Thailand pulls the plug on international land possession regulation

The Thai authorities has already pulled the plug on the draft ministerial regulation that might open up new international land ownership options in Thailand.
The regulation proposed permitting foreigners who hold a 10-year Long Term Resident visa to buy a property and/or land of up to one rai in Thailand, given they invest a minimal of 40 million baht into Thailand and keep the investment for three years.
However, the plan has been axed already amid backlash from Thais, with some political events accusing the federal government of “selling off’ the nation to foreigners.
The regulation was handed by the Cabinet on October 25, prompting prompt backlash from critics. Today, the Cabinet agreed to withdraw the draft.
Prime Minister of Thailand Prayut Chan-o-cha insists that although the draft has been withdrawn, it is extra accurately “suspended” for a while to offer the federal government time to carry more discussions and “listen to extra opinions” on the matter.
Deputy PM Prawit Wongsuwan allegedly had a major function in the decision to withdraw the regulation.
Minister of Interior General Anupong mentioned there are other ways for wealthy foreigners to purchase land in Thailand. Insider are eligible for the 30-year renewable lease route on properties and are legally allowed to purchase condominiums so long as 51% of the items in the building are owned by Thais.
Anupong reminded the general public that a related regulation was passed by the Thaksin administration in 2002 to offer foreigners the best to own landed properties on up to one rai of land in Thailand if they maintain their 40 million baht investment for five years.
However, for the explanation that foreign land possession regulation was handed in 2002, only eight properties in Thailand were bought by way of the scheme.
The necessities outlined in the new ministerial regulation are tougher bills to foot than these specified by the Thaksin administration’s regulation, just with a shorter minimum investment interval..

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