Someone mentioned that new laws allow foreign ownership of land provided a set amount of cash is deposited and kept in a Thai bank....we're they joking?!

Was that "someone" sitting on the barstool to your left or right ??

Moved to Real Estate and Land ownership Forum

It's not a new law. Around 10 years old.

If you invest 40 million baht in acceptable instruments in Thailand for a minimum of 3 years you will be allowed to purchase freehold up to 1 Rai in certain residential areas. The land cost would be in addition to the 40 mill.

I do not believe many people take advantage of this spectacular offer.

It's not a new law. Around 10 years old.

If you invest 40 million baht in acceptable instruments in Thailand for a minimum of 3 years you will be allowed to purchase freehold up to 1 Rai in certain residential areas. The land cost would be in addition to the 40 mill.

I do not believe many people take advantage of this spectacular offer.

Land has to be within a certain radius from BKK metro of what I understood when I read the act.

^ Believe land needs to be in BKK or Pattaya or certified as in a residential zone. Also Ministry of Interior permission may be required.

Additional info http://www.thailawonline.com/en/property/property-law/40-million-baht-investment.html (section 1.4)

Not something that I have researched much though.

And what happens if/when you need to use the 40 million baht in acceptable instruments for other things after 5 years

can you still keep the land ???

2. A person who is granted permission shall maintain the investment
period not less than five years. He/she is required to produce the
evidence of possession in the investment in 1.2 as the case may be as
current, which shall be not less than forty million baht, to the
competent official according to section 71 once a year, on five
consecutive years and each year shall be no later than the date making
the acquisition registration of the aforementioned land.

1.4 In the case of the land to be acquired is not located in Bangkok Metropolis, Pattaya City or Tessaban (Municipality); the letter of confirmation from the Provincial Office of Town and Country Planning is required certifying that the land to be acquired is located within a residential zone under the law on Town Planning.

So really can be any residential area ...

It's not a new law. Around 10 years old.

If you invest 40 million baht in acceptable instruments in Thailand for a minimum of 3 years you will be allowed to purchase freehold up to 1 Rai in certain residential areas. The land cost would be in addition to the 40 mill.

I do not believe many people take advantage of this spectacular offer.

That's only because most expats din't have that kind of money to invest. But plenty of foreigners so take advantage of this. There are thousands of foreigners who invest this kind of money in Thailand, and they often want to buy land so they can build a house and live here.

And wasn't there the Thailand Card which also gave you the ability to invest even more money in Thailand. Incidently is the Thailand Card still available ?

And wasn't there the Thailand Card which also gave you the ability to invest even more money in Thailand. Incidently is the Thailand Card still available ?

well the web site is still up and running, but there the right to own land is not one of the membership benefits

http://www.thailandelite.com/membership.php

It is a 1999 amendment to the Land Code that was intended to boost the collapsed property market at the time. It was originally intended to be much more liberal but was diluted in Parliament leaving just the bare bones which are impractical. By the time the ministerial regulations had been issued several years later It is so complicated and restrictive that I have never heard of anyone taking advantage of this law. One of the problems is that you need to have all the permissions in place before you buy the land and not many sellers will wait for your application to grind its way through uncooperative government officials who didn't agree with the law in the first place and don't want you to own land.

I think the 40 million baht thing is really intended for industry who will invest for the longer term rather than falangs wanting to build a house. I have not heard of anyone who put up THB40,000,000 just to own a plot of land.

And wasn't there the Thailand Card which also gave you the ability to invest even more money in Thailand. Incidently is the Thailand Card still available ?

well the web site is still up and running, but there the right to own land is not one of the membership benefits

http://www.thailandelite.com/membership.php

This was a scam dreamed upby Mr. T's ancien regime. The gov't "lent" cronies, toadies and bumlickers a whack of money to set this thing up. Nothing in it really tangible or of value other than quicker airport clearance and discounts on golf. It was not a gov't organization, not binding on gov't, it was private like a Playboy Club membership. Wow. P.T. Barnum would have approved.

And wasn't there the Thailand Card which also gave you the ability to invest even more money in Thailand. Incidently is the Thailand Card still available ?

Suckers, er foreigners, don't need a card to "invest even more money". Thailand will happily oblige well-off fools without the bother of a cute little card.

I think the 40 million baht thing is really intended for industry who will invest for the longer term rather than falangs wanting to build a house. I have not heard of anyone who put up THB40,000,000 just to own a plot of land.

I don't think so. It's specifically for residential purposes and limited to 1 rai, so not much use for industrial purposes.

Sophon

I think the 40 million baht thing is really intended for industry who will invest for the longer term rather than falangs wanting to build a house. I have not heard of anyone who put up THB40,000,000 just to own a plot of land.

I don't think so. It's specifically for residential purposes and limited to 1 rai, so not much use for industrial purposes.Sophon

In effect then it prevents furriners from owning but Thailand will oblige those dumb enough to lock up well over US$1,000,000 to own the equivalent of a suburban lot in the USA.