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Thailand offers land ownership to entice foreigners!

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Thailand is a country celebrated for its tropical beaches, rejoicing cityscapes, embellished temples, and of course, its capital – Bangkok.

One who has been in this country, it is prevalent that they get affectionate towards it and want to go back again and again, even perhaps wish to settle down there in the future.

For those who want to settle down or have retirement plans in Thailand, one good piece of news awaits you!

 

Thailand real estate land ownership

The Thai government declared that it allows foreigners to own land for residential purposes in Thailand fully.

This exciting declaration came out on 15 July 2022. A government spokesperson, Thanakorn Wangboonkongchana, said the opportunity given to foreigners would be a pathway for the country to improve its economy by luring a million new wealthy residents from overseas.

Then vs. Now - Insight into Thailand's foreign land ownership

Although Thailand had been a popular destination for expats for investment, business ventures and retirements, foreign land ownership was permanently restricted. The Land Code Act governs land ownership in this country.

Under Thai land laws, only Thai nationals were allowed to own land, if precise, had a firm right of possession of the land. Foreign nationals were not allowed to own land unless a treaty or exemption permitted them to own land in Thailand (section 86).

Since Thailand had no related treaty with any country, expats could not acquire land in Thailand before. However, with the announcement in July, the restriction regarding foreign land ownership has been withdrawn.
From now on, Thailand is going to permit foreigners to own land for residential use fully.

 

Thailand real estate land ownership

"Subject to Cabinet approval, foreign nationals will be permitted to own up to 1 rai (0.16 hectares) from September, providing they can invest 40 million baht (S$1.53 million) in Thai property, securities or funds over three years."

-- Thanakorn Wangboonkongchana

The prime reason behind this decision is to boost its economy. The Thai government wants to attract more skilled workers and retirees. They have included some tax benefits and a 10-year visa with the proposal.

According to Thanakorn Wangboonkongchana, this scheme will be reviewed after five years, and it aims to add 1 trillion baht to the economy and boost investments by 800 billion baht.
They expect the economy to grow 3.5 percent this year and reach pre-pandemic levels in 2023.

 

Thailand real estate land ownership

Investing in Thailand's lands will never be a loss project for an expat. There are good reasons to own Thai land. The country's proven and steady growth in terms of development holds the position of the most important reason.

If foreigners want to own land and spread their business in Thailand, they can get affordable labour there. There are vast areas of factories and warehouses outside Bangkok, located very close to commuting through the roads, airports, seaports and railway stations. This smooth transportation system will be helpful for foreign businesses person to do their business efficiently.

Over and above, it is nothing less than a golden opportunity for the foreigners to grab and live life to the fullest!


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