Thailand’s cabinet on October 25 approved the Interior Ministry's proposal to allow foreigners to hold land ownership of up to one rai (roughly 0.16 hectares) for residential purposes.
October26 (VNA) - Thailand’s cabinet on October 25 approved the Interior Ministry'sproposal to allow foreigners to hold land ownership of up to one rai (roughly0.16 hectares) for residential purposes.
Accordingto Thai government spokesman Anucha Burapachaisri, the weekly cabinet meetingapproved in principle a draft regulation of the Interior Ministry regardingland ownership by foreigners, allowing four groups of rich foreign nationals tobuy and own land.
Theproposal marks a departure from long-standing laws limiting land and propertypurchases, except condominiums, to Thais or people married to Thais.
The Thai government estimates the scheme will inject more than 1 trillion THB into theeconomy, with an uptick of 800 billion THB in investment and 270 billion THB through revenue collection.
Accordingto Anucha, the land slated for foreign ownership should be located inBangkok, the Pattaya area, the municipalities of all provinces nationwide, andareas stipulated as residential zones according to the Town and CountryPlanning Act.
Qualifiedforeign nationals must invest 40 million THB (over 1 million USD) in Thai property, securities orfunds to participate in the scheme. If participants withdraw their investmentbefore the designated period, their land ownership rights must be revoked, andthe scheme would be reviewed after five years.
Thailandmay be headed for trouble involving land speculation, meaning locals may beunable to afford to purchase land because of higher prices, said Tanit Sorat, vice chairman of the Employers' Confederation of Thai Trade and Industry, whodisagrees with this decision./.
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In Phuket, Thailand (Photo: Internet) 
