Thailand is courting affluent foreigners by providing land ownership.

Thailand has lately made a move to encourage international investment by allowing foreign people to live and own land in the country. The Southeast Asian country, noted for its islands and beaches, has long been a tourist attraction and a favourite choice for expats interested in investing, relaxing, or starting with small enterprises. They could never own land before.

According to Thanakorn Wangboonkongchana, a Government official, “From September 2022, foreign nationals will be permitted to possess up to one rai (0.16 hectare) of land.” This is subject to restrictions, such as a three-year investment of 40 million baht (USD 1.09 million) in Thailand property, stocks, or funds. The council will make the final decision on whether to authorise the deal.”

The suggestion was made because the country wishes to welcome qualified employees and retirees by giving tax breaks and a 10-year visa. The initiative will be evaluated after five years to contribute 1 trillion baht (USD 27.75 billion) to the economy and boost investments by 800 billion baht.

Thailand is quickly recovering its tourism industry and attempting to recover from the COVID-induced recession, with roughly 30,000 visitors visiting each day. With this, the government anticipates that the economy will expand by roughly 3.5 percent this year and will reach pre-pandemic levels in 2023.

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