Being a foreigner living in Thailand is already riddled with many complications, but it’s even more complicated for those that want to buy land or property in the cities like Bangkok or Pattaya. However, a new plan proposed at a recent cabinet meeting might make that easier. By Eric E. Surbano
Foreigners living in Thailand are subject to a lot of complications and restrictions. Among those things is the ability to purchase property. Right now, foreigners are limited to only being able to buy condos, though there are other ways to buy property, which can get very complicated and sometimes the line between legal and illegal becomes a blur (it is Thailand after all). However, a new plan that has been proposed could open the door for foreigners to buy land, but there are some caveats.
A proposed plan will allow foreigners to buy land in Bangkok and Pattaya
If approved, the proposed plan will allow foreigners to buy 1 rai or 0.4 hectares of land in Bangkok and Pattaya. According to the article published by the Bangkok Post, the idea is to attract more wealthy investors into the country in an effort to further boost the economy. That should give you a hint as to what the limitations are.
Since they’re targeting wealthy investors, the requirement is that those seeking to buy land must first invest at least THB 40 million (INR 8,73,56,849) for at least three years. This is on top of the price of the property itself. Other investment options include bonds, real estate mutual funds, and property trust funds.
The plan has just been proposed and is still going to be assessed so it’s unlikely we’ll see anything come out of it until the middle or end of next year. However, if you’ve got a couple million just lying around, you might want to save that to buy land. Or maybe you could just buy a condo instead.
This article first appeared on Lifestyle Asia Hong Kong