For decades, foreign land ownership has been restricted even though Thailand is one of the popular destinations among wealthy expatriates for business start-up, investment and retirement. With a goal to boost Thailand’s economy, a government spokesman, Mr. Thanakorn Wangboonkongchana, said on Friday 15th July 2022 that we would attract a million new big-spending foreign nationals from all over the globe by allowing them to own up to 1 rai (0.16 hectares) of land from September 2022, given a condition that they can invest 40 million baht (USD1.1 million) in Thai property, securities or funds over a period of three years.
The government is keen to attract more skilled employees and retirees to the country and a proposed offer would include some tax benefits and a 10-year visa. Mr. Thanakorn mentioned that the scheme would undergo a revision after 5 years. Deputy Interior Minister, Mr. Nipon Boonyamanee, said the proposal would now go to the Cabinet for further discussion and approval. He also mentioned that the cost of purchasing a property in Thailand is not high, compared to other countries. This proposal would be a great solution to boost the economy. To incentivize high-end foreign buyers, with high purchasing power, the ministry is hoping to reduce transfer and mortgage fees to 0.01% of properties that are priced more than THB3.0 million (USD84.0 K).
Previously, the Board of Investment of Thailand announced that applications for its new long-term resident visa will open from 1st September 2022. The 10-year long-term visa aims to attract foreigners of “high potential” to live and work in Thailand.” This new visa type will accommodate 4 groups of high-potential foreigners who wish to live in the country for a period of time, as follows:
- Wealthy population
- Wealthy foreign retirees
- Expats working in Thailand
- Special skilled workers and professionals
In addition, chairman of the Thai Chamber of Commerce, Mr. Sanan Angubolkul, pointed out an additional requirement which should be added for further consideration. Foreigners with the privilege must make a purchase of first-hand land and property only and resell it to Thai residents only. Moreover, purchases must be allowed in designated areas. In response to the scheme, we foresee a positive outcome in the real estate market, especially properties in Bangkok, Phuket, Chiang Mai, Samut Prakarn and Chonburi (Pattaya).
The government projects the economy to grow 3.5% in 2022 and exceed pre-pandemic levels next year. A total of THB1.0 trillion (USD27.3 billion) is expected to be added to the economy. Furthermore, an investment in real estate is foreseen to increase by THB800 billion (USD21.8 billion).
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