Opposition parties vehemently opposed the government’s proposal to allow foreigners to acquire land for housing in Thailand, labeling it as detrimental to the nation’s sovereignty. They argued that such a move would essentially amount to “selling out” the country’s valuable resources.
Government spokesperson Anucha Burapachaisri announced during a recent cabinet meeting in Bangkok that the proposal was being withdrawn for further evaluation. He emphasized the government’s commitment to considering public sentiment and feedback on the matter before any decisions are finalized.
Prime Minister Prayuth Chan-Ocha addressed reporters, clarifying that while the initiative is temporarily on hold, it is not entirely abandoned. He emphasized the need to address the concerns and criticisms raised by various stakeholders before moving forward with any policy changes.
The initial proposal, approved by Prayuth’s cabinet last month, aimed to grant foreigners with long-term residence visas the ability to purchase land for residential purposes. The move was seen as part of broader efforts to attract foreign investment and stimulate economic recovery in the wake of the COVID-19 pandemic.
Under the proposed legislation, foreigners would have been required to make a substantial investment of at least 40 million baht ($1.1 million), inclusive of the property’s purchase price, for a minimum period of three years. This provision aimed to target professionals, high-net-worth individuals, and retirees seeking to settle in Thailand.
However, the proposal faced fierce opposition from critics, including opposition parties and civil society groups. They argued that the minimum investment requirement was too high and would fail to effectively stimulate economic growth. Moreover, concerns were raised about the potential negative impact on land accessibility for local Thai citizens.
In response to these concerns, the government decided to withdraw the proposal for further review and evaluation. The decision reflects a willingness to listen to feedback from various stakeholders and ensure that any policy changes align with the best interests of the nation and its people.
While the debate over foreign land ownership in Thailand continues, existing regulations limit options for foreigners interested in purchasing property in the country. Currently, foreigners are primarily restricted to buying condominiums or entering into long-term lease agreements, with outright land ownership largely off-limits.
Government spokesperson Anucha Burapachaisri noted that legislation allowing foreigners to buy land has technically been in place since 2002. However, reports suggest that the number of agreements signed under these regulations has been minimal, indicating limited foreign interest or uptake in land ownership opportunities.
In conclusion, the decision to shelve the proposal allowing foreigners to purchase land in Thailand underscores the complexities and sensitivities surrounding the issue. The government’s willingness to engage in further evaluation and consultation reflects a commitment to balancing economic interests with concerns about national sovereignty and local community welfare.
