A international land ownership act that would permit foreigners to buy homes and as much as 1 rai of land in Thailand has been drafted and can soon be debated by the Cabinet, in accordance with Deputy Minister of Interior Niphon Boonyamanee. If the invoice makes it through additional readings, it could stimulate Thailand’s actual property economy, stated Niphon.
According to Thailand’s Land Code Act, solely Thai nationals are allowed to own land in Thailand. Foreigners could not own land until there’s a treaty or exemption allowing them to, which, there currently isn’t.
In terms of actual property, foreigners could personal an house unit in a building registered and licensed beneath the Thailand Condominium Act. Section 19 of the act limits international possession in a condo building to not more than 49% of all models. However, foreigners are not at present permitted to buy another type of property, similar to homes.
At eight.40am this morning, Niphon gave an interview on the Santi Maitri Building in Bangkok as regards to international land ownership. In record time mentioned that allowing foreigners to buy property and land up to 1 rai in Thailand would profit Thailand’s economic system.
The legislation would permit “high-status,” “experts” and “elderly” foreigners who plan to stay within the kingdom for long intervals the chance to purchase properties and land as a lot as 1 rai in dimension.
The bill will not make it to Cabinet this week because it should first be passed by a legal committee, stated Niphon. However, it could be debated by Cabinet as early as subsequent week if all goes to plan.
This isn’t the first time overseas land ownership has been thought of in Thailand. Foreign land possession acts have previously made it to Cabinet, but in the lengthy run, have at all times been rejected.
In 2003, the Thai Elite visa was launched and the media preemptively claimed that the initiative would enable foreigners to purchase 1 rai of land in Thailand. People received excited however it seems the data was false and the visa carries no housing or land advantages.
Of all southeast Asian countries, only Malaysia allows foreigners to buy “specified” freehold land as part of the Malaysia My Second Home initiative. Cambodia, the Philippines, Vietnam, and Laos all forbid the sale of land to foreigners but allow condominium possession, similar to Thailand.
SOURCE: Thai Rath