Bangkok: The Thai government has given permission to foreigners to buy land for the development of the economy. The government has announced that the plan to buy land for building houses is under consideration. The move is aimed at wealthy foreign investors. Foreigners can now own Thai properties only through long-term contracts. This is what the government is planning to change.
Under the new law, foreigners can own up to 0.4 acres of land, said Anucha Burapachashree, government spokesperson. Thailand targets senior professionals, retirees and the wealthy. In the first phase, there will be facility to buy land in Bangkok and Pattaya.
Earlier, Thailand introduced a 10-year visa for foreigners. Foreigners must invest at least $1.04 million (roughly Rs. eight crore) for a period of three years. This will also include the cost of the land purchased. Apart from this, you can also invest in Thai government bonds, securities of Bank of Thailand and other banks. One can also invest in real estate mutual funds.