Thailand pulls the plug on international land possession regulation

The Thai government has already pulled the plug on the draft ministerial regulation that might open up new foreign land possession options in Thailand.
The regulation proposed allowing foreigners who hold 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 maintain the funding for 3 years.
However, the plan has been axed already amid backlash from Thais, with some political events accusing the federal government of “selling off’ the nation to foreigners.
On the QT was passed by the Cabinet on October 25, prompting instant backlash from critics. Today, the Cabinet agreed to withdraw the draft.
Prime Minister of Thailand Prayut Chan-o-cha insists that though the draft has been withdrawn, it’s more precisely “suspended” for some time to offer the government time to hold extra discussions and “listen to more opinions” on the matter.
Deputy PM Prawit Wongsuwan allegedly had a significant role in the determination to withdraw the regulation.
Minister of Interior General Anupong said there are different ways 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 purchase condominiums as long as 51% of the models within the constructing are owned by Thais.
Anupong reminded the common public that a similar regulation was passed by the Thaksin administration in 2002 to offer foreigners the proper to own landed properties on as much as one rai of land in Thailand if they maintain their forty million baht funding for 5 years.
However, for the reason that overseas land possession regulation was handed in 2002, only eight properties in Thailand have been purchased via the scheme.
The requirements outlined within the new ministerial regulation are harder bills to foot than these specified by the Thaksin administration’s regulation, simply with a shorter minimum funding interval..

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