Thai Cabinet might reportedly reject Interior Ministry’s foreign land ownership proposal

[snoop1130]

PHOTO: Matichon Onlline

 

Thai media says the Cabinet might reportedly consider rescinding the Interior Ministry’s foreign land ownership proposal that will allow foreigners who invest 40 million baht per year for three years to own up to 1 rai of land (roughly 0.4 acre) in Thailand.

 

According to Thai media, General Anupong Paochinda, Minister of the Interior, will propose to the Cabinet tomorrow, November 8th, to withdraw the ministry’s proposal to allow foreigners to buy and own land in Thailand in order to boost the country’s economy.

 

The proposal had already been approved in principle by the Cabinet on October 25th, and it has sparked a fierce backlash ever since. Many are chastising the government run by Prime Minister General Prayut Chan-o-cha for putting the country on sale.

 

Full Story: https://thepattayanews.com/2022/11/07/thai-cabinet-might-reportedly-reject-interior-ministrys-foreign-land-ownership-proposal-due-to-massive-public-backlash/

 

-- © Copyright The Pattaya News 2022-11-07

 

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[PJPom]

To be absolutely honest I don’t blame them, keep Thailand for the Thai’s.

Australia has been sold off to overseas investors and certain areas have become exclusively “ foreign “ inhabited, not an ideal situation, extremely divisive.

[webfact]

Thailand’s interior minister seeks to withdraw foreign land ownership edict for reconsideration
 

Commercial property and residential condo buildings are pictured in Bangkok. (Photo by Alex OGLE / AFP)

The government appears ready to do a U-turn on its plan to allow foreign land ownership in Thailand for residential purposes, following widespread opposition to the policy, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said today (Monday).

 

Interior Minister Anupong Paochinda is expected to ask the cabinet to withdraw the ministerial edict, approved by the cabinet on October 25th, allowing qualified foreigners to buy 0.16 hectares of land, on the condition that they must invest at least 40 million baht for at least three years.

 

To qualify to own land in Bangkok, Pattaya, other municipalities and other areas specified by law, the foreigners must also be wealthy global citizens, wealthy pensioners, those who want to work from Thailand or highly-skilled.

 

Full story: https://www.thaipbsworld.com/thailands-interior-minister-seeks-to-withdraw-foreign-land-ownership-edict-for-reconsideration/

 

-- © Copyright Thai PBS 2022-11-08

 

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[webfact]

Land for foreign high flyers plan to be axed by cabinet as new 10-year visa draws mild response
by Joseph O' Connor

 

It was reported on Monday that General Prawit Wongsuwan played a decisive role in a move to withdraw the controversial residential land ownership for foreigners regulation from consideration before the cabinet after it was approved in principle on October 25th 

Minister of the Interior General Anupong argues that there are other options for foreigners seeking to acquire property in Thailand and that the new 10-year Long Term Visa proposal is already an attractive proposition for investors and wealthy people across the globe seeking a better lifestyle.

General Prawit Wongsuwan intervened on Monday to withdraw the controversial plan to allow foreigners to buy residential land in Thailand. It is understood that an application will be made on Tuesday by the Minister of the Interior General Anupong Paochinda to withdraw the regulation agreed in principle by the cabinet on October 25th last. It comes as the minister responsible for the plan and the accompanying 10 year Long Term Visa proposal,

 

Deputy Prime Minister and Economics Czar Supattanapong Punmeechaow, has revealed a disappointing response to the scheme since it went live in September and has accepted that its goals might have to be addressed given stiff competition, particularly from Indonesia.

 

Full story: https://www.thaiexaminer.com/thai-news-foreigners/2022/11/07/land-for-foreign-high-flyers-plan-to-be-axed/

 

-- © Copyright Thai Examiner 2022-11-08

 

- 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.

 

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[2baht]

 

1 hour ago, webfact said:

a disappointing response to the scheme

Well duhhh, who would have thought? There's probably better places to invest in and live! ????

