Thailand’s plan to let foreigners buy land is junked

Thailand is reversing a program that would have permitted affluent foreigners to acquire a limited amount of land, a government official said on Tuesday (Nov 8), following a popular uproar against the plan.

Foreigners are limited to 0.16 ha of land provided they invest a minimum of 40 million baht (US$1.07 million) in securities or bonds for a minimum of three years under a government initiative aimed at luring foreign investment.

Critics have asserted that the investment amount was insufficient and that the idea could push up real estate prices, displacing local ownership.

Keep Reading

Anucha Burapachaisri, a government spokesperson, said at a press conference, “The interior ministry has withdrawn the plan… in order to hear the opinions of all parties so that it is all-encompassing.”

Interior Minister Anupong Paochinda referred to the subject as “a delicate problem” and stated that a study was required to examine the pros and cons.

Thailand has embarked on a campaign to attract foreign investment in an effort to stimulate the economy, utilizing long-term visa programs and tax benefits for “high potential” foreigners, wealthy retirees, and talented professionals.

The second-largest economy in Southeast Asia is projected to increase 3.3% this year and has been one of Asia’s most attractive locations for western expats, businessmen, and retirees for decades.

Noto

Jakarta-based Newswriter for The Asian Affairs. A budding newswriter that always keep track of the latest trends and news that are happening in my country Indonesia.

Recent Posts

V Surprises ARMY with Two Holiday Releases: A Festive Collab with Park Hyo-shin and “White Christmas” Cover

For K-pop fans, the Christmas season this year has become even more magical as several of their preferred stars reveal…

November 22, 2024

Celine Names TWS as Global Ambassadors Following Suzy Bae Announcement

After Suzy Bae's nomination as Celine's worldwide ambassador, the venerable French luxury fashion company has taken another bold step choosing…

November 22, 2024

Reddit Faces Widespread Outage, Users Turn to Workarounds Amid ‘Server Error’ Messages

Thousands of users of the well-known social network Reddit were left without access after a major outage of the website.…

November 22, 2024

Anne Hathaway Casted as ‘Verity’ in Colleen Hoover’s Book Adaptation

Anne Hathaway is slated to play the much expected film version of Colleen Hoover's best-selling book Verity in front of…

November 21, 2024

Gucci Set to Revolutionize Fashion Presentations with Unified Shows in 2025 under Sabato De Sarno’s Vision

Gucci is ready to change its presentation approach for 2025 in a radical action aimed to revolutionize the fashion industry.…

November 21, 2024

South Korea’s “Korea Discount”: Addressing the Governance Gap to Boost Market Value

As world investors wait for significant changes that might solve long-standing problems of governance and responsibility in South Korea's companies,…

November 21, 2024

This website uses cookies.

Read More