A draft ministerial regulation was approved by the Cabinet, allowing foreigners to purchase up to 1 rai of land in Thailand. Among the requirements is a 40 million baht investment with a 3-year holding period. As the ministerial rule can be updated every 5 years, it allows for a wider variety of foreign investment opportunities.
When asked about the Cabinet’s preliminary approval of a ministerial regulation limiting foreign ownership of residential land, Prime Minister’s Office Spokesperson Anucha Burapachaisri provided more detail. The vote was in favor of a bill to attract high-potential international visitors to Thailand in an effort to stimulate the economy and increase investment. The green light from the Cabinet means international investors can explore more opportunities. After being published in the Government Gazette, the ministerial rule will remain in effect for five years.
According to Mr. Anucha, four categories of high-potential immigrants would be identified in the proposed legislation and given permission to purchase land in Thailand for residential use. Affluent people, retirees, those planning to find a job in Thailand, and those with unique sets of abilities are the four groups targeted by the Thai government. No more than 1 rai of land may be obtained (1,600 square meters).
The land must be located in Bangkok, Pattaya, a municipality, or another appropriate region as defined by urban planning legislation and can only be utilized for personal residence. The foreign buyer of land in Thailand is required to make an investment of at least 40 million baht and to keep the money there for at least three years.
The prime minister, according to the spokesperson, has confirmed that the ministerial rule can be updated every five years to reflect the needs of the current administration. The Department of the Interior will now forward the proposed rulemaking to the Council of State for review.
