Popular Post webfact Posted November 2, 2022 Popular Post Share Posted November 2, 2022 by Paul Rujopakarn BANGKOK (NNT) - Non-resident buying of Thai properties could more than double that of pre-pandemic levels amid government easing of ownership rules. According to the Real Estate Information Center (REIC), annual registrations of houses and condominiums by foreigners could potentially reach upwards of 100 billion baht (US$2.6 billion) when the proposed easing kicks off. According to REIC, annual non-resident purchases were about 50 billion baht during the pre-pandemic period. The government aims to accelerate Thailand’s post-pandemic economic recovery by allowing foreigners to purchase residential land if they invest a minimum of 40 million baht for at least three years. Non-residents are currently only allowed to own condominium units. Following Cabinet endorsement last week, the proposal has been forwarded to the Office of the Council of State and relevant government agencies for further assessment before receiving final approval. Source: https://thainews.prd.go.th/en/news/detail/TCATG221102104402401 -- © Copyright NNT 2022-11-02 - 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! 3 Link to comment Share on other sites More sharing options...
Popular Post ThailandRyan Posted November 2, 2022 Popular Post Share Posted November 2, 2022 I thought there was such a backlash surrounding this proposal that it was dead in the water. Not sure many would dump 40 Mthb into property or investments in the country after obtaining an LTR visa. I know I won't as I already have a house and condo and my investments are elsewhere. 5 1 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted November 2, 2022 Popular Post Share Posted November 2, 2022 Wonder if the buyers of expensive properties know that they propose to look at the aspects of the law every 5 years , too risky , I would have thought, a future Government might not be so friendly , regards Worgeordie 4 1 Link to comment Share on other sites More sharing options...
Popular Post Doctor Tom Posted November 2, 2022 Popular Post Share Posted November 2, 2022 36 minutes ago, ThailandRyan said: I thought there was such a backlash surrounding this proposal that it was dead in the water. Not sure many would dump 40 Mthb into property or investments in the country after obtaining an LTR visa. I know I won't as I already have a house and condo and my investments are elsewhere. The report has got to be nonsense. Invest 40 million to own just a Rai of land, to put your one and only private house on, dream on Thailand, I suspect that all this will attract are yet more crooks and money laundering. 5 Link to comment Share on other sites More sharing options...
Popular Post khunjeff Posted November 2, 2022 Popular Post Share Posted November 2, 2022 "Easing of Thai Property Ownership Attracts Wealthy International Buyers" More accurately: no, it doesn't. 5 3 Link to comment Share on other sites More sharing options...
Popular Post khunPer Posted November 2, 2022 Popular Post Share Posted November 2, 2022 To my knowledge an investor visa has been available for quite some time, where investing 40 million baht gave access to foreign ownership of 1 rai of land – how many have actually used that possibility over the years...???? 4 1 Link to comment Share on other sites More sharing options...
ThailandRyan Posted November 2, 2022 Share Posted November 2, 2022 Just now, khunPer said: To my knowledge an investor visa has been available for quite some time, where investing 40 million baht gave access to foreign ownership of 1 rai of land – how many have actually used that possibility over the years...???? Yes it has been on the books for quite a while actually, and the only ones I know who took advantage of it were people who set up businesses here in the country. 1 Link to comment Share on other sites More sharing options...
CMBob Posted November 2, 2022 Share Posted November 2, 2022 Whoever came up with this scheme is dreaming in my point of view as I'm doubtful hardly anybody with that kind of money to invest would invest it here in Thailand. If you've got a million+ US dollars to invest, you probably didn't get there by being financially foolish. And agree to lock it up for "x" number of years? Additionally financially dumb. Who does the scheme benefit? Well, of course, the wealthy Thais who own almost all the land within the sectors where the plan will apply. And, should the scheme cause property prices to rise, again the wealthy get the benefit (and the average Thai is even more unlikely to ever be a landowner). 1 Link to comment Share on other sites More sharing options...
