So What's All This About Foriegners Can Buy Houses?

[wilko]

rime Minister : Foreigners now free to own properties

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Foreigners can now own or invest in as many houses costing more than the equivalent of $USD 70,000 per unit as they want.

In a statement yesterday, the Prime Minister’s Office said effective today, foreigners can buy residential units costing the wquivalent of $USD 70,000 or more without seeking approval from the Foreign Investment Committee under the Economic Planning Unit of the Prime Minister’s Department.

"They will also not be subject to any conditions in terms of usage (of the property) or limit on the number (of properties bought)," the statement added.

The move is aimed at encouraging foreign investors to purchase high-end residential units, and is expected to have a positive impact on the property and construction sectors.

In addition, more investment in the property sector by foreigners will also increase currency in-flows into the country, the statement added.

Speaking to newsmen on the new ruling, the Second Finance Minister said the government was serious in creating a conducive climate for business and investment.

He said the easing of the restrictions on foreign property ownership was part of the government’s effort to cut red tape and improve the delivery system.

He also said that although foreign property buyers had to seek approval, applications were rarely rejected.

Welcoming the move, Real Estate and Housing Developers’ Association president urged authorities to complement the new guidelines by increasing their efficiency in granting approvals for property transfers to foreign purchasers.

He also emphasised that such information should be disseminated effectively and widely to foreigners.

Oh....sorry....it's Malaysia!

Edited December 21, 2006 by wilko

[cclub75]

Oh....sorry....it's Malaysia!

Ah ah ah ! nice one !

But it could happen in Thailand too.

Another U or N or Z-turn. Who knows ?

[quiksilva]

^^ yeah right, I dont think so somehow but hey TIT and anything can happen...

[Filer]

Malaysia's move clearly highlights Thailand's need to clarify property rules for foreigners, in my view.

Yes, I just checked this report too myself, and it's true. Malaysia announced it today. It's an extension and liberalisation of the special deal already included in the Malaysia retirement programme for foreigners, whereby retirees could buy 2 properties (any type, including land, freehold) over US$40,000 each (over $70,000 each in areas like Penang). Now it seems anybody can buy without restriction, nor limit to numbers of properties, just the value threshold of US$70,000 each. Remember that this includes freehold ownership of land.

Malaysia, which has had its own economic and financial problems over the past decade, but has staged a careful recovery, certainly seems to have realised that it's in its own interest to keep the foreign community on board with liberal arrangments like this. (Malaysia even formally guarantees retirees under its retirement visa programme complete freedom from local taxation on all foreign income brought into the country.)

It would indeed be nice if Thailand would learn from Malaysia's much more open approach and spell out clearly what the rules for all the foreigner-related issues are - and how they will actually be administered. However, I don't see this happening quickly, because Thailand just works differently - one of the things that in fact attracts some of us here and makes us love the place. However, the one thing that Thailand does need to clean up as soon as possible is the whole uncertain legal situation over foreigners' purchase/control/ownership of land. Malaysia's actions on foreigners' property ownership today simply highlight Thailand's messy situation, which will only do Thailand harm if it continues for much longer.

[wilko]

Absolutely....

What's happening over condo purchases......are we required to give a 30% ceposit to the govt? Or has that idea been dropped?

[astral]

Malaysia's move clearly highlights Thailand's need to clarify property rules for foreigners, in my view.

Before putting too much trust on such government announcements, or recommending them for Thailand,

take a look at the Malaysia My Second Home plan.

The goal posts for this scheme are moved frequently................

Remember the Golden Rule.

Never invest more than you are prepared to walk away from.