Being a foreigner living in Thailand is already fraught with many complications, but for those looking to buy land, the situation is even more complicated. However, a new plan proposed at a recent cabinet meeting could make this easier.
Foreigners living in Thailand are subject to many complications and restrictions. These include the ability to purchase property. Currently, foreigners can only buy condominiums, but there are other ways to buy property, which can get very complicated and sometimes blur the lines between legal and illegal (this is Thailand, after all). However, a new scheme that has been proposed could open the door for foreigners to buy land, with some caveats.
Proposed scheme would allow foreigners to buy land in Bangkok and Pattaya
If approved, the proposed scheme would allow foreigners to buy up to 1 rai or 0.4 hectares of land in Bangkok and Pattaya. According to an article published by the Bangkok Post, the idea is to attract more wealthy investors into the country to further boost the economy. That should give you a hint as to what the limit is.
As they target wealthy investors, those seeking to buy land are required to first invest at least 40 million baht (approximately Rs. 8,7529,960) 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 trusts.
The plan has just been proposed and is still being evaluated, so it’s unlikely we’ll see any results before the middle or end of next year. However, if you have a few million on hand, you might want to save it to buy land. Or maybe you could just buy the apartment.
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