Thailand offers Ownership of Residential Land to Foreigners from September-2022

Thailand offers Ownership of Residential Land to Foreigners from September-2022
The Kingdom of Thailand, being the Land of Smiles, is known for its different kinds of businesses, investments, and retirement, as well as its most popular tourist attractions for foreigners. However, the kingdom has been restricted to the ownership of land for foreigners.
The Thai Government will now fully permit foreigners to purchase their own land for the purpose of residential use. This will be a big initiative to seek and boost the economy of the country by attracting foreign residents for a million new big-spending around the World.
As per the official Statement dated July 15th, 2022, by the Thai Government official Spokesman, Thanakorn, this initiative will be subject to approval from the Cabinet. Foreigners can own a piece of Land of 1 Rai (0.16) Hectares for the use of Residential purposes from September 2022,
If the foreigners invest an amount of US $1.09 million (40 million baht) in any Thai property, securities, or funds for more than three years.
The Thai Government is also interested in attracting and facilitating specialists who want to work from the Kingdom, such as Retirees, Pensioners, and Skilled Workers, by offering a 10-year Thai Visa as well as some other significant tax breaks.
This Scheme will be reviewed every Five Years with the Aim of enhancing the Economy by US $27.25 billion (1 trillion Thai Baht) and the need to boost investments by 800 billion Baht. The Government of Thailand expects to grow the economy by 3.5% this year and will reach the levels of Pre-pandemic in 2023.
The Government of Thailand is expecting to increase the number of eligible foreigners owning residences by enhancing foreign investments by about 800 billion baht as well as the land Tax Revenue by about 270 billion baht in Thailand.
Since January 18, the Transaction Fees for Land or Condos worth less than three million baht have been cut from 2% to 0.01%. However, this change only applies to Thai citizens, according to Thanakorn.
The relevant Land Department of the Thai Government is framing the required Guidelines as well as the Regulations relating to the ownership of the land by the eligible foreigners, which are expected to be ready in the month of September 2022, said the Spokesman.