The Thai government has said that foreigners would be able to completely own property in Thailand for residential reasons.
Thanakorn Wangboonkongchana, a government spokeswoman, said on Friday that the chance provided to foreigners will assist the nation strengthen its economy by drawing a million new high-spending citizens from outside.
Thailand has long been a favorite expat destination for investment, retirement, and the establishment of small enterprises, although foreign land ownership is banned.
Foreign citizens will be able to own up to 1 rai (0.16 hectares) from September, subject to Cabinet permission, if they invest 40 million baht (US$1.09 million) in Thai property, stocks, or funds over three years. Wangboonkongchana explained.
The government wants to recruit more qualified employees and retirees, therefore the plan includes certain tax breaks as well as a 10-year visa.
According to the government official, the initiative, which will be evaluated after five years, aims to contribute 1 trillion baht (US$27.25 billion) to the economy and increase investment by 800 billion baht.
The administration anticipates that the economy will increase 3.5% this year and reach pre-pandemic levels in 2023.