Thailand will allow foreigners to buy land

Thailand plans to allow foreigners to purchase land for housing in Bangkok and Pattaya.

Thailand's cabinet approved on Tuesday a proposal to allow foreigners to purchase plots of land "for use as a place of residence." This is stated in a government statement issued following the meeting.

The initiative will allow certain categories of foreigners to own at least 1 rai (0.16 hectares) of land, but only within Bangkok and resort Pattaya. The program is designed for leading professionals, wealthy people and retirees. To qualify for land ownership, people must invest 40 million baht ($1.04 million) over a period of at least three years in a business that benefits Thailand's economy and society, the proposal says.

Currently, in Thailand, individual ownership is limited to condominium apartments or long-term leases. A new government initiative is aimed at attracting wealthy foreign citizens to the country to revive the economy after the coronavirus pandemic.