Rich Foreigners are Offered a New Route to Purchase Land in Bangkok and Pattaya
In an effort to attract more affluent foreign investors and improve the economy, the government has taken a significant step toward allowing foreigners to acquire land for homes.
Individuals can only now own property in the form of intricate long-term leasing arrangements or condominium units.
Anucha Burapachaisri, the government's spokesperson, said after the weekly meeting of ministers that the new plan, which was approved on Tuesday, will allow qualified foreigners to possess up to one rai (0.4 acres) of land for residential reasons. Top professionals, wealthy people, and retirees are the program's primary target demographics, and they will only be permitted to purchase housing sites in Bangkok and Pattaya, a beach city about two hours away from the capital.
Thailand is in competition with other countries to attract retirees, wealthy individuals, and digital nomads. In September, the government began taking applications for a new visa scheme that will permit qualified foreigners to stay for up to 10 years while also providing a variety of advantages.
Investing at least 40 million baht for a minimum of three years, which includes the cost of the property, entitles a person to own residential land, according to Mr. Anucha.
Bonds issued by the government, the Bank of Thailand, and state-owned companies offer additional investment choices, as are fixed-income instruments whose principal and interest are backed by the Finance Ministry.
The 40 million baht minimum also includes certain real estate mutual funds and property trust funds, according to the spokeswoman.
Before receiving final approval, the plan would be sent to the Office of the Council of State and the appropriate government agencies, according to Mr. Anucha.
Siam Real Estate on The Bangkok Post:
Author: Patrick Lusted