(CTN News) – Thailand’s Cabinet made a major decision today permitting foreigners to purchase houses and land in the country.
The Ministry of Interior (SUT) asked the Cabinet (Cabinet) to approve the drafting of the Ministerial Regulation on the acquisition of land to be used as the residence of foreigners by economic stimulus measures and investment by luring Foreigners with high potential to Thailand.
General Prawit Wongsuwan, Deputy Prime Minister, made the request. B.E. There are four categories of high-potential alien groups:
1. The world’s wealthy people, 2. The group left for retirement. 3. The group originating in Thailand, and 4. With plans to stimulate the economy and encourage investment by luring high-potential foreigners to Thailand, the skilled group and specialization have the right to seek the purchase of land for use as a dwelling.
According to Section 63 bis of the Land Code, the area in question cannot be more than 1 rai. (Ministry Regulation B.E.)
The investment amount and the duration of capital maintenance must be at least 40 million baht, and the capital investment must be maintained for at least three years from the application submission date.
It is crucial to establish the categories of foreigners eligible to apply for land to be used as a habitation.
According to economic stimulation measures and investment by luring high potential aliens to Thailand, the Ministry of Interior has granted special authorization for certain sorts of aliens to reside in the country as of May 25, 2022, barring their followers.
The foreigner is required to invest in any enterprise. or a mix of numerous different kinds like in:
1. Purchase Thai Government Bonds Bonds issued by the Bank of Thailand, state-owned firm bonds, or bonds whose principal or the Ministry of Finance 2 guarantees interest.
2. Making a real estate fund investment. Infrastructure Fund Property Funds or mutual funds formed under the Securities and Exchange Act that are intended to address issues with the financial institution system (Add a structured fund based on the Ministerial Regulation B.E. 2555)
3. Investing in Real Estate Investment Trusts created by the legislation on trust for capital market transactions (Newly increased from the Ministerial Regulation B.E. 2555)
4. The purchase of shares using the capital of a legal person who has received investment promotion. based on the investment promotion legislation.
5. Investment in initiatives disclosed by the Investment Board. To be a company eligible to submit a request for investment promotion under the Investment Promotion Law.
The quantity of land that has already been sold must be coupled with the right to purchase it if all or a portion of the land is sold before the maturity of 1 rai.
which also the land according to this ministerial legislation After then, all of the lands was sold in the event of purchasing one rai of land. maybe a few In line with this ministerial directive, the right to purchase land expires.
Regarding the need for a type certificate, the request for land purchase for residential use. the following organizations have invested in or own enterprises
1. Purchasing Thai government debt The Ministry of Finance or the bond issuing institution is a certificate issuer for Bank of Thailand Bonds state enterprise bonds or bonds guaranteed by the Ministry of Finance for principal or interest.
2. Investing in property funds Infrastructure Fund Fund Property Fund to address issues with the financial system A certificate issuer is a mutual fund that works to resolve issues in the financial institution system or a trust that invests in real estate via the Office of the Commission Securities and Exchange.
The Office of the Board of Investment (NESDB) will provide a certificate for any investment in activities designated by the Board of Investment as Businesses eligible for investment promotion.
This initiative aims to attract wealthy ex-pats, retirees, digital nomads and people with special skills.
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