Following decades of fevered debate, Thailand looks set to allow billionaire non-Thais to own property for residential use. The restrictions are substantial. Ownership is limited to one rai (0.16 hectares) and applicants must invest 40 million baht (over US$1 million) in Thai property securities or funds over three years. It’s all part of the Thai government’s stated aim to move from an agricultural and rural society to one based on new technology and high finance.
Foreign ownership is a sensitive matter in Thailand for nationalistic reasons and because most Thai people pay rent and don’t have title deeds. Thus more restrictions will follow before the policy becomes mainstream in the autumn. Sanan Angubolkul, the chair of the Chamber of Commerce, recommends the privilege should be tightened to new properties in…
