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Government programme allows some foreigners to buy land
The Cabinet last month considered a proposal to allow foreign investors to own land. The proposal sets out two programmes under which they could do so.
6 October 2021
1. Wealthy global citizen | |
The minimum conditions are | 1. Investment of USD 500,000 2. Personal yearly income of USD 80,000 3. Personal assets of USD 1 million 4. Health insurance policy of USD 100,000 |
2. Retiree | |
The minimum conditions are | 1. More than 50 years old 2. Investment of USD 250,000 3. Personal yearly income of USD 40,000 4. Health insurance policy of USD 100,000 |
Under the programmes, foreign investors would get a 10-year visa as well as a work permit, pay personal income tax at the same rate as Thai citizens or at a flat rate of 17%, and be able to own land, houses, or condominiums.
Section 96 bis of the Thai Land Code states, “The provisions prescribing the acquisition of land by foreigners by virtue of the provisions of a treaty under the first paragraph of Section 86 shall not apply to foreigners who bring in capital of more than forty million baht for investment, as prescribed in the Ministerial Regulations, whereas the acquisition of land for the purpose of residence shall not exceed one rai and shall be approved by the Minister.”
The foreigner must file an application (Form Tor.4) to acquire land for residential purposes in accordance with Section 96 bis in order to request the approval of the Minister of the Interior.
The programmes would be governed by Section 96 bis of the Land Code, but should make it easier for foreigners to get approval.
At Mazars, we provide services related to Thai property law, work permits, and visas. If you have any questions about these issues, you can contact us for a personal consultation.
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