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Thailand to allow foreigners to own land
02/11/2022
On October 25, 2022, Thailand’s cabinet approved in principle a draft Ministerial Regulation which would permit certain groups of foreign nationals to acquire land for residential use in Thailand.
This Regulation will build upon the existing ministerial regulations from 2002 which set out the rules, methods, and conditions for foreign nationals to be able to acquire land for residential purposes.
Key points
- Wealthy individuals, retirees, foreign nationals who work in Thailand, and highly skilled expatriates could own land in Thailand.
- An investment of at least THB 40 Million is needed.
- Successful applicants will be able to own up to 1 Rai (1,600 square meters) of land in Thailand.
- Once the regulation is enacted, it will initially be in effect for five years.
Who does this regulation apply to?
This regulation applies to foreign nationals who will invest at least THB 40 million in Thailand. The group of foreign nationals who can qualify for land ownership is as follows:
- Wealthy individuals;
- Retirees;
- Foreign nationals who wish to work from Thailand; and
- Highly skilled expatriates.
Are there any conditions acquire a land in Thailand as a foreigner?
Qualifying foreigners are eligible to acquire up to 1 Rai (1,600 square meters) of land for use as their own residence in Bangkok, Pattaya City, a municipal area (Khet Thetsaban), or a designated residential area under the law governing city planning.
Foreigners cannot own land near a designated military safety zone.
What investments qualify for land ownership?
The THB 40 million minimum investment mentioned above is subject to specific investments listed under the ministerial regulations.
Examples include:
- Thai government bonds,
- Real estate or infrastructure mutual funds,
- Real estate investment trusts (REITs) and;
- Share capital of Board of Investment (BOI) promoted entities (or businesses eligible for BOI promotion).
Qualifying investments must be made before applying for land ownership and must remain in place for at least three years.
Once the application qualifications have been met, the application for land ownership and the supporting documents (including a certificate of investment issued by the relevant authorities) will be reviewed and approved by the Director General of the Land Department and the Minister of Interior.
After approval, the applicant must notify the relevant government official within 60 days of beginning to use the land.
Should the investment be withdrawn before the three-year period, the applicant must notify the authorities in writing within 60 days of withdrawing the investment.
What happens next?
The draft regulation is now with the Council of State and the government authorities for consideration.
The regulation will initially be in force for a period of five years and then a review of the regulation will take place every five years thereafter.
How can Belaws help?
To learn more about real estate in Thailand, why not take a look at our Real estate services?
Additionally, you can talk directly to one of our experts.
Please note that this article is for information purposes only and does not constitute legal advice.
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Frequently asked questions
Can a foreigner own a condo in Thailand?
Foreigners can fully own condos in Thailand (subject to the condo developments foreign ownership quota).
Can a foreigner own a land in Thailand?
For the most part foreigners cannot own land in Thailand (there are certain exceptions which are outside the scope of this article).
Is there any fees when purchasing a condo in Thailand?
Purchasing property in Thailand is subject to the following fees.
Transfer Fee
The Thailand Land Department charges 2% of the appraised value of the property.
Business Tax
Business Tax is assessed at 3.3% of the appraised value. However, it’s only payable if the property is sold within the first five years of ownership. If not, stamp duty will be imposed instead.
Stamp Duty
A Stamp Duty of 0.5% of the total registered value of the property will be imposed. When specific business tax is applicable, stamp duty is not required.
Withholding Tax
Whether Withholding Tax is applicable depends on whether the seller is a company or an individual.
Withholding Tax for a company is fixed at 1% of the appraised value or 1% of the sales price (whichever is higher).
Withholding Tax for an individual is calculated at a progressive rate depending on the appraised value of the property.
What type of property can foreigners own in Thailand?
Thailand has no restrictions relating to nationality when buying/selling a condo, therefore a
foreigners can buy and own a condo unit.
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