Thailand’s cabinet on Tuesday approved a bill allowing foreigners to buy up to one rai—the Thai equivalent of 0.4 acre—of land and houses if they invest 40 million baht ($1.1 million) in the country over three years.
Government spokesperson Anucha Burapachaisri said that Thai authorities could revoke the land ownership rights if the applicants decided to withdraw their investment before the designated period.
Anucha said lands designated for foreign ownership would include those in Bangkok, the Pattaya area, municipalities in provinces nationwide, and places designated as residential zones under the Town and Country Planning Act.
The program will open after being published in the Royal Gazette and will be reviewed in five years, he said.
“The proposed scheme aligns with the government’s economic and investment stimulus plan to attract wealthy foreigners and professionals to Thailand,” Anucha added.
Locals Fear Influx of Chinese Investors
However, locals worry that the program could result in foreigners taking up more land in Thailand.Tanit Sorat, vice chairman of the Employers’ Confederation of Thai Trade and Industry, said the scheme could trigger a surge in land prices and make it difficult for locals to buy land.
“We are worried about Chinese investors. They already bought and own plots of land in Cambodia and Laos,” he added.
Those with honorary citizenship will be exempt from visa requirements and can reside in Laos permanently. They will be able to buy land on state-owned property for a certain duration and lease both public and privately-owned land, according to the decree.