Thailand’s Interior Ministry said on Friday that it would draft regulations to allow eligible foreigners to buy land as the government seeks to stimulate the country’s economy and foreign investment.
Thanakorn said the scheme would allow foreigners to buy up to 1 rai of land (about 0.4 acres), including some tax incentives and a 10-year visa, which is aimed at skilled professionals and pensioners.
Mixed Reactions From Locals
However, the scheme was met with ambivalent responses from local organizations, who worry that it could result in foreigners taking up more land in Thailand.Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said the government should impose additional requirements for foreigners to buy land, such as allowing land purchases only in designated zones.
“Foreigners with the privilege must purchase first-hand land and property only and resell it to Thai nationals only, and purchases must be made in designated zones,” Sanan said.
Under current legislation, foreigners are only allowed to own at most 49 percent of a condominium building and rent land in Thailand. Malaysia is the only Southeast Asian nation that offers land ownership to foreigners.