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Can a 50+ farang own land somewhere in Thailand?

 
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viking escort
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PostPosted: Sat Apr 01, 2006 7:12 am    Post subject: Can a 50+ farang own land somewhere in Thailand? Reply with quote
Forgive me, this is not really a Hua Hin question, but I read somewhere in HHAD that a farang that is 50 years or older can own land in his own namn in other parts of Thailand. Is this really thrue? Shocked
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lomuamart
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PostPosted: Sat Apr 01, 2006 9:11 am    Post subject: Reply with quote
Not as far as I'm aware.
One country, one law.
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buksida
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PostPosted: Sat Apr 01, 2006 10:08 am    Post subject: Reply with quote
Age doesnt matter, you can't own land.

The only way a foreigner can legally own 100% of 1 rai of land is by investing 40 million baht into various government "projects".
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tuktukmike
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PostPosted: Sat Apr 01, 2006 11:19 am    Post subject: Reply with quote
The only way a foreigner can legally own 100% of 1 rai of land is by investing 40 million baht into various government "projects".

Wow that sound great Buksida.

40 million investment just to buy 1 rai of land.

Bet there must be a huge que of people waiting to do this. Shocked

Mike.
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buksida
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PostPosted: Sat Apr 01, 2006 11:32 am    Post subject: Reply with quote
tuktukmike wrote:

Bet there must be a huge que of people waiting to do this. Shocked


I know ... deal of the century that is.

Since 1971, a foreigner (an "alien") or a majority foreign-owned company can principally not own land or buildings with land in Thailand.
In May 1999, the Amendment of the Land Code Act came into force, making the following exception:

"... Aliens wishing to acquire land in Thailand must bring foreign currency into Thailand for certain types of investments in an amount to be specified in ministerial regulations which shall in no event be less than 40 million Baht and obtain permission from the Minister of Interior. Any aliens meeting such requirements may be granted permission to own land in an area not exceeding one (1) rai for residential purposes. The ministerial regulations have not been issued as of October 1999."
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