Foreigners soon will be able to own land in Thailand, so long as they can prove they’re wealthy enough.
The cabinet on Tuesday gave a green light to a proposal to allow foreign nationals to purchase up to a rai of land, on the condition they can show an eligible investment of at least THB40 million (US$1.05 million) in Thailand and maintain that investment for a minimum of three years.
The proposal, drafted by the Interior Ministry, will come into effect when it’s published in the Royal Gazette, according to government spokesperson Anucha Burapachaisri.
The scheme will run until 2026. After that, it will be reviewed, Anucha said.
Thailand currently prohibit foreigners from owning land, except those married to Thai nationals who attest that the money invested in the land is that of the Thai spouse.
The…
