Consider yourself rich? Congratulations, you’re now allowed to buy land and property in Thailand. Nation Thailand reports that yesterday, the Cabinet agreed to grant wealthy foreigners the right to purchase land and houses in the kingdom. The approved proposal will now have to be rubber stamped in the Royal Gazette which could take up to 3 months.
Now the bad news. Potential buyers must be able to invest at least 40 million baht and maintain that investment for at least 3 years. Foreign nationals who want to buy land or a home in Thailand must provide a certificate that confirms their investments.
The directive will remain in effect for 5 years. It allows foreign nationals to buy houses and up to 1 rai of land, provided they meet the investment criteria. The aim of the directive is to encourage more foreign investment and attract foreigners with “special expertise” to the kingdom. It applies to wealthy expats, digital nomads, and retirees who want to live in Thailand.
Foreigners can purchase houses and/or land in Bangkok, Pattaya, and several other municipal areas and provincial zones that are marked as residential areas. The directive also stipulates that foreigners cannot buy land in military areas and they can only buy 1 rai of land once. This limit remains even if the foreigner goes on to sell all or part of the land.
SOURCE: Nation Thailand
