Cabinet greenlights bill for foreign ownership of land not exceeding 1 rai
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. The alien acquiring land must invest no less than 40 million baht in a business or enterprise and retain the investment for at least 3 years.
The spokesman said the prime minister has affirmed the ministerial regulation can be revised every 5 years to accommodate the circumstances at the time. The Ministry of Interior will now submit the draft regulation to the Office of the Council of State for consideration.
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Reporter : Namo Vananupong
Rewriter : Tarin Angskul
National News Bureau : http://thainews.prd.go.th