Thai PM Defends Changes to Property Rules for Foreign Buyers

[garzhe]

5 hours ago, webfact said:

 

Prime Minister Srettha Thavisin today defended new regulations easing property restrictions for foreign buyers in a bid to attract international investment.

 

The controversial changes would allow foreigners to own up to 75% of condominium units and extend property leases to 99 years. This move, widely criticized for favouring capitalists, aligns with international practices, according to the Prime Minister.

 

In his speech, Thailand PM Srettha emphasized that many countries already permit similar property arrangements for foreigners without negative impacts. "Leaseholds are already available to foreigners," he stated, addressing concerns that the new rules might disadvantage Thai citizens.

 

To maintain Thai control of condominium buildings, the regulations ensure that voting rights remain restricted to units within the traditional 49% foreign ownership limit. "This will guarantee that Thais retain a 51% majority control," Srettha explained.

 

Foreigners purchasing units in the additional 26% will have no voting rights, ensuring they can only use the properties for personal residence.

 

Regarding the extension of leaseholds, Thai law currently allows a 30-year term with a possible extension of another 30 years, a private arrangement between the involved parties.

 

The new proposal will increase this to a total of 99 years. "Although a 50+50 leasehold was considered, a 99-year period seems more practical," PM Srettha noted.

 

He reassured the public that this is not an outright sale of Thai land. The proposal to allow foreigners to buy land was firmly rejected.

 

"We are aligning with international norms rather than making an unprecedented change," he added, stressing the benefits of long-term leases without compromising national land ownership.

 

Srettha's defence of the policy shifts reflected a balance between attracting foreign investment and maintaining control over national property. Whether these changes will produce the desired positive outcomes remains to be seen.

 

Picture courtesy:Thai Rath via MSN

 

-- 2024-06-24

 

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Foreigners purchasing units in the additional 26% will have no voting rights, ensuring they can only use the properties for personal residence

Sounds like this is from the Hotel lobby, cant rent out and can only use for your personal use. 

[tomazbodner]

3 hours ago, scubascuba3 said:

Get on with it and stop just talking about it

Well, if you want Chinese and Russians to own pretty much your entire town, yep, go ahead. Who do you think this is for?

[ryandb]

2 hours ago, DjSilver said:

Maybe also allow foreigners to own land, like in democratic countries. But since Thailand is around 70 years behind western democratic countries we might have to wait until the year 2100?

Honestly I like they don't sell out land to foreigners, wish Britain did the same and perhaps it would be possible for people to buy a house these days

[ryandb]

33 minutes ago, CM Dad said:

I also bought land and built a house for my Thai family - all in my wife's name - investing several million baht in the country.  However, if my wife dies before I do, I will not be allowed to continue living there.

Isn't there something where you can be granted lifetime rights to the property if this happens, I'm fairly certain there is a legal form she could do for this, my old landlady did it for her European husband but he went first.

[lordgrinz]

3 minutes ago, ryandb said:

Honestly I like they don't sell out land to foreigners, wish Britain did the same and perhaps it would be possible for people to buy a house these days

 

I agree, all countries should not allow foreigners to own land if they are not citizens.

[Cabradelmar]

It's a trap... Get more foreign buyers into the country and raise property taxes and tax their worldwide income... Don't think their not thinking about it. Enjoy your 75% Russian, Indian and Chinese owned buildings. Oh the smells, late night arguments and crying babies. Joy.

[Gottfrid]

6 hours ago, webfact said:

Foreigners purchasing units in the additional 26% will have no voting rights, ensuring they can only use the properties for personal residence.

Oh Yeah! Now he really made the last 26% very attractive.

[ChaiyaTH]

This is exact same as the potential global taxes are while visa become easier isn't it. A cigar from ones own box.

Edited June 24 by ChaiyaTH

[Nickcage49]

Not allowing people to buy land is un-democratic.

Edited June 24 by Nickcage49

[paul1804]

1 hour ago, spidermike007 said:

This will most likely effect the lower end buildings, which are way over built. They are utterly desperate. The economy is in tatters. None of the simple minded economic proposals are working. 

 

It won't make much difference and it won't drive up prices much. The market is very soft. 

 

More liberal ownership laws for foreigners is more in keeping with the 21st century. Foreigners should also be able to buy small amounts of land. 

Yes you are quite right, most countries allow this but Thailand has a Xenaphobic and third world country mindset. It would hugely benefit Thailand to allow foreigners to own land plots with restrictions without having to spend millions like the current situation. 

[JMonroe]

Let foreigners buy plots of land so we can own houses. You can have some restrictions on the amount they can buy to prevent big foreign businesses from gobbling up a lot of land. But this change from Srettha only relates to condominiums. Oh, wait. Wasn't he the CEO of a property company that specializes in building and selling condominiums?

[Vibora99]

4 hours ago, DjSilver said:

Maybe also allow foreigners to own land, like in democratic countries. But since Thailand is around 70 years behind western democratic countries we might have to wait until the year 2100?

