• About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Non Banking Funds

Thailand Jettisons Plan Permitting Foreigners to Buy Land Following Boisterous Backlash

Thailand decided to shelve a plan permitting foreigners to possess limited ownership of the land following a rip-roaring public backlash on Tuesday. The opposition parties labelled that the move was predominantly “selling out” the country.

Jagriti Saha by Jagriti Saha
November 9, 2022
in Funds, Real Estate, The Global Economics, Top Stories
Reading Time: 2 mins read
0
Thailand Jettisons Plan Permitting Foreigners to Buy Land Following Boisterous Backlash (Image: Thaizer)

Thailand Jettisons Plan Permitting Foreigners to Buy Land Following Boisterous Backlash (Image: Thaizer)

31
SHARES
170
VIEWS
FacebookTwitterRedditWhatsAppLinkedInFacebook

A major criticism of the plan was that the investment sum was quite low, and the policy could drive up property prices, thereby crowding out local ownership.

Thailand decided to shove a plan permitting foreigners to possess limited ownership of the land back into the drawers following a rip-roaring public backlash on Tuesday. The opposition parties labeled that the move was predominantly “selling out” the country.

The Thailand government took a major step to give foreigners the right to purchase land for housing as an opportunity to boost the economy by alluring wealthy international investors earlier this year. So far, individuals can only own condominium units through complicated long-term lease agreements. The investment in this plan was limited to 1 rai (0.16 hectares) of land if high net-worth individuals invest at least 40 million baht (USD 1.08 million) in fixed-income securities whose principal and interest are backed by the Finance Ministry or bonds issued by the Thai government, Bank of Thailand, or real estate mutual funds and property trust funds, for at least 3 years. The housing sites could be owned only in Bangkok and Pattaya.

On Tuesday, the cabinet approved drawing the plan back for further consideration and review. The Director of the Department of Land, Chayawut Chanthorn, assured that Deputy Prime Minister Prawit Wongsuwan had approved the withdrawal of the Interior Ministry’s draft regulation for the same.

“The interior ministry has withdrawn the proposal … to listen to opinion from all parties so that it is comprehensive,” stated government spokesperson Anucha Burapachaisri at a news conference.

The word on the street was that the investment sum was quite low, and the policy could drive up property prices, thereby crowding out local ownership. The government will thus analyse the public opinion and feedback to re-evaluate the stipulated impacts and address concerns raised. The opposition parties advocated the negatives that would be brought in by the plan, including the chances of landless Thai citizens’ inability to purchase land.

Interior Minister Anucha Paochida called the issue “a delicate matter” and indicated a possible study to be conducted to weigh the advantages and disadvantages of the situation.

Foreigners can, however, still purchase land under the ministerial law that has been effective since 2002. As the stats go, only a handful of deals (not even a full dozen) have been struck in a two-decade span.

Thailand has been on the lookout for bagging foreign direct investments to spike up economic activities post-pandemic. Government policies have been adjusted to provide income tax breaks to wealthy retirees and skilled professionals, as well as long-term visa schemes for “high potential” foreigners.

Thailand, the second-largest economy in Southeast Asia, has a projected growth rate of 3.3% this year. The land of the Thais has always been an experimental and popular destination for western residents, businesses and investors.

1USD= 36.84 Thai baht.

Via: short URL
Tags: Bangkokinternational investorslimited ownershipPattayathailand
Jagriti Saha

Jagriti Saha

Related Posts

Colombia Re-votes and Approves Pension Reforms Despite Opposition
Economy

Colombia Re-votes and Approves Pension Reforms Despite Opposition

by The Global Economics
June 30, 2025
Oman’s Sovereign Wealth Fund Records $4.1 Billion Profit: Global SWF
Funds

Oman’s Sovereign Wealth Fund Records $4.1 Billion Profit: Global SWF 

by The Global Economics
June 25, 2025
Morgan Stanley To Market $5 Billion Debt For Elon Musk’s xAi
Funds

Morgan Stanley To Market $5 Billion Debt For Elon Musk’s xAi 

by The Global Economics
June 10, 2025
Singapore’s CDL Sells Majority Stake To Malaysia’s IOI Properties Group
Real Estate

Singapore’s CDL Sells Majority Stake To Malaysia’s IOI Properties Group 

by The Global Economics
June 4, 2025
US and Ukraine Sign the High-Stakes Critical Mineral Pact
Trending

US and Ukraine Sign the High-Stakes Critical Mineral Pact

by The Global Economics
May 1, 2025
Twitter Youtube LinkedIn Soundcloud
the global economics logo

The Global Economics Limited is a UK based financial publication and a Bi-Monthly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Indonesia Removes Visa Rules for Brazilian and Turkish Citizens to Push Tourism

Indonesia Removes Visa Rules for Brazilian and Turkish Citizens to Push Tourism

July 3, 2025
Weakening Dollar Makes Investors Reduce Dollar Exposure to Protect US Equity Holdings

Weakening Dollar Makes Investors Reduce Dollar Exposure to Protect US Equity Holdings

July 2, 2025
Renewable Energy Companies In Danger Over Trump’s Excise Tax Bill

Renewable Energy Companies In Danger Over Trump’s Excise Tax Bill 

July 1, 2025
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version