Thailand to start allowing foreigners to fully own residential properties in September
This year, the goal is to attract a million new big-spending residents from across the globe
In an effort to boost its economy, the Thai government will start allowing foreigners to fully own residential properties, reported CNA.
According to government spokesman Thanakorn Wangboonkongchana, starting September, foreign nationals will be entitled to own up to one rai (0.2 hectares), given they can invest THB40 million (USD1.1 million) in Thai property, securities, or funds over the next three years.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, mentioned there should be additional requirements, saying, “Foreigners with the privilege must purchase first-hand land and property only and resell it to Thai nationals only and purchases must be made in designated zones.”
This is in response to how foreign ownership is a sensitive matter in Thailand for nationalistic reasons.
The proposal would offer certain tax incentives and a 10-year visa in an effort to entice more qualified workers and retirees, an initiative the government is willing to do.
Thaiger reported that has been an influx in Thai property sales to wealthy foreigners in the past seven months.
More: Thailand maintains its transparent status for 2022, ranks 10th in Southeast Asia
“We have seen a growth in purchases from high-end buyers from Hong Kong, China, and Russia, amongst many other nations. The Thai property market seems to be the big winner from some of the instability in other parts of the world,” said Brennan Campbell, CEO of FazWaz.com.
Thailand has been a popular destination for expatriate investment, retirement, and starting small businesses for decades. Land ownership for foreigners, however, has been restricted.
This year, the goal is to attract a million new big-spending residents from across the globe. This scheme is projected to add THB1 trillion (USD27.3 billion) to the economy and boost investments by THB800 billion (USD21.8 billion).
Nipon Boonyamanee, the deputy interior minister, anticipates that this will boost the real estate market and benefit properties in Bangkok and other important provinces such as Chiang Mai, Chonburi, Phuket, and Samut Prakan.
The Property Report editors wrote this article. For more information, email: [email protected].
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