Thammasat forum ponders idea of letting foreigners own land in Thailand
The pros and cons of allowing foreigners to own land in Thailand were discussed at the “Foreign Ownership of Land and Real Estate” forum held on Saturday by Thammasat University’s law association.
Participating were Senator Dr Sathit Limpongpan and president of the Thai Chamber of Commerce’s Housing Business Association Issara Boonyang.
On September 14, the Cabinet mulled ideas to attract high-potential foreigners to Thailand in a bid to boost the economy, and the option of letting non-Thais own land was brought up.
Many people have voiced concern that letting foreigners own land may leave little for Thai nationals. Others, however, point out that attracting high-potential foreigners by allowing them to own land will bring more foreign currency into the country. For instance, to be eligible foreigners must invest between US$250,000 and $500,000 in government bonds or have a minimum monthly income of $80,000.
Dr Sathit said that he agreed with the idea of letting foreigners own land in Thailand but added that this may bring the prices up drastically and make owning land impossible for future generations.
However, Issara pointed out that many foreigners already own land in Thailand illegally through Thai nominees.
He also pointed out that many big economies like Germany, UK and Switzerland are letting foreigners buy land and cashing in on tax and foreign investment.
Currently, foreigners can buy condominium units in Thailand under the condition that 51 per cent of the total units in the development are held by Thais. Though foreigners can own horizontal properties, they can only take the land on a maximum of a 99-year lease. This law has been applied by many companies in the Eastern Economic Corridor.
