Cabinet endorses withdrawal of controversial foreign land-ownership edict

[webfact]

 

The Thai cabinet approved the Interior Ministry’s withdrawal of the ministerial edict on foreign land-ownership for reconsideration today (Tuesday), following widespread opposition to the plan.

 

Government Spokesman Anucha Burapachaisri said that the Interior Ministry will withdraw the measure for further study and to get more feedback from all stakeholders.

 

The edict was approved by the cabinet on October 25th, allowing qualified of foreigners, with long-term resident visas, to own up to 0.16 hectares for residential purposes in Bangkok, Pattaya, other municipal areas and other areas to be specified by law. One of the requirements is that each must invest at least 40 million baht in Thailand for at least three years.

 

Full story: https://www.thaipbsworld.com/cabinet-endorses-withdrawal-of-controversial-foreign-land-ownership-edict/

 

-- © Copyright Thai PBS 2022-11-09

 

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[webfact]

Cabinet withdraws draft ministerial regulation for foreign land ownership
by Namo Vananupong

 

    
BANGKOK (NNT) - Many parties have expressed their concerns in response to the October 25th Cabinet endorsement, in principle, of a draft foreign land ownership bill. To address said concerns, the interior ministry will be withdrawing the draft ministerial regulation in favor of conducting public hearings and gathering input from relevant parties.

 

Government spokesman Anucha Burapachaisri revealed Cabinet meeting endorsed the interior ministry’s proposed withdrawal of an October 25th Cabinet resolution. The previous resolution endorsed a draft interior ministry regulation that would enable foreigners to own a maximum of 1 rai of land.

 

The prior move was made in favor of stimulating the economy and investments by attracting foreign persons of high potential to Thailand. The proposal was for 40 million baht of investment to be made and held for 3 years in exchange for the right to purchase land.

 

The government spokesman said the withdrawal was made in favor of thoroughly gathering public input and opinions of all relevant parties.

 

Prime Minister Gen. Prayut Chan-o-cha said after today’s Cabinet meeting that issues causing disagreement will be discussed. He noted the draft ministerial regulation was, in fact, still in the opinions-gathering phase and was not about to be enforced.

 

Interior Minister Gen. Anupong Paojinda said he requested the withdrawal due to the sensitive nature of the affair. He said the pros and cons for the economy and society needed to be prudently determined.

 

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221109012547313

 

-- © Copyright NNT 2022-11-09

 

- 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!

[bkk6060]

Of courses.  They love it when you come and spend big money for a few weeks but in reality, they don't want you to stay and especially not own their precious land.

Edited November 8, 2022 by bkk6060

[2baht]

Total xenophobes! ????

[CrunchWrapSupreme]

It's a good move. I know a lot of farangs would like their own plot of land for them and their Thai families, especially after living here for many years, but you know that's not going to happen. It's going to be a land grab by wealthy Chinese who'll then sit on it for speculation, as poor Thais look on helplessly at pieces of their own country they'll never have.

 

This is what's been happening in San Francisco and Vancouver, where foreign ownership is one of the main contributors to the ridiculous pricing and unavailability of property. In SF, 65000 properties, or about 15% of them, are just sitting there vacant, as Americans stuff themselves in with roommates, their parents, or even their cars, without a place to live.

 

Rather than selling out the country for some quick cash that'll go into someone's pocket, certainly not yours or mine, what govts should be doing is more of an effort that'll allow citizens of their own country to buy land, with better jobs and opportunities, be them Thais, Canadians, or Americans.

[TheFishman1]

No surprise TIT

[mjakob007]

Given that some 15-18% of the local populace being of chinese origin, they already have means to own land through different 'vehicles'.

 

I feel this backing out, will have a negative impact on the image on the investment climate of the country. 

[NemoH]

Who will buy anyway.. 

The scheme is so unattractive compared to other countries unless there is a hidden agenda to acquire agriculture land or land grab by wealthy foreigners. 
For those who have Thai wives, they can buy through their wives. 
 

Edited November 9, 2022 by NemoH

[DUNROAMIN]

Was a lemon from day one.

[Siamjim]

though sad for well meaning expats, but in reality as corrupt as it is, the Chinese wealthy will land grab with help from the so honest Thai officials. most Thais are aware of this, not worried so much on the family man use of the land.

[bstafford214]

3 hours ago, bkk6060 said:

Of courses.  They love it when you come and spend big money for a few weeks but in reality, they don't want you to stay and especially not own their precious land.

How many millionaires are out there that would want to spend 40Million Baht just for a tiny piece of land in there name?

[crazykopite]

Theses idiots have ended up with a lot of egg on their faces they try to run before they have learned to walk . Only an idiot of a foreigner would invest huge amounts of money by buying government bonds in order to buy and own 1,600 square metre of land millionaires and billionaires don’t invest in the likes of a county like Thailand there are far better countries that offer far better deals to attract investors 

[newnative]

     Total much ado about absolutely nothing.  Had it passed, you likely would have been able to count the number of takers using just your fingers and not your toes.  Huge investment required, only tiny areas of the country allowed to buy in, and only tiny amount of land allowed to buy.  Laughable.   

