Cabinet to debate international land ownership in Thailand

A international land possession act that would enable foreigners to purchase homes and up to 1 rai of land in Thailand has been drafted and can soon be debated by the Cabinet, according to Deputy Minister of Interior Niphon Boonyamanee. If the invoice makes it by way of further readings, it could stimulate Thailand’s real property financial system, mentioned Niphon.
According to Thailand’s Land Code Act, only Thai nationals are allowed to own land in Thailand. Foreigners could not personal land unless there’s a treaty or exemption allowing them to, which, there presently isn’t.
In terms of actual estate, foreigners might own an condo unit in a building registered and licensed beneath the Thailand Condominium Act. Section 19 of the act limits overseas ownership in a rental constructing to no more than 49% of all items. However, foreigners usually are not presently permitted to purchase another form of property, corresponding to homes.
At 8.40am this morning, Niphon gave an interview on the Santi Maitri Building in Bangkok with reference to overseas land ownership. In record time said that allowing foreigners to buy property and land as much as 1 rai in Thailand would profit Thailand’s economy.
The legislation would enable “high-status,” “experts” and “elderly” foreigners who plan to remain in the kingdom for long intervals the chance to purchase properties and land up to 1 rai in size.
The bill will not make it to Cabinet this week as it must first be passed by a legal committee, mentioned Niphon. However, it may be debated by Cabinet as early as next week if all goes to plan.
This isn’t the first time international land ownership has been considered in Thailand. Foreign land possession acts have beforehand made it to Cabinet, but ultimately, have at all times been rejected.
In 2003, the Thai Elite visa was launched and the media preemptively claimed that the initiative would permit foreigners to buy 1 rai of land in Thailand. People got excited nevertheless it seems the information was false and the visa carries no housing or land advantages.
Of all southeast Asian international locations, only Malaysia permits foreigners to purchase “specified” freehold land as a half of the Malaysia My Second Home initiative. Cambodia, the Philippines, Vietnam, and Laos all forbid the sale of land to foreigners but permit condominium possession, much like Thailand.
SOURCE: Thai Rath