Thailand will allow foreigners to own land for residential use, a government official said Friday, as it seeks to boost its economy by attracting new foreign residents from overseas at great expense.

Thailand has for decades been a popular destination for expatriates to retire, but land ownership by foreigners has been restricted.

For now subject to cabinet approval, foreigners will be allowed to own up to 1 rai (0.16 hectares) from September this year, provided they can invest 40 million baht (about $1.09 million) in property in Thailand, and also in Thai funds over three years, the government spokesman said.

Thailand will allow wealthy foreigners to fully own land for residential use, government spokesman Thanakorn Wangboonkongchana said on Friday, seeking to boost its economy by attracting a million new big-spending residents from overseas. pic.twitter.com/1lqZg0nRxn

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The Thai government is also interested in attracting more skilled workers and retirees and the proposal would include some tax benefits and a 10-year visa.

The plan, which would be reviewed after five years, aims to add 1 trillion baht ($27.25 billion) to the economy and boost investment by 800 billion baht, Thanakorn Wangboonkongchana said.

The government expects the economy to grow 3.5% this year and reach pre-pandemic levels by 2023.

-Thailand News (TN)