A house in Wichit town, Phuket

Cabinet greenlights bill for foreign ownership of land not exceeding 1 rai

BANGKOK (NNT) – The Cabinet has greenlighted a draft ministerial regulation that will enable foreigners to buy a maximum of 1 rai of land in Thailand. One of the conditions includes an investment value of at least 40 million baht that must be retained for 3 years. The ministerial regulation opens the door for a greater range of investment options for foreigners and can be revised every 5 years.

Prime Minister’s Office Spokesperson Anucha Burapachaisri elaborated on the Cabinet’s approval, in principle, of the drafting of a ministerial regulation on foreign ownership of residential land. The approval was made with regard to the measure calling for economic and investment stimulation by attracting high-potential foreigners to Thailand. The Cabinet approval opens the door for a greater range of investment options for foreigners. The ministerial regulation will be in effect for 5 years after its announcement in the Government Gazette.

Full story: National News Bureau of Thailand

Reporter: Namo Vananupong,
Rewriter: Tarin Angskul
National News Bureau of Thailand

TN

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