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Thai govt considers allowing foreigners to more easily buy/own property


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Just now, farik said:

falangs owning more than 49%, who would like to live in a condo where there are too many drunk and annoying falangs? At least now Thai make living there bearable, but later on? Who wants to see falang morons there in even larger numbers?

i would buy condo and stay in thailand just to get away from horrid falangs with no culture.....thai people are on another level.....calm and nice to be around....imagine buying a condo with 70 % drunk abusive russians there you must be joking and pulling my nutters

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File photo for reference only   Thai business media has said that their sources in the Thai government are suggesting that laws relating to the Condo Act of 2008 and rules about owning land

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

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So I invest at least ten million baht in a house, which would be quite a price.
The possibility to do this is only a five-year period.

Now suppose, due to whatever reasons I have to sell the house after five years, are the rules still valid or am I stuck with a house that can only be sold to a Thai person.

That would be a pricekiller, probably.

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7 minutes ago, farik said:

falangs owning more than 49%, who would like to live in a condo where there are too many drunk and annoying falangs? At least now Thai make living there bearable, but later on? Who wants to see falang morons there in even larger numbers?

I most certainly would not live in the same building as you do.

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1 hour ago, ChrisKC said:

Am I right that some people think the law about land ownership for foreigners is a bureaucratic one? I don"t think so. It is about the abuse there (could) would be in buying property simply to sell it on to another foreigner at a substantially higher price. This is arising from the property prices in the West being very much greater than in Thailand. One sells their property in USA for example,  at the going rate, say $500,000. This capital will allow two similar Thai properties to be purchased and sold on with a profit of say, $100,000, to two other foreigners who will still get something better than an equivalent price back home.

 

This scenario artificially creates a rise in property prices that begins to exclude Thai people

 

I am in favour of land ownership in Thailand but with conditions that prevent the above.

You describe very well how Chinese business interests operate.

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23 hours ago, tjo o tjim said:

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

 

I know quite a few Farangs that live in Thai housing estates in Bangkok. They have very nice houses (most of them at least).   Not all housing estates are the same.

 

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2 hours ago, ThailandRyan said:

Always one in the bunch with the endless "if you don't like it go Home" Montage.  The forum gives us a place to air our grievances and discuss in ad-nauseum the issues at hand.  Please don't become a self righteous individual and ruin our rights to discuss past practices, and things that can, may or may not occur.  Enjoy your day. 

 

I’m not saying if you don’t like it go home.You are just making that up because you are not able to formulate a substantive response  to what I said. 

 

I’m saying that if you believe the government is going to take your property you should go home. Why would anyone stay that believes that? I certainly would not. 

 

I have no reason to not trust the government to do what they say they will do, do you? 

 

Again, what I find amusing are the people that moan on endlessly about something the government does, and then when the government tries to do something differently the moaning gets louder. 

 

It’s a safe bet that the same people that claim the government will steal their property are the same people that claim the government will steal the ฿800k from the bank, and the same people that claim immigration has a hard-on for them. 

 

If I believed any of that I would go home. I don’t seem to have any difficulty with the government, nor do the people I know here. 

 

I wish my home country adopted many of the restrictions on non-citizens that Thailand does. That Thailand does not want the country overrun with foreigners buying property and raping their culture I find refreshing. 

 

What has the Thai government done to you that would lead you to believe that if you bought a home legally (per the spirit of the law) that the government would turn around and and take it away from you? 

 

 

 

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On 4/13/2021 at 1:39 PM, kotsak said:

It's evident they are scraping the bottom of the "stupid ideas" barrel.. 

With all respect I think you are underestimating the depth of the barrel. 

To paraphrase Samuel Clemens "the rumors of the demise of my stupid ideas are greatly exaggerated" 

 

The real problem is that most ideas, good or bad, are never implemented here if any real effort or funding is required. Ideas by themselves are very cheap indeed, and like sphincters, everybody has one. 

 

As always, I remain an ardent fan of Thailands plan to become the Asian hub of space exploration and the plan for Thai astronauts to orbit the moon.

