The Thai government has clarified in that the policy of land ownership rights to attract high-potential foreigners that it only aims to allow specific foreign investors for housing with not more than 1 rai in specified areas, without selling the entire land.
Government spokesperson Thanakorn Wangboonkongchana stated today, July 15th, that the government would grant permission to certain groups of high potential foreigners to stay in the Kingdom according to economic and investment stimulus measures issued on May 25th, 2022.
The four main groups of high-potential expatriates are the wealthy population, the retirees, the businessmen/investors who want to work in Thailand, and special “experts”.
TPN notes that a lot of matters about who exactly, specifically, qualifies and for how much investment is not yet completely clear.
However, according to Section 96 of the Land Act, foreigners must invest at least 40 million baht for not less than 3 years in a specified type of business, such as infrastructure funds established under the law on securities and stock exchanges, or real estate businesses.
Thanakorn also clarified that a fee reduction from 2 to 0.01 percent for purchasing houses with land and condominiums of a maximum of 3 million baht as announced by the Ministry of Interior, will apply to Thai residents only.
The government believed that such measures would increase spending among foreign investors to about 1 trillion baht within 5 fiscal years, boosting domestic investment by 800 billion baht and generating income from tax collection by 270 billion baht.
The original version of this article appeared on our sister website, The Pattaya News, owned by our parent company TPN media.
Need Covid-19 insurance for your next trip to Thailand? Click here.
Follow us on Facebook
Join us on LINE for breaking alerts!