News Forum - Cabinet agrees to let foreigners buy land and houses in Thailand

[Naanlaew]

I am so glad that they mulled it over and devised a scheme to lure me to "invest"  in Thailand,  requiring a sum that  most people do not have access to. in return I can reside on up to one whole rai of land that the  govt. deems suitable for foreigner.

No Thanks, I'll continue being the elusive high value traveller they dream of ensnaring with their schemes. Back to the mulling board.

[JamesR]

  On 10/26/2022 at 4:33 AM, Augratin said:

When I saw the title I thought I'll finally be able to actually own the house I bought and am currently living in.  But a 40M baht "investment"?  Forget it.

What's wrong with a retiree just being able to own the house they're going to live out the rest of their life in?

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If that happens then the Thai wives or girlfriends would instantly disappear into the night with the title deeds to the house, car etc,  most of them are not with farangs because they want to be, they are with them for what they buy for them, their parents, the kids from the ex Thai husbands and the buffaloes. 

[JamesR]

  On 10/26/2022 at 8:00 AM, TheDirtyDurian said:

Expats are the backbone of this country!!

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A slight correction to you statement. (I know it was meant tongue in cheek).

Many expats have their backs broken by this country, especially from the girls who get them to buy a house, a car, give money to the sick old parents and then disappear into the night taking all.

But they do make me laugh. 

[Marc26]

  On 10/26/2022 at 5:09 PM, JamesR said:

A slight correction to you statement. (I know it was meant tongue in cheek).

Many expats have their backs broken by this country, especially from the girls who get them to buy a house, a car, give money to the sick old parents and then disappear into the night taking all.

But they do make me laugh. 

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What % of those expats acted foolishly, ignored warning signs, committed money way too fast in the relationship, was with a girl way too young for them,  etc??

Vs guys who acted prudent, did the "right thing" and still got screwed?

Almost everyone I know/heard of who got screwed over, I'd put the blame on the expat/tourist

[Guest1]

  On 10/26/2022 at 9:48 AM, Pinetree said:

I don't own my house, but I am the major shareholder ( not the majority shareholder)  in the Company that does.  Thats good enough for me. 

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49%?

[Skip]

  On 10/26/2022 at 9:04 AM, Poolie said:

Only if it's left to a Thai on demise. No exceptions.

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Why... are they entitled?

[Skip]

  On 10/26/2022 at 5:14 PM, Marc26 said:

What % of those expats acted foolishly, ignored warning signs, committed money way too fast in the relationship, was with a girl way too young for them,  etc??

Vs guys who acted prudent, did the "right thing" and still got screwed?

Almost everyone I know/heard of who got screwed over, I'd put the blame on the expat/tourist

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Yes... you would.

[EdwardV]

  On 10/26/2022 at 9:04 AM, Poolie said:

Only if it's left to a Thai on demise. No exceptions.

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Then you don't really own it.

However, it would make an interesting exception. A special classification. You can buy, no minimum, investment level needed, but upon death it has to be left to a Thai (or the government can scoop it up and resell). 

[BainaiThai]

Yea, I will continue to pay my monthly $130 usd rent (although off topic, my electric in now almost equal to my rent).

[Marc26]

  On 10/26/2022 at 11:34 PM, EdwardV said:

Then you don't really own it.

However, it would make an interesting exception. A special classification. You can buy, no minimum, investment level needed, but upon death it has to be left to a Thai (or the government can scoop it up and resell). 

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Well that could be a way to keep out foreign money that is really only interested in home ownership as an investment or to move money out of their country

By this provision you would come close to only allowing foreigners who have family ties to Thailand to buy property 

So it protects you if divorced and if not divorced your wife or kids get it when you die 

[Marc26]

  On 10/26/2022 at 10:20 PM, Skip said:

Yes... you would.

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Yeah when a grown man acts like a teenager, usually their bad decisions are their own fault 

[HiuMak]

This is opening up for economic invasion by the rich Chinese.

[Soidog]

  On 10/26/2022 at 2:13 PM, Naanlaew said:

I am so glad that they mulled it over and devised a scheme to lure me to "invest"  in Thailand,  requiring a sum that  most people do not have access to. in return I can reside on up to one whole rai of land that the  govt. deems suitable for foreigner.

No Thanks, I'll continue being the elusive high value traveller they dream of ensnaring with their schemes. Back to the mulling board.

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I agree. I can’t decide if it’s arrogance, stupidity, incompetence or naivety that makes them come out with such schemes. Perhaps it’s all of the above or perhaps they actually believe their own propaganda about what an amazing place Thailand is. Another failed initiative by the lunatics running the asylum.  

[Soidog]

  On 10/26/2022 at 6:03 AM, SirPixAlot said:

BTW Thailand is NOT a third world country measured at economy power. TH has the 27th largest GDP of the world. (source: Wikipedia).

