On the QT has already pulled the plug on the draft ministerial regulation that may open up new international land ownership options in Thailand.
The regulation proposed permitting foreigners who hold a 10-year Long Term Resident visa to buy a property and/or land of up to one rai in Thailand, given they invest a minimal of 40 million baht into Thailand and maintain the investment for three years.
However, the plan has been axed already amid backlash from Thais, with some political parties accusing the government of “selling off’ the nation to foreigners.
The regulation was passed by the Cabinet on October 25, prompting instant backlash from critics. Today, the Cabinet agreed to withdraw the draft.
Prime Minister of Thailand Prayut Chan-o-cha insists that although the draft has been withdrawn, it’s extra accurately “suspended” for a while to give the government time to hold extra discussions and “listen to more opinions” on the matter.
Deputy PM Prawit Wongsuwan allegedly had a major position in the decision to withdraw the regulation.
Minister of Interior General Anupong mentioned there are different ways for wealthy foreigners to buy land in Thailand. Foreigners are eligible for the 30-year renewable lease route on properties and are legally allowed to purchase condominiums as lengthy as 51% of the units in the building are owned by Thais.
Anupong reminded the public that a comparable regulation was handed by the Thaksin administration in 2002 to provide foreigners the right to personal landed properties on up to one rai of land in Thailand in the event that they maintain their forty million baht investment for 5 years.
However, because the foreign land ownership regulation was handed in 2002, only eight properties in Thailand had been bought by way of the scheme.
The necessities outlined within the new ministerial regulation are more durable bills to foot than those specified by the Thaksin administration’s regulation, just with a shorter minimum investment interval..