National —
Thai media says the Cabinet might reportedly consider rescinding the Interior Ministry’s foreign land ownership proposal that will allow foreigners who invest 40 million baht per year for three years to own up to 1 rai of land (roughly 0.4 acre) in Thailand.
According to Thai media, General Anupong Paochinda, Minister of the Interior, will propose to the Cabinet tomorrow, November 8th, to withdraw the ministry’s proposal to allow foreigners to buy and own land in Thailand in order to boost the country’s economy.
The proposal had already been approved in principle by the Cabinet on October 25th, and it has sparked a fierce backlash ever since. Many are chastising the government run by Prime Minister General Prayut Chan-o-cha for putting the country on sale.
Thai media said, “If the Cabinet decides to withdraw the ministry’s proposal, they will then have to inform the Council of State, which is examining the proposal, to stop proceeding.”
The Ministry of Interior’s proposal aims to draw income from four groups of foreign nationals, including wealthy global people, wealthy pensioners, people who want to work from Thailand, and highly skilled professionals or specialists.
To be granted the right, one must invest at least 40 million baht per year for three years in Thai property, securities, funds, real estate investment trusts, infrastructure funds, or enterprises.
The land must also be used for residential purposes within Bangkok, Pattaya, municipal areas, or residential areas only.
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