According to recent news, foreigners might soon be able to own land in Thailand freehold!
The Thai Interior Ministry is drafting a proposal that would permit foreigners to acquire up to 1 rai of land (around 1,600 square meters, .16 hectare or .4 acre).
The announcement of the proposal was made by Deputy Interior Minister Nipon Boonyamanee on Monday July, 11, 2022.
For the purpose of qualifying for land ownership, foreign buyers would need to invest a minimum of 40 million baht in Thailand for a duration of three years. Still, Thai legislators are optimistic that the measure would have a positive impact on foreign ownership of real estate in Thailand.
The proposal will be put before Cabinet for approval.
Mr. Nipon further addressed the ministry's efforts to find strategies to increase real estate sales among wealthy international investors. If approved, the proposal would help to stimulate the economy, particularly in areas foreigners tend to visit or live, like Phuket, Bangkok, Samut Prakan, Chonburi (Pattaya), and Chiang Mai.
Additionally, Mr. Nipon stated that the ministry intends to lower the transfer and mortgage fees for properties costing more than 3 million baht to 0.01 percent.
With a new long-term (10-year) visa options and the current proposal to permit foreign ownership of land, albeit at a high entry cost, it is obvious that the Thai government is targeting a more wealthy demographic.
Whether you have a high or low budget, we at Pulse Real Estate have plenty of options. Do not hesitate to contact us with your requirements to receive a curated list of properties for sale in Phuket.
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full and managed with reasonable care, it is about the safest investment in the world.”
- Franklin D Roosevelt