Thailand needs to amend its property leasehold regulations to attract foreign investment or it may risk losing out on new business once the Asean Economic Community is formed in 2015.
“There was a leasehold registration between a lessor and a lessee in Chiang Rai in which they were able to register a 30-year leasehold contract plus a 30-year lease renewal at the same time. This could be a good case to apply though it is not effective by law,” The Interior Ministry should issue an official letter quoting the Chiang Rai ruling to explain to land officers nationwide that it is possible to register a 30-year lease and a 30-year renewal concurrently.
Another alternative is to make use of the Hire of Immovable Property for Commerce and Industry Act of 1999, which allows a lease period of 50 years. However, the objective of this Act has never translated into actual use to benefit the country. Since its announcement, only six such lease agreements have been registered