Foreign property lures are rejected

[buksida]

"We want your money, but we still wont let you own anything here ..."

Foreign property lures are rejected
The Centre for Economic Situation Administration (CESA) chaired by Prime Minister Prayut Chan-o-cha on Friday put the brakes on proposals to increase foreign ownership quotas for condominiums from 49% and expand property leasehold rights for foreigners from 30 years to 50 years.

But it agreed in principle on a proposal to allow foreigners to hold land ownership of one rai for residential purposes.

The Land Department has been tasked with studying the feasibility for two months, then making a proposal to CESA for reconsideration.

According to a source at Government House who requested anonymity, it was Interior Minister Anupong Paojinda who opposed the two proposals prepared by an ad hoc committee on new investment privileges for foreigners.

The committee was chaired by M.L. Chayotid Kridakorn, personal adviser to Deputy Prime Minister Supattanapong Punmeechaow.

At the meeting, the source said Gen Anupong argued the two issues are sensitive and the government would face a public backlash if it approves the proposals.

https://www.bangkokpost.com/business/22 ... e-rejected

[HHTel]

Meanwhile, those that can afford it are buying up properties and businesses around the world.

Public backlash! Of course there's no evidence to support that.

[migrant]

Public backlash! Of course there's no evidence to support that.

Even if there was this administration has proved it doesn't care.

[Robinhood]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

[Dannie Boy]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

In the opening posting, it says it can be owned for residential purposes, so that suggests the answer is yes, but then again…….TIT!!

[Nereus]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

Under the existing law it is already legal to build and own any building in your own name. Where you put it is something else!

[Robinhood]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

Under the existing law it is already legal to build and own any building in your own name. Where you put it is something else!

So this is potentially big news, if foreigners can build and own a house and land in there own name, rather than a Thai spouse

or have I got this wrong

[Dannie Boy]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

Under the existing law it is already legal to build and own any building in your own name. Where you put it is something else!

So this is potentially big news, if foreigners can build and own a house and land in there own name, rather than a Thai spouse

or have I got this wrong

It’s only a proposal - get excited if/when it becomes law!!


Sent from my iPhone using Tapatalk

[STEVE G]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

There is actually an older law that does allow that but it's tied to large financial investment, I think it's something like 40 million baht in Thai bonds and specific government approval.

[Nereus]

So if the proposal to allow foreign ownership of 1 Rai (A little less than a 1/4 of a football pitch goes ahead). What could you do with the land? Can you build and own a house on it?

There is actually an older law that does allow that but it's tied to large financial investment, I think it's something like 40 million baht in Thai bonds and specific government approval.

Unless it has changed recently, that is not correct. What is does require is that the building permit is issued in your own name. With the right coloured envelope it is also possible to have the name on the building permit of an existing structure changed.

[buksida]

Foreign land ownership proposal withdrawn from cabinet
Interior Minister Anupong Paojinda said his draft proposal to allow foreigners to own a small block of residential land was withdrawn from the cabinet agenda on Tuesday.

It was a sensitive issue and he was not sure it would return.

"We must take the matter back for review because it is sensitive. It must be reviewed to gauge the positive and negative effects on economy and society," Gen Anupong said before the cabinet meeting.

He did not know if the issue would be again placed before the cabinet after being reviewed.

Gen Anupong declined to say if its withdrawal was a result of opposition from society. He reiterated only that the matter was sensitive.

Deputy Prime Minister Wissanu Krea-ngam said the Interior Ministry wanted to reconsider the issue and gather public opinion over the next 15 days.

"After 15 days the draft rule can return to the cabinet, or not," he said.

The Interior Ministry's proposal would have allowed four categories of foreigners to buy up to one rai of land for residential purposes on condition that they invest at least 40 million baht in the country, he said.

The four categories were wealthy foreigners, foreign retirees, highly skilled foreigners and foreign investors, Mr Wissanu said.

https://www.bangkokpost.com/thailand/ge ... om-cabinet

[dtaai-maai]

Foreign land ownership proposal withdrawn from cabinet

The Interior Ministry's proposal would have allowed four categories of foreigners to buy up to one rai of land for residential purposes on condition that they invest at least 40 million baht in the country, he said.

I'm not quite sure what "invest ... in the country" means, but 40 million baht makes it irrelevant to any expat I met during my time in Thailand.

[PeteC]

They're pie in the sky idiots here, actually thinking this place is so superior and exclusive to other alternatives. That applies as well to their "rich foreigner" residency programs. Red tape and conditions a mile long, which from what I read is being laughed at and ignored by most. Way below the expected uptake.

Cut off Thai ability to buy landed property in the US, UK and EU and you'll see a Thai hi-so outcry like none before to allow foreigners to buy here.

[Khundon1975]

Personally I’m far happier owning property in Italy, at least I don’t have to jump through hoops to spend my money there.
The wife’s family own plenty in Thailand and now in the UK, that’s good enough for me.

[PineappleHUAHIN]

If foreigners are allowed to own the land, all the land owners who lease the land on 30yrs will obvisouly loose their cash cows ? Unless it's a fixed rate for leasehold fixed by the authorities ??