Thai Government Mulls Permitting Foreign Ownership of Property & Land

• 28 June 2021
• International News
• 1662 Views

The Thai Government is considering making changes to its immigration policies to provide 10-year visas to foreigners who own property in Thailand, reported the Bangkok Post in early June.

The revised investment-based immigration program would provide the long-stay visas to four priority groups; wealthy retirees, high-net-worth global citizens, rich professionals working in Thailand and highly-skilled professionals.

The four groups would be subject to separate eligibility requirements, but under the scheme, foreign retirees would need to be over 50 years old, have invested at least US$250,000 in real estate or government bonds, and be permitted to work 20 hours per week without a work permit but would incur a tax of 17% on their local earnings.

The most sweeping change this proposed initiative would introduce is for any of the four priority groups to own property or land, where current legislation only permits foreign ownership of condominiums.

Thai real estate developers have welcomed the news in the hope that a new demographic would be able to purchase their products.

• Laws and Regulation