[RichardColeman]

Any scheme that involves a £1 million interest free loan to the government for 3-5 years is just a complete lunacy idea to foreigners - these people have absolutely no clue how to run a country. 

[Andycoops]

All these schemes, 40m for this, 10m for that, are dreamt up by ignorant officials whose opinion of themselves and the country is just in another universe compared to the reality of what those overseas actually think.

 

As reported recently the only real interest is coming from the chinese and you can hardly blame them with the insane lockdowns Pooh is reeking across the country and the desire to escape the increasingly repressive regime.

 

 

[spidermike007]

I guess the major concession of one rai was not appealing enough. Another case of grossly over estimating the value of the "center of the universe"? 

 

I predicted only 6 applicants. Wonder if that was all they got? 

 

As if a rai for us lowly expats would affect anything. It would be barely a ripple. 

[edwinchester]

13 hours ago, PJPom said:

To be absolutely honest I don’t blame them, keep Thailand for the Thai’s.

Australia has been sold off to overseas investors and certain areas have become exclusively “ foreign “ inhabited, not an ideal situation, extremely divisive.

There's a huge difference between selling off vast tracts of land and a countries infrastructure to a foreign power and a foreigner who just wants to buy a single rai on which to build his family's home.

[newnative]

And so the cycle comes to its predictable end.

[smedly]

4 hours ago, webfact said:

Land for foreign high flyers plan to be axed by cabinet as new 10-year visa draws mild response

let me correct the last two words............................NO Response

 

I bet they are scratching their heads still trying to figure it out

 

simple explanation - Thailand is not as great as you think it is, I could go into more detail but will leave it there

[Scouse123]

Nearly everybody on here knew this would happen.

 

They are just wind and pee from clueless government officials that live in a bubble.

 

It's only the Chinese with their gambling dens and online scams that would be interested.

 

Level headed business people who work for their money legally,  certainly wouldn't be.

 

They present government really are the Mount Everest in the stupidity stakes.

[crazykopite]

But it’s okay for all the elitist Thais to go buy land and properties around the world normal hard working Thais can only dream about winning the lottery . The U.K. should repossess all the Thai owned land and properties  

[outsider]

Predictable response to a lowly scam. But go on - debate, propose and rescind all you want. It's nice to see you guys trip over each other like some clumsy bumbling clowns.

[digger70]

1 hour ago, smedly said:

Land for foreign high flyers plan to be axed by cabinet as new 10-year visa draws mild response

For me I think that there are not too many people with that kind off money are silly enough to waste their money in Los.  ????

[klauskunkel]

6 hours ago, webfact said:

a disappointing response to the scheme since it went live in September and has accepted that its goals might have to be addressed

if you make it look less like a scam maybe the response would be better

[khunjeff]

- Problem: not enough applicants for the LTR program

Solution: remove one of the benefits

 

- Problem: Chinese illegally buying industrial property under false identifies

Solution: ban foreigners from legally buying small residential plots

 

- Problem: Thai teenagers drinking alcohol

Solution: stop sixty-year-old foreigners from buying drinks in the afternoon

 

The Thai Government continues to address societal issues with focused, almost laser-like precision ????

 

 

 

 

 

 

[Gknrd]

What a bunch of nonsense.  These guys are just trying to get headlines on a thing that would of never been passed.

If these political people wanted to make a difference and actually do some work and put billions of dollars back into the coffers and help the Thai people they would go after the illegal land bought on a daily biassed here in Thailand.

 

When is the last time you heard a headline like:

 

Thai government seizes 10,000 homes and property set up by illegal company's .

Thai government seizes 100,000 rai of property bought by women living with foreigners with no work history.

Thai government seizes 1000's rai and businesses in the name of juvenile's with foreign fathers  

 

And this is in the open and done daily here?

Edited November 8, 2022 by Gknrd

[Stargeezr]

It is a good idea just to scrap this Pie in the sky dream from the present folks who are trying to flog it.