Well, if you don't like being on time to return to your country, they will welcome you very well...

[Vibora99]

18 minutes ago, Nickcage49 said:

Not allowing people to buy land is un-democratic.

Well, if you don't like being on time to return to your country, they will welcome you very well...

[Vibora99]

2 minutes ago, JMonroe said:

Let foreigners buy plots of land so we can own houses. You can have some restrictions on the amount they can buy to prevent big foreign businesses from gobbling up a lot of land. But this change from Srettha only relates to condominiums. Oh, wait. Wasn't he the CEO of a property company that specializes in building and selling condominiums?

It's funny to me, they only know how to complain. But if it weren't for Thailand they would be dying of hunger in their country. alone or in a nursing home, they are here because in their country nobody wants them, nor does nobody need them. Stop complaining about everything and take advantage of the currency exchange 🤔

[vivananahuahin]

yes and pay taxes when you bring money, they think we are stupid.

Again a balloon.

[vivananahuahin]

yes and pay taxes when you bring money, they think we are stupid.

Again a balloon.

[newnative]

3 hours ago, SABloke said:

 

Well, there go all the theories about the 49% voting rights being shared proportionately by the foreign quota. And what a complicated extra step - now a buyer will have to know whether they are part of the 49% normal or 26% extra quota. Also, can one change from one to the other? Once again, Thai politicians take a simple process and complicate it (with good reason: grey areas are easier to manipulate when required) 

     Yes, and I was one of those assuming just that and I posted about using a weighted vote on the other thread.  Apparently, they will not be using this method.  If the PM is correct, I am quite surprised that owners in the 26% will not get a vote at all at the AGM.  That seems totally unfair, and not in the best interests of the condo project.  As a condo owner, I would rather have a diluted vote than no vote at all.  

[digger70]

7 hours ago, webfact said:

to own up to 75% of condominium units and extend property leases to 99 years

What a Muppet ,That still means that a foreigner Can't Own Anything .

[Guderian]

Sounds like their grand plan last year to drop import duties on foreign wines. How's that turned out in the shops? 

[HuaHinHim]

So if you want more foreigners to come to Thailand why have you cancel the multi entry number n O visa? Is there an alternative to this? Just tried to get one in Australia and they told me that they changed their policy on visas and 1 year non o finished and only single entry non o available 

[John Drake]

8 hours ago, bkk6060 said:

Russians and Chinese will take over buildings even more.  

 

And Arabs will get their hands on those 99 year land leases.

[John Drake]

5 hours ago, sqwakvfr said:

He had no choice but the float this idea.  The neighboring countries have and will allow foreigners(especially those with the money) to have equal access to property ownership.  Of course LOS will never be anything like Singapore( where the only language that matters is $$$) but at least this PM understands LOS mut stay competive.

 

Thailand will not be the next Singapore. It'll be the next Sihanoukville.

[John Drake]

Allow foreigners to buy land and property and most of the participants in this forum will be priced out of the country along with Thais who have poor or average income.

[sqwakvfr]

11 minutes ago, John Drake said:

 

Thailand will not be the next Singapore. It'll be the next Sihanoukville.

They should aim hgher.  At least Phenom Penh or maybe even Yangon.

[Trevor Collins]

My Thai wife has land in Issan and we have built a house together, and hope to live out my golden years in peace and serenity. I don't want to own her land or have my name on the deeds, that is her family land which will be inherited by her nieces and nephews. I just want residency status based on the fact I am married to a Thai, contribute to the economy and don't drive too badly, compared to most Thais. Is too much to ask for a renewable 5 year visa (and leave my pension alone)?

No harm, no foul.

[Felton Jarvis]

What else would we expect him to do?  Thai politicians can justify anything.

[Felton Jarvis]

30 minutes ago, John Drake said:

Allow foreigners to buy land and property and most of the participants in this forum will be priced out of the country along with Thais who have poor or average income.

I agree. this exact scenario is what happened in Costa Rica. The locals can no longer afford to buy land in their own country.

[john donson]

lease of 99 years, but not transferable on death, right?

 

why will we see poor farang can own some land to put his 1 and 1 only house on it, instead of in wife's name which we all know how that goes...

[sidneybear]

11 hours ago, DjSilver said:

But since Thailand is around 70 years behind western democratic countries

Like the US you mean? Where people have to choose between Biden and Trump? What kind of a democracy is that?

[bristolgeoff]

Cambodia ex pm sold his soul to the chinese we all know that,plus the neighbour countries and casino towns.chinese long term plan everywhere.Thailand has not gone down that route yet but that would be a big mistake for thai people and the land.

      Apartments  ok,but does that include  the first 2 floors where thais can only buy.A plan to tax the farang is about and the apartment plan is easy way to check the farang and the money.I,am sure this pm has something up his sleeve if this is approved