[2baht]

1 hour ago, NemoH said:

For those who have Thai wives, they can buy through their wives. 

I've had that arrangement for 30 years! ????

[BangkokReady]

50 minutes ago, Siamjim said:

though sad for well meaning expats, but in reality as corrupt as it is, the Chinese wealthy will land grab with help from the so honest Thai officials. most Thais are aware of this, not worried so much on the family man use of the land.

This is the thing.  It's all well and good for us Westerners to sit back and make judgements based on how things work in our home countries, but Thais know how corrupt Thailand is and how what really happens rarely matches what is actually claimed.

[Elkski]

1 hour ago, newnative said:

     Total much ado about absolutely nothing.  Had it passed, you likely would have been able to count the number of takers using just your fingers and not your toes.  Huge investment required, only tiny areas of the country allowed to buy in, and only tiny amount of land allowed to buy.  Laughable.   

And reviewed ( revoked) in 5 years.  If the law was ever recinded what % would you get back.  

[twizzian]

Another non starter gone as fast as it came.

Thanks but no thanks we didn’t want it anyway..

[khunjeff]

6 hours ago, webfact said:

the Interior Ministry will withdraw the measure for further study and to get more feedback from all stakeholders

I assume they mean "all stakeholders except the foreigners at whom the proposal was aimed"...

 

2 hours ago, NemoH said:

For those who have Thai wives, they can buy through their wives.

As many have learned to their detriment, "they" aren't buying property "through" their wives, they are using their money to pay for their wife's property - that distinction seems irrelevant as long as the relationship is going well, but suddenly becomes very important if it goes bad. 

[SymS]

2 hours ago, NemoH said:

For those who have Thai wives, they can buy through their wives.

Until something goes wrong and they lose half of it.

[tomazbodner]

Shortcomings need to be now gotten somewhere else as billions from foreigners won't come in. Maybe a 10x tax increase on land ownership on horizon? Or blame foreigners and force those on long term visas to make substantially higher investments/deposits in banks? Maybe something even more creative only a greedy gazillionnaire could have dreamed up.

 

Countries don't start selling off the land because they have nothing better to do, but to get cash to top up empty coffers.

[Kalasin Jo]

555

[mikeymike100]

39 minutes ago, SymS said:

Until something goes wrong and they lose half of it.

I'm sure that must be a rare occurrence?????

[Pib]

A revised proposal will not be coming back anytime soon....with anytime soon being at least a decade.

[Ste78]

now that I've just collected the 40M (1M$), new proposal is to raise to 5M$ (200M). 

 

I have to start pass the hat around again ????

 

[hotchilli]

8 hours ago, webfact said:

Government Spokesman Anucha Burapachaisri said that the Interior Ministry will withdraw the measure for further study and to get more feedback from all stakeholders.

Just keep the 2-week millionaires coming..

that's all Thailand wants.

[hotchilli]

6 hours ago, CrunchWrapSupreme said:

It's a good move. I know a lot of farangs would like their own plot of land for them and their Thai families, especially after living here for many years, but you know that's not going to happen. It's going to be a land grab by wealthy Chinese who'll then sit on it for speculation, as poor Thais look on helplessly at pieces of their own country they'll never have.

 

This is what's been happening in San Francisco and Vancouver, where foreign ownership is one of the main contributors to the ridiculous pricing and unavailability of property. In SF, 65000 properties, or about 15% of them, are just sitting there vacant, as Americans stuff themselves in with roommates, their parents, or even their cars, without a place to live.

 

Rather than selling out the country for some quick cash that'll go into someone's pocket, certainly not yours or mine, what govts should be doing is more of an effort that'll allow citizens of their own country to buy land, with better jobs and opportunities, be them Thais, Canadians, or Americans.

Actually does make a lot of sense.

[ttrd]

RE -  Cabinet endorses withdrawal of controversial foreign land-ownership edict

 

* What a surprise and so quick - wonder if they have got an atomatical withdrawal process up and running  ... ????

[brucegoniners]

This country cracks me up.

 

First they want this, but only for "wealthy foreigners". Guess what guys, wealthy foreigners don't want you.

 

Then they get rid of it.

 

Bottom line is this, foreigners can own property and land by forming a Thai company. It's easy and cheap. Certainly their precious "wealthy foreigners can do it and already are. I don't understand what the big fuss is all about.

[Mavideol]

no surprise here, Thai government is well known for their U Turns  555

[picctrainop]

What gets me is that Anyone could be surprised by the blatant Racist point scoring by the Opposition and The Gross Stupidity of even coming up with a plan like this thinking that Farangs with a few quid would fall for it…