The cabinet has taken a major leap toward giving foreigners the right to buy land for residential purposes in Bangkok and /or Pattaya, as the country seeks to enhance the economy by attracting more international investors.
The Government’s new plan will allow eligible foreigners to own as much as one rai (0.4 acres) of land for residential purposes, government spokesman Anucha Burapachaisri . The program targets top professionals, digital nomads individuals, foreign investor and retirees, who will be eligible to own housing sites
From offering attractive visas like Thailand’s 10-year visa to various benefits such as tax breaks and investment options, Thailand has become a top choice in the region for foreigners to spend their money.
According to Mr. Yuthasak, tourist arrivals totaled 6.48 million from the beginning of 2022 through to October 9th, 2022, and the number is expected to top 10 million for the full year, up from less than half a million in 2021.
According to the planned proposal, eligible foreigners can own as much as one rai of land in Bangkok or Pattaya for residential purposes. But there’s a catch. To fully qualify for residential-land ownership, prospective foreign buyers must invest at least THB ฿40 million for a minimum of 3 years, including the property’s price. However, following a major backlash, the decision has since been withdrawn
The Thai Government withdraws the proposal to allow foreigners to buy land in Bangkok and Pattaya
“The Interior Ministry will withdraw the measure for further study and to get more feedback from all stakeholders.” – Anucha Burapachaisri, Thai Government spokesman
In the most recent development, the Thai Government’s proposal encountered heavy opposition from public groups and individuals to allow foreigners to purchase land and own a home in Thailand. Consequently, the draft was fully withdrawn from the cabinet agenda pending further study and feedback from the public.