I do sometimes wonder if they have a plan to return earthside yet. That will become crucial at some point. 

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On 4/13/2021 at 1:44 PM, holy cow cm said:

I would gather there will be fill areas inundated with Chinese living there after the purchase. They should put limitations on who can buy what and where and not leave it wide open to be desecrated by o ne race. And I am not talking about the token low number of 100 people available per year able to get PR.

I could be wrong but I have a suspicion that the entire program is aimed primarily at Chinese.  Sure they will take anyone’s money but they have their preferences.  The number of Chinese renting (+B350,000/month) and buying high end properties(+B60 million) is honestly astonishing.

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32 minutes ago, mogandave said:

 

I’m not saying if you don’t like it go home.You are just making that up because you are not able to formulate a substantive response  to what I said. 

 

I’m saying that if you believe the government is going to take your property you should go home. Why would anyone stay that believes that? I certainly would not. 

 

I have no reason to not trust the government to do what they say they will do, do you? 

 

Again, what I find amusing are the people that moan on endlessly about something the government does, and then when the government tries to do something differently the moaning gets louder. 

 

It’s a safe bet that the same people that claim the government will steal their property are the same people that claim the government will steal the ฿800k from the bank, and the same people that claim immigration has a hard-on for them. 

 

If I believed any of that I would go home. I don’t seem to have any difficulty with the government, nor do the people I know here. 

 

I wish my home country adopted many of the restrictions on non-citizens that Thailand does. That Thailand does not want the country overrun with foreigners buying property and raping their culture I find refreshing. 

 

What has the Thai government done to you that would lead you to believe that if you bought a home legally (per the spirit of the law) that the government would turn around and and take it away from you? 

 

 

 

Fair enough you have clarified your original post.  Continual changes to regulations making it harder for some to stay here as they age is but one of many sticking points.  The most recent is the mandated Thai insurance for those on a retirement visa and where some can not obtain because of their age, while still having insurance from outside of the country that will cover the medical issues.  There are other things as well as I indicated in another post and one of them deals with the broken 90 day report system, but maybe that will be scrapped. I do agree that I wish it was harder for non citizens in my home country to purchase homes, businesses and properties but alas that is a different subject.  

Edited by ThailandRyan
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On 4/13/2021 at 4:50 PM, tjo o tjim said:

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

HISO folks with more money than they know what to do with, apparently. Yessiree, billionaires who can afford to buy a home anywhere have only not been buying homes to live in Thailand because it was previously not an option!

Good thing they got rid of all those adventure-seeking backpackers who came because it was interesting and cheap and being adventure-seeking backpackers they were willing to put up with all the safety issues, filth, etc etc. Now that they're gone, the billionaires will come flocking in to enjoy the corruption, filth, danger, etc.

Good job, Thai governmen! No wonder all the people love you! ❤️

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On 4/13/2021 at 1:50 PM, tjo o tjim said:

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

Me.  There are housing estates in the Pattaya area with a nice mix of Thais and foreigners.

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I could be wrong, but the day they start allowing foreigners to easily purchase land in Thailand is the day the average Thai will never ever be able to buy a home.  Property prices and rents will skyrocket!

Edited by Billy A
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2 hours ago, scorecard said:

 

This whole report is put forward by Thai business people, not the gov't.

 

Bottom line is very simple; developers have many unsold units and they want to build even more so they concoct these 'reports' for one purpose; build more sales, revenue and profits.

 

I think you've nailed it. This whole thing is merely wishful thinking by real estate developers, brokers and lawyers who stand to profit. 

 

 

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28 minutes ago, ThailandRyan said:

Fair enough you have clarified your original post.  Continual changes to regulations making it harder for some to stay here as they age is but one of many sticking points.  The most recent is the mandated Thai insurance for those on a retirement visa and where some can not obtain because of their age, while still having insurance from outside of the country that will cover the medical issues.  There are other things as well as I indicated in another post and one of them deals with the broken 90 day report system, but maybe that will be scrapped. I do agree that I wish it was harder for non citizens in my home country to purchase homes, businesses and properties but alas that is a different subject.  

