Foreigners: Land Ownership in Thailand
In response to the announcement of the Ministry of Interior allowing a foreigner to reside in the Kingdom on a special visa type and term (“LTR Visa”), the Land Department is currently considering and undergoing drafting of qualifications, conditions and methods of allowing the LTR visa holder to buy and own land.
The foreigner must continuously invest in Thailand for not less than 40 million baht for three years on targeted business such as investment in infrastructure funds or real estate investment trust to obtain land for a residential purpose only not exceeding 1 Rai.
However, private entities of the opinion that the minimum investment of 40 million baht is insufficient due to differences in currency, suggesting specifying specific and clear conditions and qualifications and zoning that the foreigner can own. The public also expresses negative feedback as it considers as bias decision towards the white collar which will make the price of immovable property jump to the point where the native cannot afford to own a residential house or land. On the other side, the real estate business operators are in favor of this proposal as it will endorse the business itself, including relevant businesses such as interior, construction and furniture businesses in which we will need to wait for consideration of the Land Department on this issue.