Government spokesman, Thanakorn Wangboonkongchana, said on that foreigners will be able to buy up to 1 rai(1,600 square meters) of land in Thailand for residential purposes if they meet requirements.
Mr.Thanakorn, government spokesman recently announce on 15 July 2022 that government is intend to attract affluent foreigners such as the wealthy whom want to resident in Thailand for a long period. Basic requirements include a minimum investment of 40 million Baht or 1 million dollars.
On 19 October last year, Thai cabinet approved plan for long-term staying foreigners in “Thailand Privilege Card” program. Minimum requirements include investment of 40 million Baht or 1 million dollars for at least 3 years in 3 types. Investing in properties, investment in company or public company. And securities or funds in accordance with the Trust for Transactions in Capital Market Act of 2007(B.E.2550)
Government spokesman confirmed that at least 3 years of investment is required for privilege to acquire land ownership up to 1 rai(1,600 square meters) for residential purpose. Government hopes that this measure will increase foreign investment about 800 billion Baht and land tax revenue around 270 billion Baht.
There are four categories targeted for the new scheme: wealthy global citizens, wealthy pensioner, work-from-Thailand professional and high-skilled professionals.
This new regulation that offered long-term resident visa for 10 years and application fee for 50,000 Baht.
In the past, old scheme is required for minimum of 5 years investing, which they are going to change into just 3 years. Also, visa application fee from 100,000 to 50,000 Baht.
There are no restrictions on nationality and every foreigner who can enter Thailand legally can buy and own a condo unit. But the rules of selling or purchasing Condos in Thailand allows up to 49% of condo to be owned by foreigners. It means, if a certain Condominium has 100 units, foreigners can purchase a maximum of 49 units.
According to the latest information from the government housing bank. Foreigners own condominiums in Thailand for a total of 39,727 million Baht of value (29,795 million Baht of property in Bangkok and 9,932 million Baht for the other area). Most purchasers are from China（19,558 million Baht of properties in Bangkok Metropolis and Vicinity）.
