The government’s plan to allow foreigners to own a limited amount of land in Thailand is intended to benefit the Thai people and the government is not “selling off” the country to foreigners, as alleged by some, said Deputy Government Spokesperson Tipanan Sirichana on Sunday.
Responding to the Pheu Thai Party’s strong opposition to the plan, she explained that only four specific groups of foreigners, who have already obtained long-term resident visas and who meet the requirements, will be allowed to own up to 0.16 hectares (one rai) of land for residential purposes.
The four groups are:
1. Wealthy global citizens who each have assets worth at least one million US dollars, an annual income of at least at US$80,000 for the past two years and who have invested a minimum of US$500,000 in Thailand.
2. Wealthy pensioners who are over 50-years-old who each have assets of one million US dollars, an annual income of US$80,000 or who have a minimum income of US$40,000 a year and have invested at least US$250,000 in Thailand.
3. Foreigners who want to work from Thailand who have had an annual income of at least US$80,000 for the past two years or who have a minimum annual income of US$40,000 and have graduated with a Master’s Degree or who own intellectual property rights or who have received “Series A” funding of at least one million US dollars, have worked in a company, registered in the stock market, with annual revenue of at least US$150 million, for the past three years and have at least five years of work experience.
4. Skilled professionals who have received an annual income of no less than US$80,000 for the past two years,have an employment contract in target industries and have at least five years of work experience.
On top of that, Tipanan said that these people must have insurance coverage of at least US$50,000, adding that only qualified foreigners who meet the requirements will be allowed to own land.
