BANGKOK: Thailand’s Land Department has updated its criteria for allowing foreigners to own land in the country. The latest criteria were announced on the department’s website.
Inheritance: Foreigners who are the legal heirs of foreigners allowed to hold land, can inherit the land holding.
The inheritance must comply with the land-holding law or criteria for land holdings by foreigners.
For example, the heirs can inherit no more than 1 rai (0.160 hectare) of land for industrial use, or no more than 10 rai (1.60 hectare) of land for agricultural use and the use must comply with the permission given to the relatives they inherit the land from.
Buying land: The department said Article 96 of the Land Code allows foreigners to buy 1 rai of land for building a residence if they invest at least 40 million baht in the kingdom.
The department noted that the type of investment must be deemed as beneficial to Thailand’s economy and society or must be among types of businesses promoted by the Board of Investment. The investments must last at least three years and the residential area bought by foreigners must be in Bangkok, Pattaya, or any other municipality.
Land transfer: Foreigners can receive land transfer in accordance with other laws, such as the Investment Promotion Act of 1977.
The department warned that Thais, who act as nominees holding land for foreigners, could face a maximum jail term of three years, or a maximum fine of 6,000 baht, or both.
Foreigners guilty of acquiring land unlawfully face a maximum daily fine of 20,000 baht and/or a maximum jail term of two years. - The Nation/ANN
