in an approved government scheme.

 

Once you have done that you can go and purchase up to 1 rai of land for any price that is available.

[blackcab]

13 hours ago, DUNROAMIN said:

Isaan country 1 x Rai in Moobarn up to 1 mil, 40 mil to buy 1 mil land, I think not.

 

The law is that you have to import the equivalent of 40 million baht of foreign currency and then convert it to Thai baht. You then have to invest that money into an approved government scheme.

 

Once you have done that you can then purchase up to 1 rai in a specified area (not upcountry Isaan) for any price.

[blackcab]

10 hours ago, Orinoco said:

I think 1 rai is just to small for any real serious investment. Needs to be 3+ rai

 

The land is for residential use only, so any kind of business or property scheme would not be allowed.

 

That being said, there are 1 rai pieces of land in Bangkok routinely sold for hundreds of millions of baht.

[blackcab]

10 hours ago, Kwaibill said:

The one rai is for your residence only, not the proposed investment, as I read it.

Like to know if a lease agreement would be applicable, or purchase agreement for a block of flats, etc.

 

The land is specifically meant to be for a residence for the purchaser.

 

I know where you are coming from about the lease, etc. In reality I can't see it being allowed, but stranger things have happened.

[Blumpie]

6 hours ago, ThailandRyan said:

Here's the Bridge, and it's in Bangkok.

Trinkety, childish, expensive garbage.  

[pizzachang]

On 10/26/2022 at 9:46 AM, 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"!!!

That's a bit pricey, to say the least.

[Gknrd]

10 hours ago, blackcab said:

 

The law is that you have to import the equivalent of 40 million baht of foreign currency and then convert it to Thai baht. You then have to invest that money into an approved government scheme.

 

Once you have done that you can then purchase up to 1 rai in a specified area (not upcountry Isaan) for any price.

Although I have not and would never dream of looking into it, The real question is how much interest does the Thai government scheme pay?  If a good interest rate then it may be very attractive to someone committed to this area.

[Gknrd]

20 hours ago, BritScot said:

Yes and that was the reason I/we as a family left Thailand in 2019. The remark from imigration "It's only 800,000baht" was the tipping point. Not knowing what the rules were as constantly changing with the compulsory  insurance being talked about (I had looked at health insurance and it was so expensive I decided to buy a car and 2 big bikes as my families health insurance. This worked out well as I was able to cash out when we were leaving).

Same here. I had been here many years and enjoyed myself. You could see the writing on the wall before they stopped the embassy letter. I started positioning myself a couple of years before you.

 

 I kept a small home in the US,  stocked with car small RV.  I would go back every few years and do upgrades and make sure all was good.  Best thing I ever did. Especially now that the political climate is changing. Also it afforded me to travel closer to home and check out other counties. Now I only come back once in a blue moon.  Life is good.

Edited October 28, 2022 by Gknrd

[jacko45k]

11 hours ago, blackcab said:

 

No, you have to put 40 million baht down before you start. You have to import 40 million baht of foreign currency and exchange it to Thai baht, and then invest that 40 million baht for 3 years in a government approved scheme.

 

Once you have done that, you then need to pay more money to purchase the land. The initial 40 million baht does not buy you even 1 square meter.

I don't see them getting an offer from Dragon's Den.

[cocoonclub]

12 hours ago, alex8912 said:

Laws can and do stay the same everywhere as well. Have you ever heard of blue laws? 

So you finally got it that this announcement is nothing to moan and whine about. Congrats. 

 

12 hours ago, alex8912 said:

What's your silly point or are you a child who keeps repeating herself. 

It felt like I was talking to one given how you were throwing a tantrum about something that’s neither an issue nor unlikely to affect you anyway as I doubt you’d have 1m to invest here. 

[Mavideol]

TAT should look at it's neighbors before making non sense long term visa proposals, Indonesia came up with an easy one

Have $130,000 in your account! You are eligible for Indonesia’s new 10-year visa

https://www.y-axis.com/news/have-130000-in-your-account-you-are-eligible-for-indonesias-new-10-year-visa/#:~:text=Indonesia is launching a new ‘second home visa’%2C,announcement of the new rule or from Christmas.

[Artisi]

35 minutes ago, Mavideol said:

TAT should look at it's neighbors before making non sense long term visa proposals, Indonesia came up with an easy one

Have $130,000 in your account! You are eligible for Indonesia’s new 10-year visa

https://www.y-axis.com/news/have-130000-in-your-account-you-are-eligible-for-indonesias-new-10-year-visa/#:~:text=Indonesia is launching a new ‘second home visa’%2C,announcement of the new rule or from Christmas.

But, Thailand is the centre of the universe, therefore we can ask for whatever we want. 

[HighPriority]

On 10/26/2022 at 12:16 PM, 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"!!!

You might be putting all your eggs in one basket but the rest of us retired special forces types have more chickens than mortals like you can dream of.

 

????????

[overherebc]

15 hours ago, blackcab said:

 

No, you have to put 40 million baht down before you start. You have to import 40 million baht of foreign currency and exchange it to Thai baht, and then invest that 40 million baht for 3 years in a government approved scheme.

 

Once you have done that, you then need to pay more money to purchase the land. The initial 40 million baht does not buy you even 1 square meter.

If you withdraw the investment money at any time then I believe the 'land' must be returned to Thai ownership.