Qualified expats, now allowed to purchase homes and up to a rai of land in Thailand

Up to 10 million foreign visitors are expected by the end of the year

For at least THB40 million (USD1.1 million), foreigners are now able to purchase homes and up to a rai of land (approximately 0.2 hectares) — for residential purposes — in Thailand, according to the Bangkok Post. 

Anucha Burapachaisri, the government spokesman, said the weekly cabinet meeting approved the interior ministry’s draft regulation on foreign land ownership in principle. Those who can buy and own land in Thailand as residences are wealthy global citizens, wealthy pensioners, digital nomads, and highly skilled professionals.

According to government projections, the program will boost economic activity by more than THB1 trillion (USD26.3 billion), with an increase of THB800 billion (USD21 billion) in investment and THB270 billion (USD7.1 billion) in revenue collection.

To qualify, foreign nationals must invest THB40 million (USD1.1 million) in Thai real estate, stocks, or funds. They must make investments in infrastructure or real estate funds, REITs, securities, or businesses supported by the Board of Investment.

More: Thailand revises economic growth forecast, foreign investments may start picking up again soon

ASEAN Briefing reported that Thailand’s tourism industry is still suffering from the economic effects of COVID-19 despite the country’s reopening to foreign visitors and challenging reconstruction. When approximately 40 million overseas tourists visited the kingdom in 2019 and brought in roughly USD64 billion in income, the sector represented 18 to 20 percent of the nation’s GDP. 

As a result, during the remainder of 2022, the government aspires to draw up to 10 million foreign visitors.

The Thai government is urging industry participants to resist lowering the prices of their products and services in reaction to the downturn, with the goal of making the nation a premium travel destination by luring higher-end travelers.

“Our economy depends on tourism, which is gradually recovering,” said Finance Minister Arkhom Termpittayapaisith, explaining that Thailand will be spared the brunt of the slowdown since not every country is affected, according to Reuters.

“During the winter, European tourists want to escape the cold to Thailand,” he added.

From now through 2026, the government is hoping that Thailand attracts more than a million expats.

The Property Report editors wrote this article. For more information, email: [email protected].