  As usual, only applies to the total rich, and I know a few who have shares in a resort, and get a room for free for 3 or 4

weeks per year. Most rich do not desire to be in any tropical country for the whole year.

  Just my opinion on this fantasy idea.

  

[nigelforbes]

Withdrawing the proposal was the only sensible way forward, almost everyone saw it as the money grab that it really is and now even Thai people are embarrassed.

[nigelforbes]

2 minutes ago, Gknrd said:

What a bunch of nonsense.  These guys are just trying to get headlines on a thing that would of never been passed.

If there political people wanted to make a difference and actually do some work and put billions of dollars back into the coffers and help the Thai people they would go after the illegal land bought on a daily biassed here in Thailand.

 

When is the last time you heard a headline like:

 

Thai government seizes 10,000 homes and property set up by illegal company's .

Thai government seizes 100,000 rai of property bought by women living with foreigners with no work history.

Thai government seizes 1000's rai and businesses in the name of juvenile's with foreign fathers  

 

And this is in the open and sone daily here?

In each of your examples the real estate element is still owned by Thai people, albeit there is a distant indirect link to a foreigner. Thai companies require a majority of Thai shareholders, women who live with foreigners and have never worked are still Thais, and so on. That's very different from a foreigners' name appearing on the chanotte.

[hotchilli]

16 hours ago, snoop1130 said:

Thai media says the Cabinet might reportedly consider rescinding the Interior Ministry’s foreign land ownership proposal that will allow foreigners who invest 40 million baht per year for three years to own up to 1 rai of land (roughly 0.4 acre) in Thailand.

High flyers who were queuing up to tie-up 40 million baht to buy a piece of land big enough [just] to build an out door Karzi on will be devastated at the missed oportunity.

 

[hotchilli]

5 hours ago, 2baht said:

 

Well duhhh, who would have thought? There's probably better places to invest in and live! ????

Afghanistan is nice this time of year.

[Caldera]

Just the usual flip-flopping.

[Sydebolle]

Unless you want to go through the (much, much cheaper) process of three juristic Thai entities owning your properties you might want to consider another country. 

They really do not know what to do; who puts 40 (legal) millions for three years not having a clue, where the forex will stand in three years from now? 

[Tropposurfer]

These folks in power/control couldn't get out of their own way if their lives depended on it hahaha ???????? Pack of ninnies lol ????????????????

[ALLSEEINGEYE]

21 hours ago, PJPom said:

To be absolutely honest I don’t blame them, keep Thailand for the Thai’s.

Australia has been sold off to overseas investors and certain areas have become exclusively “ foreign “ inhabited, not an ideal situation, extremely divisive.

I agree, when I first moved here 20 years ago I thought it was a terrible law. Now seeing how the prices have skyrocketed in Vancouver because of foreign investment, I fully agree with the Thai policy. Not many first time home buyers will ever be able to buy a home where they were born in Canada. 

 

Only citizens should be able to buy land in any country IMO

[PETERTHEEATER]

7 hours ago, newnative said:

And so the cycle comes to its predictable end.

Thanks to the DPM playing a 'decisive role'.........????

[bangon04]

On 11/8/2022 at 12:02 AM, edwinchester said:

There's a huge difference between selling off vast tracts of land and a countries infrastructure to a foreign power and a foreigner who just wants to buy a single rai on which to build his family's home.

yes - save it for the chinese - 

[Gknrd]

On 11/8/2022 at 9:51 AM, nigelforbes said:

In each of your examples the real estate element is still owned by Thai people, albeit there is a distant indirect link to a foreigner. Thai companies require a majority of Thai shareholders, women who live with foreigners and have never worked are still Thais, and so on. That's very different from a foreigners' name appearing on the chanotte.

I just reread the laws regarding land ownership in Thailand, from condo's on.  Have you read the laws?  Even the condo laws are absolutely horrible. Best of luck to anyone here who goes this route.