Thailand Studies 50-year Leasehold Contract for Foreigners

 

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BANGKOK –  Thailand Finance Minister has reported that it’s is studying a law that would allow foreigners to buy and sell property through 50-year leasehold contracts, which would help boost demand for the country’s property sector.

Presently property laws in Thailand forbid Foreigners from selling sell leasehold property.

Apisak Tantivorawong told a seminar late on Thursday “The Finance Ministry is looking at this idea, which is highly possible”

“If we can do it, the property industry will boom again because demand will come from all over the world,” he said.

The ministry is also looking at a “windfall” tax on landlords and property owners, who benefit from rising prices driven by government infrastructure developments, Apisak said.

“We will tax on profits made from assets sold,” he said.

Thailand’s military government has ramped up infrastructure projects across the country in a bid to lift growth in Southeast Asia’s second-largest economy, which has lagged its regional peers.

By Kitiphong Thaichareon – Reuters