Government to Lengthen Foreign Land Leases and Condo Ownership

[snoop1130]

 

Prime Minister Srettha Thavisin clarified that the policy to stimulate the economy doesn't aim to favor foreigners or big investors. He said the Ministry of Finance proposed this plan as part of their economic growth strategy.

 

Current laws allow for 30-year leases. However, the Prime Minister believes it's fairer to extend these leases to 99 years. He made it clear that this is a lease extension, not a sale, and it mirrors practices in countries that offer leases up to 150 years. He thinks a 99-year lease fits well for Thailand.

 

About condo ownership, the rise from 49% to 75% will keep voting rights at 49%, allowing Thai ownership to remain the majority at 51%. Foreign owners will only have residency rights, not voting ones.

 

In response to questions about the opposition party's plan to contest the Digital Wallet stipend scheme in court, the Prime Minister showed confidence that the scheme will go on within legal parameters without delaying the planned timeline.

 

File photo for reference only

 

-- 2024-06-25

 

Get our Daily Newsletter - Click HERE to subscribe

[Pouatchee]

next comes the dual priced falang tax

[DLock]

I like the way he thinks.

[orchis]

Still a big maybe, Anutin is firmly opposed.

[ukrules]

I will believe it when it happens

[shdmn]

If they can extend it on a whim, what would prevent them from shrinking it just as quickly?  Possibly forcing everyone who purchased over and above the 49% limit exposed to having to sell as Thai owned.  There are lots of different ways farangs could get screwed over by this.

Edited June 25 by shdmn

[CallumWK]

8 hours ago, snoop1130 said:

About condo ownership, the rise from 49% to 75% will keep voting rights at 49%, allowing Thai ownership to remain the majority at 51%.

 

So if there are only 25% of Thai owners, how they gonna get 51% of the votes?

[thesetat2013]

6 hours ago, CallumWK said:

 

So if there are only 25% of Thai owners, how they gonna get 51% of the votes?

Does it matter? I think most foreigners would not go to vote anyway being unable to understand the details of what they are voting for. Anyway, having 51% Thai ownership does not mean 51% living there are Thai. Lots of foreigners pay a Thai to use their names to buy Thai property. Developers encourage it as well. They open a Thai company with 51% fake Thai ownership and buy the condo in the company name. 

[1duckyboy]

So the Thai minority of a condo development can vote down costly preventative maintenance (roof, plumbing, etc.) to the complex and the foreign condo owners can watch the quality of their abodes deteriorate and lose value. 

[Peterphuket]

8 hours ago, CallumWK said:

 

So if there are only 25% of Thai owners, how they gonna get 51% of the votes?

Thai voters counting for two, simple as that.

[johnnybgood]

In case anybody thinks any (possible) change is due to concerns for us aliens.....

 

 

[bob smith]

17 hours ago, snoop1130 said:

He thinks a 99-year lease fits well for Thailand.

...why not just round it up to an even 100?? 

 

bob.

[john donson]

I wish I could just buy a condo with my money in thai banks for the last 15 years

[JonnyF]

5 hours ago, john donson said:

I wish I could just buy a condo with my money in thai banks for the last 15 years

 

What is preventing you?

[natway09]

This is going to be a disaster for many of the 25% with no voting rights.

Literally they will have no say whatsoever in regard to required maintenance (not something Thais are very good at anyway), so I will give this idea a big NO WORK

[Metapod]

this government is a <deleted> disaster. bring back Prayut and the old boys club.

[Gknrd]

Thailand trying to capitalize on the rich Chinese trying to get their money out of China. I lived in Thailand for years. I absolutely loved living in the new condo's as a renter.  As the places fell into disrepair I would move on to the next New development. Never in a million years would I buy one after living in them. But, like I said if renting, cheap and very nice when new.  

 

Crazy loud neighbors move to the next New Condo units. 

Disrepair, move to the next new units being built.

Thai owner thinking you are a ATM and raising the rent!  Move to the next Condo units.

Want a change of scenery, move to the next Condo being built all over Thailand.

 

Edited June 26 by Gknrd