Buying land and property in Thailand: a new pathway for wealthy foreigners [UPDATE]
Are you thinking of moving to Thailand as a foreigner? By now, you’ve probably asked a dozen questions, including, “can expats buy property and land in Thailand?” or “how to buy a property and retire in Thailand?” only to find out that the process is full of complications.
A recent government plan was proposed to allow foreigners to buy 1 rai or 0.4 hectares of land in Bangkok and/or Pattaya, which they can build a property on, and, therefore, own outright. But things have taken a dramatic u-turn since, as this Pacific Prime Thailand article will explore below.
Attracting wealthy foreigners to Thailand
“The country expects a 30% increase in average spending per trip in 2023.” – Mr. Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT)
Like many countries and locations across the globe, the ‘Land of Smiles’ has come up with numerous ways to boost the economy by targeting revenge spenders (tourists or travelers looking to spend money after being isolated at home during the COVID-19 pandemic), top professionals, and wealthy investors, including digital nomads, retirees, and high-net-worth individuals.
From offering attractive visas like Thailand’s 10-year visa to various benefits such as tax breaks and investment options, Thailand has become a top choice in the region for foreigners to spend their money.
According to Mr. Yuthasak, tourist arrivals totaled 6.48 million from the beginning of 2022 through to October 9th, 2022, and the number is expected to top 10 million for the full year, up from less than half a million in 2021.
How to buy property in Thailand?
Currently, foreigners are not allowed to purchase land directly in the country, as Thai laws have strictly prohibited foreigners from owning land in their name. However, there are alternative ways to do so, as covered here: what an expat should know before buying property in Thailand.
The most common option for a foreigner is to set up a Thai Limited Company to own the land directly. But this means investing through a process that may not be within reach for many foreigners and may not be in the best interest of foreigners looking to make Thailand their new home.
Thai Government’s most recent proposal
According to the planned proposal, eligible foreigners can own as much as one rai of land in Bangkok or Pattaya for residential purposes. But there’s a catch. To fully qualify for residential-land ownership, prospective foreign buyers must invest at least THB ฿40 million for a minimum of 3 years, including the property’s price. However, following a major backlash, the decision has since been withdrawn, as covered below.
The Thai Government withdraws the proposal to allow foreigners to buy land in Bangkok and Pattaya
“The Interior Ministry will withdraw the measure for further study and to get more feedback from all stakeholders.” – Anucha Burapachaisri, Thai Government spokesman
In the most recent development, the Thai Government’s proposal encountered heavy opposition from public groups and individuals to allow foreigners to purchase land and own a home in Thailand. Consequently, the draft was fully withdrawn from the cabinet agenda pending further study and feedback from the public.
Consider securing health insurance as part of your plans to move to Thailand
Did you know that the easiest way to meet the costs of a hospital visit is by using private medical insurance? Other than looking to invest and buy a property in Thailand, health-conscious foreigners looking to make Thailand their new home should consider a comprehensive health insurance plan.
Thailand’s excellent private healthcare system
The country’s healthcare system, especially the private sector, is renowned globally for offering excellent healthcare services that are on par with many of the world’s best. So if you are looking for outstanding treatment at prices that are more affordable than back home, Thailand has what you are looking for. Medical tourists or expats from many countries travel to Thailand not only to live but to ensure they have access to top doctors and medical innovations.
People nowadays are more health conscious, and very few countries offer the excellence, lifestyle, luxury, and medical reputation as Thailand. However, with all things amazing, you’ll likely find yourself visiting often and, therefore, see the costs add up quickly. This is where securing international health insurance or expat health insurance comes in.
Further reading:
Contact Pacific Prime Thailand for impartial health insurance advice
For over 20 years, Pacific Prime’s experts have developed a deep and thorough understanding of what expats go through and need when moving abroad and, more so, the importance of securing a robust health insurance plan that is affordable and matches their specific needs.
Our multilingual and experienced insurance experts based in Bangkok, Thailand, are on hand to give you personal advice for your move and help you secure individual health insurance, family health insurance, or retiree insurance for those with permanent plans for Thailand.
Contact us today for a FREE quote and plan comparison!
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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