Foreigners can be given the right to own land in Thailand. The proposal is being developed by the Ministry of Internal Affairs of Thailand, which will allow foreigners to own up to 1 paradise of land (about 1,600 square meters).
However, in order to obtain such a right, a foreigner will need to invest 40 million baht in Thailand for 3 years. Thai politicians believe that this will help stimulate foreign investment in real estate in Thailand.
It is believed that the lands in Bangkok, Samut Prakan, Chonburi (Pattaya), Phuket and Chiang Mai will be especially popular.
As an additional incentive, the ministry hopes to reduce the commission for obtaining property ownership and mortgages to 0.01% for real estate worth more than 3 million baht.
The Thai government is counting on an influx of wealthy foreigners who may be interested in a new 10-year visa. In support of this project, it was decided to allow foreigners to own land, albeit with a high entry price.
Earlier, the Investment Council of Thailand announced that applications for a new long-term resident visa will be open from September 1. The 10-year visa is aimed at attracting foreigners with «high potential» to live and work in Thailand.
The Investment Council claims that the new visas will make life in Thailand easier and less bureaucratic in the long run.