INTERIOR Minister Anupong Paochinda sent a letter to the Government House stating that he will be proposing to the Cabinet tomorrow (Nov. 8) that a draft ministerial regulation allowing four categories of foreigners to buy maximum one rai of land for residential purposes be revoked, Matichon newspaper said.
This step was taken after several political parties on both sides of the aisle branded allowing foreigners to buy land here as being akin to treason.
Prime Minister Prayut Chan-o-cha is also concerned about this issue and there is a high probability that this new ministerial regulation will be repealed, officials said.
“If the cabinet meeting resolves to withdraw this ministerial regulation the Office of the Council of State, which is considering the new regulation, will immediately cancel the draft while the ministerial regulation promulgated in 2002 remains effective, ” an official said.
The Cabinet greenlighted a draft ministerial regulation on Oct. 25 that will enable foreigners to buy a maximum of one rai of land in Thailand. One of the conditions includes an investment value of at least 40 million baht that must be retained for three years, NNT said.
This ministerial regulation designates four types of high-potential aliens who will be able to acquire land in Thailand for residential purposes.
The four categories include high-wealth persons, retirees, individuals who intend to work from Thailand, and specialists who possess certain skills. The amount of land that may be acquired shall be no more than one rai (1,600 square metres). The land must only be used for self-residency and must be located within Bangkok, Pattaya, municipalities, or other suitable areas as stipulated by the urban planning law. The alien acquiring land must invest no less than 40 million baht in a business or enterprise and retain the investment for at least three years.
Top: Top: BTS Skytrain running through Bangkok. Photo: Tony (CC BY 2.0)
Front Page: Interior Minister Anupong Paochinda. Photo: Matichon