The Thai cabinet has approved an edict from the Ministry of Interior, which will pave the way for four groups of non-Thai citizens to be able to buy up to 0.16 hectare (one rai) of land for residential purposes, as part of the government’s measures to attract foreign investment.
Those eligible include people with high incomes, pensioners, those who want to work from Thailand and specialists with skills needed in Thailand. They will be able to purchase the land in Bangkok, Pattaya and other municipalities and areas specified by law.
They will, however, be required to invest at least 40 million baht (US$1,051,700) in government bonds or real estate funds in Thailand for at least three years.
Government Spokesman Anucha Burapachaisri said the edict will be renewed every five years, in line with the prevailing economic and social situation at the time.
