Four groups of foreigners will be allowed to own residences, land
The Interior Ministry said on Wednesday that its move to allow foreigners who invest 40 million baht for at least three years to purchase a residence on 1 rai of land will be in line with existing laws and additional ministerial regulations.
Its statement came after Deputy Interior Minister Nipon Boonyamanee’s announcement on Tuesday that the ministry would ask the Cabinet to approve the move in a bid to boost real estate sales and stimulate the economy.
The ministry said it would introduce additional ministerial regulations with certain criteria, including that foreigners must be in one of four groups to be eligible.
The four are wealthy people, retirees, people who want to work in the country and those with special skills.
The ministry added that failure to comply with the criteria would result in the rights of foreigners being revoked, while they would be ordered to sell their land.
The ministry will grant the right to own land under existing laws, including that foreigners can purchase only 49 per cent of rooms in each condominium under the Condominium Act, it said.
Only Thais have the right to receive a 0.01 per cent transfer and mortgage fee for residences or condominiums costing no more than 3 million baht.