Tuesday, February 27, 2024

Thai Cabinet greenlights foreign ownership of land

BANGKOK (NNT) – The Cabinet has greenlighted a draft ministerial regulation that will enable foreigners to buy a maximum of 1 rai of land in Thailand.

One of the conditions includes an investment value of at least 40 million baht that must be retained for 3 years. The ministerial regulation opens the door for a greater range of investment options for foreigners and can be revised every 5 years.

Prime Minister’s Office Spokesperson Anucha Burapachaisri elaborated on the Cabinet’s approval, in principle, of the drafting of a ministerial regulation on foreign ownership of residential land. The approval was made with regard to the measure calling for economic and investment stimulation by attracting high-potential foreigners to Thailand.

The Cabinet approval opens the door for a greater range of investment options for foreigners. The ministerial regulation will be in effect for 5 years after its announcement in the Government Gazette.

Mr. Anucha said the draft regulation will designate 4 types of high-potential aliens who will be able to acquire land in Thailand for residential purposes. The 4 categories include high-wealth persons, retirees, individuals who intend to work from Thailand, and specialists who possess certain skills.

The amount of land that may be acquired shall be no more than 1 rai (1,600 square meters). The land must only be used for self-residency and must be located within Bangkok, Pattaya, municipalities, or other suitable areas as stipulated by the urban planning law.

Read the complete story on Thailand Business News


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