Report Thai Government Fast-Tracks 99-Year Lease Amendments

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File photo for reference only

 

In a bold move to invigorate its economy, the Thai government is accelerating amendments to the Rights Over Leasehold Asset Act. The proposed changes aim to extend real estate lease terms from the current 30 years to 99 years. This initiative is part of a broader strategy to attract significant investment and allure affluent foreigners and skilled professionals to the country.

 

Driving Economic Growth Through Legislation

 

Currently under public consultation, the proposed legislation is yet to be tabled before the Cabinet. This initiative, dating back to former Prime Minister Srettha Thavisin's tenure, gains fresh momentum under Paetongtarn Shinawatra’s government. Following a recent cabinet reshuffle, the Pheu Thai Party, now overseeing the Interior Ministry, is pushing for swift legislative progress.

 

The proposed amendment seeks to revitalise Thailand's economy by encouraging long-term investments, particularly from foreign nationals interested in extended land leases. The Interior Ministry drives this effort, with the Finance Ministry monitoring its financial implications.

 

Legislative Timeline and Process

 

Deputy Minister of Transport, Manaporn Charoensri, emphasised the government’s ambition to enact the amendment by 2025. Chusak Sirinil, a legal expert in the Prime Minister's Office, noted that the act is prioritised for expedited processing.

 

Insiders at Government House reveal an urgency to pass the amendment swiftly. The government’s fast-tracked timeline aims for parliamentary consideration within months, targeting enactment by 2025.

 

The legislative process, post-Cabinet approval, includes:

 

• Submission to the House Speaker: 14 days
• First reading in the House: 1-3 days
• Extraordinary Committee review: 30-60 days
• Second and third readings: 1 day each
• Senate consideration: Up to 60 days
• Royal Assent submission: Within 20 days
• Royal Gazette publication: Within 30 days

 

Paving the Way for Investment Opportunities

 

Former Prime Minister Thaksin Shinawatra has previously highlighted the critical need for legal reforms to attract new investments. In a recent lecture discussing Thailand's economic future, he strongly advocated for the 99-year lease provision, underscoring its potential to foster a dynamic economic environment.

 

By extending lease terms, Thailand hopes to establish itself as a prime destination for international investors, facilitating large-scale projects that could revitalise the nation's economic landscape. The government's decisive action reflects a commitment to leveraging legal frameworks to unlock new economic potential and navigate global economic challenges effectively.

 

This legislative shift represents not just an adjustment in property law but a cornerstone of Thailand’s strategy to usher in an era of revitalised growth and prosperity.

 

  Adapted by ASEAN Now from The Nation 2025-07-21

 

 

[flaming dragon]

A more appropriate name would be the 'Selling out to Foreign Corporations Act'.