...but 40M is absolutely nonsense

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That may be so, but the real measure is GDP/Capita. That places Thailand in 74th place in the world behind Libya and Mexico. (Source: worldometers)

[harry1]

  On 10/26/2022 at 1:29 PM, Marc26 said:

You are seriously delusional........

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not sure how long you lived here, but 30 years ago expats played a majority part in supporting local economy and still do, before your time marc ?

[Pinetree]

  On 10/26/2022 at 5:24 PM, Guest1 said:

49%?

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Yes, my daughter and wife hold the other 51%

[Marc26]

  On 10/27/2022 at 1:51 AM, harry1 said:

not sure how long you lived here, but 30 years ago expats played a majority part in supporting local economy and still do, before your time marc ?

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Just another expat that seriously overestimates their economic impact 

To say expats are the backbone of the country is laughablely absurd 

Just the share numbers of Thais vs expats make your statement ridiculous 

My kid is at university in Thailand 

His friends spend more in a couple months than most expats spend in a year 

Go to the 1000's of local Thai areas without an expat in sight 

By the way

I do think expats have a positive impact on the Thai economy and I do think Thailand is foolish not to offer better visa accommodations for them

But they are a very small impact 9j the Thai economy 

[Cabra]

  On 10/26/2022 at 2:13 AM, harry1 said:

The expat are the backbone of this country

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More like the appendix

[Pinetree]

  On 10/26/2022 at 5:04 PM, JamesR said:

If that happens then the Thai wives or girlfriends would instantly disappear into the night with the title deeds to the house, car etc,  most of them are not with farangs because they want to be, they are with them for what they buy for them, their parents, the kids from the ex Thai husbands and the buffaloes. 

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The Mem and Arts of the Company preclude that happening, unless you use a crooked or incompetent lawyer to draw them up. 

[TheDirtyDurian]

  On 10/27/2022 at 1:51 AM, harry1 said:

not sure how long you lived here, but 30 years ago expats played a majority part in supporting local economy and still do, before your time marc ?

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Well at that time even less expats and  here, so an even more incorrect statement. 

Yes, indivually expats may spend more than the average Thai, but the sheer numbers of millions of Thais spending their x amount of baht every month completely dwarfs anything else. 

What numbers of expats you talking about here? 

[Guest1]

  On 10/27/2022 at 2:57 AM, Pinetree said:

Yes, my daughter and wife hold the other 51%

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You may check with a lawyer who is not the one, earned the money for setting up the company.

Afaik, company with land or vehicles for public transportation can legally hold only  30% farang ownership.

(US guys may be different, but the others ...)

Which is actually the reason, that farang would need to finance 70% , in case they buy land with a bank as "thai-partner"

[JamesR]

  On 10/26/2022 at 5:14 PM, Marc26 said:

What % of those expats acted foolishly, ignored warning signs, committed money way too fast in the relationship, was with a girl way too young for them,  etc??

Vs guys who acted prudent, did the "right thing" and still got screwed?

Almost everyone I know/heard of who got screwed over, I'd put the blame on the expat/tourist

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For some reasons when many farangs arrive in Thailand logic goes out of the window.

They see many old farangs with young women because of the areas they stay in and think that is the norm and so end up being burned by one.

People should go outside of the tourist areas into the vast country where the majority of the time you will not see a farang for hundreds of miles, see Thai life for what it is.

Thai couples are roughly the same age, I have never seen an old Thai man with a young Thai wife, that is real life.

Still if a farang wants to live in party town for the rest of his life thinking it is real, young girls love him etc then that is OK, as long as they accept that being ripped off now and then is one of the risks.

[JamesR]

  On 10/27/2022 at 12:31 AM, BainaiThai said:

Yea, I will continue to pay my monthly $130 usd rent (although off topic, my electric in now almost equal to my rent).

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Wow have electricity prices gone up that high?

When I was there two years ago I think it was 9 baht a unit, what is it now?

The larges bill in my house was electric, (no rent or mortgage to pay) usually around 1400 baht a month.

[JamesR]

  On 10/27/2022 at 1:51 AM, harry1 said:

not sure how long you lived here, but 30 years ago expats played a majority part in supporting local economy and still do, before your time marc ?

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I suppose in places like Phuket and other tourist areas the few thousand expats living there pay for the whole economy, not the forty million tourists (under normal conditions) who visit every year spending 5000 baht a day?

Not all of us live in the back of beyond in a tiny village in the middle of nowhere.

[Soidog]

  On 10/27/2022 at 11:29 AM, JamesR said:

Thai couples are roughly the same age, I have never seen an old Thai man with a young Thai wife, that is real life.

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Looking in the wrong places then @JamesR  I guess it depends if you mean the number one wife or one of the Mia Nois. When I’m in Korat I see lots of older business guys from Bangkok with their much younger other half. I also know many Thai men in their late 40’s/early 50’s who are married to women in their early 20’s. It’s certainly not just Farang who go for the younger model. Older men with younger women is everywhere in the world. You just need the money or the income gap to achieve it