Foreigners Can Own Thai Land in Their Name
By the rule of law, buying and owning land in Thailand is generally reserved for Thai nationals, the Land Code Act forbidding aliens to do so. There I one exception to this rule, an amendment, allowing a foreign individual to own 1 Rai (approximately 1600 square meters) of land for residential purposes (Land Code Amendment Act B.E. 2542 (1999) (section 96 bis Land Code Act).
Before you jump and pick up the phone to call your real estate broker, you must know there are, of course, several strings attached to this. Under the land code amendment act that permits foreign land ownership, is stipulated that permission from the Minister of Interior is needed and on top of other rules and restrictions relating to specific locations, it requires the alien to invest in the country not less than 40 million Baht. These investments would need to be endorsed by the Board of Investment (BOI) and proven to be beneficial to the social and economic development of Thailand for a specific period of time. The amount is in addition to the cost of the real estate property itself.
By the stated above, you understood that this might not be that viable of a solution. Like any respectable exception to the rule, is here to strengthen the rule. The amendment had the foreign embassies and multinationals in mind enabling them to purchase large houses for their ambassadors and CEO’s. This exception does not allow the right to inherit the ownership.
About the Author:
Sorin Gligore has more than a decade of experience in Sales and Entrepreneurship in South East Asia, has completed BA studies in Journalism and Social Studies and a MBA in Hospitality, currently co-owning Shambhala Realty Co., Ltd. in Bangkok