Thailand to provide land possession to lure wealthy foreigners

BANGKOK: Thailand will allow foreigners to completely private land for residential use, a authorities official said on Friday (Jul 15), searching for to boost its financial system by attracting a million new big-spending residents from overseas.

Thailand has for a few years been a most well-liked expatriate trip spot for funding, retirement and for starting small corporations, nevertheless abroad land possession has been restricted.

Subject to Cabinet approval, abroad nationals will doubtless be permitted to return clear with 1 rai (0.16 hectares) from September, providing they are going to make investments 40 million baht (US$1.09 million) in Thai property, securities or funds over the three years, said authorities spokesman Thanakorn Wangboonkongchana.

The federal authorities is keen to attract additional skilled staff and retirees and the proposal would include some tax benefits and a 10-year visa.

The scheme, which is perhaps reviewed after 5 years, targets in order so as to add 1 trillion baht (US$27.25 billion) to the financial system, and improve investments by 800 billion baht, Thanakorn said.

The federal authorities expects the financial system to develop 3.5 per cent this 12 months and attain pre-pandemic ranges in 2023.