Photo by Concrete Forms
The Bangkok Post reported that Thai ombudsmen are drafting a new law to stop illegal foreign ownership of land in the country.
Pursuant to Thailand real estate law it is normally illegal for a foreigner to own real estate in Thailand. Based on numerous complaints to the Thai government of foreigners using Thai nominees to purchase real estate on their behalf, the Thai government is proposing a new law to crack down on the use of Thai nominees to purchase real estate.
Ombudsman Siracha Charoenpanij said the new law would provide for punishment for companies offering advice to foreigners on how to hold Thai property by disguising their legal transaction. The draft law would also allow the deportation of foreigners found guilty of holding the land plots in Thailand illegally. The current law requires foreigners found holding Thai property to transfer the plot to someone else or sell it within 180 days.
Recently, some foreigners have disguised their ownership in a scheme similar to multi-level marketing, where they then buy shares of an agricultural company that holds ownership of the land grows rice on large plots in the northeast.
Atip Bijanonda, president of the construction and real estate business department of the Thai Chamber of Commerce, said there should be a balance between protecting Thai interests while still welcoming foreign investment.
The newly proposed law also includes a reward to anyone providing information about foreigners owning land through nominees. Those providing the information would get 20 per cent of the market price of the piece of land after the plot is sold.
This draft law has not yet been made into law and its future is uncertain. The Ombudsmen will submit the draft to parliament this year.
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world history tells us that Thailand is the only country in southeast asia that was never colonized by any foriegn power. in this modern age, let these farangs own a land in the country and that’ll be the start of it. Thailand needs to protect its land- pass the law pronto!
Why is it ok for Thailand’s super rich to buy up all the viable land, leaving alot of it unproductive while at the same time strongly opposing foreign ownership. It seems they are the only ones concerned with reliquishing control, not that of the poor Thai who are already in many cases tied and working under contract to these vast Thai monoplies. These mega rich families own properties the world over but at home peddle xenophobic propaganda mainly to keep the best land under their control. Is it fair…well the UK is a lot smaller than Thailand with just as many people but Thais there are allowed to own land…why is this? Thaksin has a luxury home there as do many super rich Thai..