It is possible for foreigners to own land in Thailand. However, the following rules and conditions must be met:
- A foreigner can buy land in Thailand for residential purpose and the land to be purchased shall be not more than one Rai (or 1,600 Square Meters) in area.
- Bringing money not less than 40,000,000 THB (Forty Million Thai Baht) into Thailand for investment and maintaining the investment not less than 5 years (Providing that the investment is not moved out for five consecutive years).
- Permission must be obtained from the Minister of Ministry of Interior.
- Bringing such amount of money into the Thailand shall be invested in one of the following businesses or activities;
– To purchase bonds of Thai Government, bonds of Thai National Bank, bonds of State Enterprise or bonds which the Ministry of Finance secures the capital or interest.
– An investment in a property mutual fund, a property mutual fund or a mutual fund for resolving financial institution problems established under the law on Securities and Stock Exchange.
– An investment in share capital of a juristic person who is granted permission of investment under the law on promotion of investment.
– An investment in an activity as declared by the Board of Investment (BOI) to be an activity eligible to be granted on promotion of investment under the law on promotion of investment. For more information about Thailand BOI and the process of getting Thailand BOI promotion, visit http://thailawyers.com/thailand-boi/
- The land to be acquired shall be located in Bangkok Metropolis, Pattaya City, or Tessaban (Municipality), or in the area specified as residential zone according to the law on Town and Country Planning and shall not be located in a military safety zone according to the law on Military Safety Zone.
- The foreigner, who is granted permission, shall utilize the land only for residence for his/herself and the family in a way that is in accordance with the local custom or good living of the local community.
- If the foreigner, who is granted permission to acquire such land, does not comply with the rules and conditions specified, he/she shall dispose of such land in the portion of his/her possession within the period of time specified by the Director General of the Department of Lands which shall be not less than 180 days and not more than one year. If the time limited elapses, the Director General shall have the authority to dispose of such land.
- If the foreigner, who is granted permission to acquire such land, does not utilize the land for residence purpose within 2 years commencing from the registration day of such land acquisition, the Director General shall have the authority to dispose of such land.
In general, foreigners can own condominium units, buildings and houses in Thailand with no nationality restrictions as long as they do not own the land.
Contact ThaiLawyers for further information and consultation on land and property ownership in Thailand.