Popular Post newnative Posted November 2, 2022 Popular Post Share Posted November 2, 2022 So, foreigners were managing to spend 50 billion baht pre-covid on property purchases without the supposed 'easing' of thai property ownership. In reality, there's little in the way of 'easing' at all, certainly nothing new that the average Joe could take advantage of. I suspect the vast majority of foreigners wanting to buy property--either condos or houses--will continue to use the mechanisms that have already been available for their purchases. 3 Link to comment Share on other sites More sharing options...
khunPer Posted November 2, 2022 Share Posted November 2, 2022 1 hour ago, ThailandRyan said: Yes it has been on the books for quite a while actually, and the only ones I know who took advantage of it were people who set up businesses here in the country. But for business you also had some possibilities for land ownership within BOI-rules. 1 Link to comment Share on other sites More sharing options...
racket Posted November 2, 2022 Share Posted November 2, 2022 40 million baht equals around $1 million dollars these days, and if you only need to invest that amount within 3 years - that's even less than that. So it could attract many foreign investors, considering the fact that the Thai baht is trading to a massive discount relative to the greenback. Obviously, there's much more details to be known before this get's approved but kinda gives u a gist of how much you need to start craving into the thai real estate market. Link to comment Share on other sites More sharing options...
Doctor Tom Posted November 2, 2022 Share Posted November 2, 2022 1 hour ago, racket said: 40 million baht equals around $1 million dollars these days, and if you only need to invest that amount within 3 years - that's even less than that. So it could attract many foreign investors, considering the fact that the Thai baht is trading to a massive discount relative to the greenback. Obviously, there's much more details to be known before this get's approved but kinda gives u a gist of how much you need to start craving into the thai real estate market. But why would you bother? There are much better investment opportunities in many other countries that would arguably give you a much better return on property , the UK market is one such, as are many locations in the US, where protective laws are much stronger and there is much less exposure to fraud and double dealing. I would not 'invest' a penny more than I have to here. Link to comment Share on other sites More sharing options...
soi3eddie Posted November 2, 2022 Share Posted November 2, 2022 3 hours ago, CMBob said: (and the average Thai is even more unlikely to ever be a landowner). Virtually all the Thai property owners I've ever met, acquired their property/land from family, owned in the family, from many, many decades past. Would be interesting to know the figure on actual new purchases of land such as the 1 Rai (amount proposed for foriegners) for self building by Thais. This of course, excepting the purchase of moo baans and condos. Very few I suggest. 1 Link to comment Share on other sites More sharing options...
hotchilli Posted November 3, 2022 Share Posted November 3, 2022 19 hours ago, webfact said: Non-resident buying of Thai properties could more than double that of pre-pandemic levels amid government easing of ownership rules. Shoemakers... ???? Link to comment Share on other sites More sharing options...
mikebell Posted November 3, 2022 Share Posted November 3, 2022 20 hours ago, webfact said: Non-residents are currently only allowed to own condominium units. I've been a full-time non-resident for nineteen years. Link to comment Share on other sites More sharing options...
KhunLA Posted November 3, 2022 Share Posted November 3, 2022 If I had well over $1 mill USD, TH wouldn't be on my short list to live. ... off topic; so many Thais still waiting to be granted the land they've worked for generations. Some with no electric or running water. Others with paperwork, don't even have Chanotes yet. 1 Link to comment Share on other sites More sharing options...
racket Posted November 3, 2022 Share Posted November 3, 2022 13 hours ago, Doctor Tom said: But why would you bother? There are much better investment opportunities in many other countries that would arguably give you a much better return on property , the UK market is one such, as are many locations in the US, where protective laws are much stronger and there is much less exposure to fraud and double dealing. I would not 'invest' a penny more than I have to here. Who wants to live in the UK? The country is a garbage hole if u ask me. Thailand is cheap and lots of more things are attractive if you choose wisely. Europe is done, but South America maybe. 1 Link to comment Share on other sites More sharing options...
jacko45k Posted November 3, 2022 Share Posted November 3, 2022 7 minutes ago, racket said: Who wants to live in the UK? The country is a garbage hole if u ask me. Thailand is cheap and lots of more things are attractive if you choose wisely. Europe is done, but South America maybe. I believe it depends on where in the UK you are thinking of. Some areas are very pleasant. Probably beyond most of our means though. Have you actually been to many cities in South America where I assure you they take being a garbage hole to further extremes. Link to comment Share on other sites More sharing options...