 

I am not familiar with any changes, beyond some consulates refusing to issue income statements. 

 

I am on a marriage visa so i am not familiar with the insurance requirement, but I imagine it stems from the irresponsibility of a few making things difficult for everyone. 

 

That the website is down and you either have to mail it in or go down to register in person is something of a pain, but it’s not that big a deal. That they are not able to direct competent  IT staff does not surprise me. I still can’t get my Thai address to register on my home country’s IRS site, and we claim to be the leader of the free world....

 

 

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4 hours ago, robertson468 said:

Think a little more I would suggest.  Some would like to pass the property on to their relatives don't you think?

Well then they should retire to a country that allows it. 

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3 hours ago, ramrod711 said:

I don't believe that protecting your country from Chinese ownership is racism, I think it's survival. China can not feed itself. That is a fact, search "China buying farmland in Canada". The worlds second largest country with a population of 45,000,000 allowing the takeover of a huge swathe of Saskatchewan, which represents roughly 45% of Canadas agriculture. 

Nice deflection...but the proposal regards residential houses/land in Thailand...not farmland in Canada...or Thailand. 

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current property laws and even the surveying situation are archaic..... they need updating.

It would be a shame if property got priced out of the range of local home buyers.

This scheme sounds a bit like it's aimed at making rich Thais richer without achieving much else

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7 hours ago, scorecard said:

"Why can they not just do something that is "fair" instead of always stacking the cards in favour of "Thai", who are these mythical "Thai" people that will actually benefit from tying non-Thais in knots always?"

 

Citizens / leaders of any country will and should ensure their citizens are taken care of above others. That a simple and a to be expected fact of life. 

 

Sure things can get complicated but check a few other countries and you'll find 'it's complicated'.

 

Australia is just one example, difficult for many to get a visa and very very expensive, then many difficult and expensive steps to try to gain permanent residence and then more to gain citizenship. Many complex steps and costs o fortune.

 

And one wrong step and it becomes even more complex. 

 

So your point is whatever in Thailand happens is OK because Australia is worse? 

You seem to be missing the fact that Thailand is trying to "attract" business and retirees, not putting them off more, according to the OP.  

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So if the law change is only temporary for 4 or 5 years that means only Thais can then buy your house if you decide to sell it after that the law reverts back? Yes that will work wonders for its re-sale value. 

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On 4/13/2021 at 3:07 PM, Peterw42 said:

There was a similar temporary raising of the foreign quota just after the Tum Yum Kung Crisis (1997 Asian financial crisis). People could purchase above the 49% quota for a limited time, and they can still own today above the quota, but they cant be sold as foreign quota.

 

Allowing foreigners to buy in Moo Baans is a great idea but like all the schemes, they just make it unworkable buy putting a stupid 10m Baht minimum price on it. 99% of house in Moo Baans, all over Thailand, are 1-3m baht.

 

Another rearranging the deckchairs on the Titanic exercise, meanwhile, I know 6-8 guys that would come back tomorrow for their yearly 3-6 month stay, if they removed CoE, insurance and quarantine.

Excellent post.  Well witten but unfortunately the siginifiance of this post will go over the heads of many of the ThaiVisa readers. I was taking a Thai language class at the Father Ray foundatiion where I heard that a Jomtien Codominium owner could not sell his unit to anohter foreigner because of this.  The condominium owner had to accept a lower price from a Thai. This is real and  no F%$#ing joke. This speaks volumes about the hi-so Thais contempt for foreigners and how they treat them. If you don't understand what has taken place and what the imolications are, I cannot help you. The only Thai document I'm interested in is Permanent Residency certificate. I am resigned to the fact that I will never get one due to my age and Thai government protectionism (Your money can stay in Thailand, but not you). 

