Thailand pulls the plug on foreign land possession regulation

Cancel anytime has already pulled the plug on the draft ministerial regulation that would open up new foreign land possession options in Thailand.
The regulation proposed permitting foreigners who maintain a 10-year Long Term Resident visa to buy a property and/or land of up to one rai in Thailand, given they invest a minimal of 40 million baht into Thailand and preserve the funding for three years.
However, the plan has been axed already amid backlash from Thais, with some political parties accusing the government of “selling off’ the nation to foreigners.
The regulation was passed by the Cabinet on October 25, prompting immediate backlash from critics. Today, the Cabinet agreed to withdraw the draft.
Prime Minister of Thailand Prayut Chan-o-cha insists that although the draft has been withdrawn, it’s more accurately “suspended” for some time to give the government time to hold more discussions and “listen to more opinions” on the matter.
Deputy PM Prawit Wongsuwan allegedly had a significant function in the choice to withdraw the regulation.
Minister of Interior General Anupong mentioned there are different methods for wealthy foreigners to buy land in Thailand. Foreigners are eligible for the 30-year renewable lease route on properties and are legally allowed to buy condominiums as lengthy as 51% of the items in the constructing are owned by Thais.
Anupong reminded the general public that a similar regulation was passed by the Thaksin administration in 2002 to provide foreigners the right to own landed properties on up to one rai of land in Thailand if they maintain their forty million baht investment for five years.
However, for the rationale that foreign land possession regulation was passed in 2002, only eight properties in Thailand had been purchased by way of the scheme.
The requirements outlined within the new ministerial regulation are more durable payments to foot than those specified by the Thaksin administration’s regulation, simply with a shorter minimum funding period..