Foreigners to be able to buy 1 rai of land

General Udon Thani topics only!
Post Reply
Whistler
udonmap.com
Posts: 5531
Joined: June 15, 2019, 8:24 pm

Foreigners to be able to buy 1 rai of land

Post by Whistler » July 16, 2022, 10:57 am

The announcement is risable.

In order to qualify, you must invest 40M THB over 3 years, government projections that one million suckers will take up the offer and bring foreign investment in Thailand into the stratosphere.....sure.

Maybe some money launderers, Mafia, rich Chinese and drug lords. Thailand needs more of these.


I had a bumper sticker in Texas that read 'Beam me up Scotty'. I often wish I could find one in Udon Thani

User avatar
Khun Paul
udonmap.com
Posts: 7743
Joined: September 16, 2008, 3:28 pm
Location: Udon Thani

Re: Foreigners to be able to buy 1 rai of land

Post by Khun Paul » July 16, 2022, 11:15 am

Anyone with that amount of money to invest would NOT I am sure invest in Thailand unless he had to thier restrictive business practices with less than 50% ownership of what you invest in is the main stumbling block . Plus business generally is risky unless you are buying into an established well known company

User avatar
tamada
udonmap.com
Posts: 17221
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: Foreigners to be able to buy 1 rai of land

Post by tamada » July 16, 2022, 12:07 pm

But that's only about US$1.1 million, no?

Chump change. I've got more that in the ashtray of my ute.
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
rick
udonmap.com
Posts: 3238
Joined: January 9, 2008, 10:36 am
Location: Udon, or UK May-August

Re: Foreigners to be able to buy 1 rai of land

Post by rick » July 16, 2022, 12:49 pm

tamada wrote:
July 16, 2022, 12:07 pm
But that's only about US$1.1 million, no?

Chump change. I've got more that in the ashtray of my ute.
Begging letter on its way.....

Whistler
udonmap.com
Posts: 5531
Joined: June 15, 2019, 8:24 pm

Re: Foreigners to be able to buy 1 rai of land

Post by Whistler » July 16, 2022, 12:59 pm

tamada wrote:
July 16, 2022, 12:07 pm
But that's only about US$1.1 million, no?

Chump change. I've got more that in the ashtray of my ute.
Available for a limited time, ute Cleaning for only 1 bhat
I had a bumper sticker in Texas that read 'Beam me up Scotty'. I often wish I could find one in Udon Thani

User avatar
tamada
udonmap.com
Posts: 17221
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: Foreigners to be able to buy 1 rai of land

Post by tamada » July 16, 2022, 1:37 pm

Joking aside, it is another arbitrary selection of what they see as a 'high-bar' that most "millionaires" will probably pass on when any stated benefits are weighed with other options. Aren't the wealthiest of Thailand's his-so already well invested on foreign shores such as The Caymans?

From the linked article.

"Thanakorn said that the Land Department is in the process of drafting guidelines and regulations pertaining to land ownership by foreigners, which are expected to be ready before September."

I doubt the new regulations will be any less convoluted and arcane as the ones foisted on their own. Easier to enforce though as foreigners tend to stick out like the proverbial dogs balls.

"He also said that the government hopes that this measure will increase the number of foreigners owning residences in Thailand to about one million, which will increase foreign investment by about 800 billion baht and land tax revenue by about 270 billion baht."

This is probably much easier than going after their own rich and dodgy who are property tax delinquent?

"Regarding the transaction fees for land or a condominiums worth not over three million baht, which has been cut from 2% to 0.01% since January 18th, Thanakorn explained that this reduction is only applicable to Thai citizens."


Ah yes, more the 'double-pricing' that's allegedly quite a turn-off for many foreigners coming here.

https://www.thaipbsworld.com/select-for ... september/
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
rick
udonmap.com
Posts: 3238
Joined: January 9, 2008, 10:36 am
Location: Udon, or UK May-August

Re: Foreigners to be able to buy 1 rai of land

Post by rick » July 16, 2022, 1:58 pm

"He also said that the government hopes that this measure will increase the number of foreigners owning residences in Thailand to about one million, which will increase foreign investment by about 800 billion baht and land tax revenue by about 270 billion baht."
Highly dubious maths there. So if there were one million paying land taxes, that would be an average of 270,000 baht per person. Higher than UK council tax.

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Foreigners to be able to buy 1 rai of land

Post by Giggle » July 16, 2022, 6:32 pm

It's paradise! If you don't like being a third class, 25-year tourist, go home!
Ashli Babbitt -- SAY HER NAME!

User avatar
papafarang
udonmap.com
Posts: 4300
Joined: August 2, 2013, 10:14 am

Re: Foreigners to be able to buy 1 rai of land

Post by papafarang » July 17, 2022, 3:10 am

The bit that gave it away as just another scam , you can only sell the property to a Thai. So your 40 million invested could give you a return of 20 million if you decide to sell up. So in reality you still wouldn't actually own the property because your not free to sell it to anyone, only super rich thais
Hansa village clubhouse . Tel 0981657001 https://www.google.co.th/maps/place/Han ... 5851?hl=en

User avatar
tamada
udonmap.com
Posts: 17221
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: Foreigners to be able to buy 1 rai of land

Post by tamada » July 17, 2022, 6:09 am

papafarang wrote:
July 17, 2022, 3:10 am
The bit that gave it away as just another scam , you can only sell the property to a Thai. So your 40 million invested could give you a return of 20 million if you decide to sell up. So in reality you still wouldn't actually own the property because your not free to sell it to anyone, only super rich thais
Yes, that's the Chinese thinking behind these rules. It's not so much about what they build on it, it's the foreign-owned land that it sits on. Hypothetical here but If I was faced with such a loss on my investment, I would rent a CAT D9 and bulldoze any construction I had built on it.

We did the same in China back around 1984 with the state client who was contractually obliged to buy the inventory of imported foreign equipment spares at the end of a 4-year job. It was several millions of dollars worth of stuff. Since they knew it had been brought in on a special import license and we had no recourse to re-export any of it to other operations, they chose to offer nothing. They thought we would walk away and they'd get everything for free. Our Project Manager had other ideas and any of us who could handle a gas axe, flick a Zippo or drive a bulldozer was instructed to cut up burn and bury every last item in our warehouse. They called the police who said we couldn't do that whereupon the PM asked for them to point out where in Chinese law it says one cannot destroy or burn their own property. It was a fun-filled five days with nightly barbecues.
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

Post Reply

Return to “General Udon Thani Forum”