Doctor Tom Posted November 3, 2022 Share Posted November 3, 2022 1 hour ago, racket said: Who wants to live in the UK? The country is a garbage hole if u ask me. Thailand is cheap and lots of more things are attractive if you choose wisely. Europe is done, but South America maybe. I never said live, I said invest 1 Link to comment Share on other sites More sharing options...
Sydebolle Posted November 3, 2022 Share Posted November 3, 2022 That's the tip of the iceberg. Maybe 75% of my non-Thai friends own land through a juristic Thai company as the present law does not allow foreign ownership. If married, the non-Thai signs away all rights to the ownership of the land or the financial aspect tied up in the land. The nice thing about a juristic Thai ownership is, if you sell the property, then you dont touch the ownership of the land but the ownership of the company only. New shareholders and a new board - a few thousand Baht only. Transferring the ownership of the land costs 6.6% of the value assessed by Somchai behind the desk at the Land Department, if held more than a few years (5 or 10 years?) then the transfer tag drops to half. This, of course, if Somchai is not at the receiving end of a little brown manila envelope. And the juristic Thai set-up requires 51% Thai ownership and three shareholders. You circumvent legally by getting a lawyer to set up three Thai companies owning each other. Once everything is established through staff of the law firm, they transfer the shares to the other companies. Company A has B and C as shareholders as well, company B has A and C .... etc. You close three books at the end of the year, a worthwhile expense for controlling your land without the interference of nobody. Link to comment Share on other sites More sharing options...
racket Posted November 4, 2022 Share Posted November 4, 2022 (edited) On 11/3/2022 at 8:33 AM, jacko45k said: I believe it depends on where in the UK you are thinking of. Some areas are very pleasant. Probably beyond most of our means though. Have you actually been to many cities in South America where I assure you they take being a garbage hole to further extremes. The UK is bankrupt with a collapsing currency and an unstable political situation, the country's national debt has skyrocketed awaiting further austerities by the UK government with higher taxes in the years ahead. Currently, the UK is in a recession. $1 million ain't getting you anything in the UK considering its overinflated living standards. Most people want to get the heck out of the UK. It's an unfortunate truth. With respect to South America, I said "maybe". Think of places like Uruguay, Chile or Panama. There are also some attractive places in Mexico, but I would disregard Mexico as a safe country to live in, for now. There are plenty of choices and value if you want to invest in this emerging continent. Now, the main reason why I think Thailand is loosening their foreign land ownership is due to the depreciation of the Baht. So, by opening up the country to foreign investments could help support the baht long-term. Fiscally, the country is doing fine and economic growth is here to stay. If you have $1 million of cash (~38 million baht) sitting around, now is the time to deploy it. It's naive to say you ain't getting much of it in Thailand, because in reality you are. Edited November 4, 2022 by racket 1 Link to comment Share on other sites More sharing options...
Gknrd Posted November 4, 2022 Share Posted November 4, 2022 (edited) On 11/3/2022 at 8:33 AM, jacko45k said: I believe it depends on where in the UK you are thinking of. Some areas are very pleasant. Probably beyond most of our means though. Have you actually been to many cities in South America where I assure you they take being a garbage hole to further extremes. I have been to SA a few times, I would say it compares to SE Asia as far as garbage goes. Definitely more dangerous. If not for that it would be hands down a better destination by miles. Edited November 4, 2022 by Gknrd Link to comment Share on other sites More sharing options...
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