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13 minutes ago, Yewbzee said:

So if the law change is only temporary for 4 or 5 years that means only Thais can then buy your house if you decide to sell it after that the law reverts back? Yes that will work wonders for its re-sale value. 

Essentially that is what it points to. And for houses Thai normally like to buy new, so unless you sold it at a fire sale or gutted and remodeled the house and then sold at a lower price you might just be stuck. For me anything thing new as a second house I would buy would become inheritance for the kids

Edited by holy cow cm
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On 4/13/2021 at 1:44 PM, ThailandRyan said:

I don't believe its absurd, and yes I am sure if it is put in place those folks will be grandfathered in, much like the retiree's from a certain time frame back that only have to show so much in the bank yearly for their extensions.  The issue with the leases is the 30/30/30 framework where many have said it's good, and others have said it is not and they have lost their homes as well.  What I find absurd is this:

 

If it has been ruled illegal before what stops folks who lost it all from filing law suits to recover what they lost when a new law is put in place that basically says that what they had before is ok now, and they can have what they could not before.  Confusing

Believe me, in Thailand there is nothing more certain than uncertainty! 

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41 minutes ago, Yewbzee said:

So if the law change is only temporary for 4 or 5 years that means only Thais can then buy your house if you decide to sell it after that the law reverts back? Yes that will work wonders for its re-sale value. 

Yes that will work wonders for its re-sale value (and confidence in the integrity and crditability of the Thai government, and Thais in general.)  Had to finish off your sentence (smile).

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1 hour ago, barney42bb said:

Go .... Follow the rules.... Rent Only... Have a good time and leave... You cannot own nothing...and you are a tolerated guest at best.

Well said, Barney!

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26 minutes ago, riverhigh said:

Yes that will work wonders for its re-sale value (and confidence in the integrity and crditability of the Thai government, and Thais in general.)  Had to finish off your sentence (smile).

 

It seems all along the moaning has been that we can’t actually own the property forever and pass it on to our kids, and then once we are allowed to own the property forever and pass it to our kids, the new moaning is that we can’t easily flip the property for a quick profit...

Edited by mogandave
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Not a cat in hell's chance. The way this lot flip flop and change the rules at the drop of a hat. You would be a complete idiot. But it seems there have been plenty of them in past. So who knows

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12 minutes ago, mogandave said:

 

It seems all along the moaning has been that we can’t actually own the property forever and pass it on to our kids, and then once we are allowed to own the property forever and pass it to our kids, the new moaning is that we can’t easily flip the property for a quick profit...

 

I said selling after 5 years, thats hardly flipping for a quick profit is it?

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That's the way - get your priorities right.  We wouldn't want any of those people with wives and children, the ones who just want to live a normal life and enjoy the same rights as other married couples do, owning properties would we?

 

I note : 'This would only apply to property in housing estates and even then foreigners could only buy 49% of property in any one estate.'  Roughly translated this means this all stems from 'golf course' discussions between members of the government and developers.

 

One day Thailand will wake up and realise that opening up on the grounds of fairness and equality will actually stimulate the economy and create a more attractive situation for other investment than any of their 'get rich quick' policies. 

 

It would be interesting to know how many government members and the 'elite' of Thailand own property in other countries.  I remember Taksin being asked about relaxing the Thai land laws and making it possible for foreigners to own land - to which he replied something like 'that will never happen, we must protect the Thai people' - yeah right, its all about 'the people' isn't it?..............NOT.

This from a man who at the time owned at least 2 houses in London - do as I say, not as I do. Not that any of them are any different............. money No.1.

 

There is at the very least, a moral case for allowing those with wives and families to own property - they could even insert a clause that it must be sold in the event of a divorce, much like the one that allows a property to be left to a foreign husband. But there again, the chances of this government doing anything on moral grounds are about the same as their planned Moon Mission actually happening.

 

Those of us who are stupid enough have actually been investing in property for years and spending billions - thus investing in Thailand. They just can't measure that because the properties are registered in Thai names.

 

This proposal may be part of a 'stimulus package' but who's bank accounts will be 'stimulated'?

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