To Attract Money, Thailand Plans to Give Ownership of the Land

For a long time, Thailand has been associated with a resort country, a financial haven for small offshore companies, but land ownership has been limited. The Thailand authorities decided to go further and attract the capital of wealthy foreigners to the country’s economy.

And for this, a program was thought out, according to which there is an opportunity to get a land plot to foreigners, if for three years they invest one million one hundred thousand US dollars in the purchase of real estate, securities or funds in Thailand.

Thus, the Cabinet of Ministers signed a decree on July 15, 2022, according to which, by fulfilling the above requirements, a foreign citizen has the right to receive a land plot equal in area to one Rai (0.16 hectares) for up to 10 years. In addition, certain tax benefits will be provided. Of course, the program will be reviewed and adjusted every five years, however, the government will bet on creating favorable conditions for business.

“With the help of this model, the government plans to attract more than a trillion baht ($27 billion) to the national economy, and also increase investment to 800 million baht,” said Thanakorn Wangboonkongchana.

The government plans in the long term to attract more skilled workers and wealthy retirees to boost economic growth. So, according to experts, economic growth by the end of 2022 will be 3.5%.