Open the view” Head of Department Chulalongkorn University architecture encourages foreigners to buy land in Thailand point to new opportunities not betrayal advised to learn how to attract investment from neighbors around the world
Today (December 4), Professor Trairat Jarutat, Head of the Department of the Faculty of Architecture at Chulalongkorn University Presented an academic perspective through the terrabkk website on the subject: new opportunities or betrayal when foreigners buy land in Thailand, stating that in fact, in fact, there almost 100 countries around the world allow foreigners to own land. Let’s start by introducing how other countries do it, divided into 1. Countries that have no restrictions on property ownership. For foreigners such as Spain, France, Italy, Costa Rica 2. Countries with reciprocal agreements such as Croatia, Turkey and South Korea are only open to some nations with bilateral agreements. Egypt allows 99 year leasehold rights.
It is further presented to show each country’s additional measures to prevent rising real estate prices. or for security reasons, such as Switzerland, there is a limit on the number of foreigners who can buy real estate each year. The UK has a much higher capital gains tax levied on profits made from the sale of a UK home by a foreigner. part of Australia Currently limited to the type of property that can be purchased. which are generally new construction projects only Those who break the law can face jail time or heavy fines.Sri Lanka allows foreigners to own land. But there is a 100% transfer tax for foreigners in Sri Lanka. Canadian side There are no foreign ownership restrictions on other provinces on the east coast, including the provinces of Quebec, Ontario and British Columbia, Foreigners and non-Australian companies can buy developments in Residents up to 50% and are allowed to buy real estate or new land to construct a building as long as construction begins within 12 months of the date of purchase. Older properties can be purchased provided at least 50% of the purchase price is spent on improvements.
In addition, Professor Trairat’s report of the Association also identifies other limitations. About 40% of the 195 countries have restrictions on allowing foreigners to own property, for example: 1. Land away from international borders, such as Panama, lands less than 6 miles from Mexico’s international borders Foreigners are not allowed for foreigners to buy real estate within 62 miles of the international border or 31 miles of the coast, Spain, military land and land near the international border. 2. Some waterfront properties New Zealand’s “sensitive” land includes reserves, designated islands, and historic or heritage Panama Lands Restriction lands and lakes on beachside islands.
These are the countries where foreigners can own land in Asia: 1. Malaysia is the only place where foreigners can own land in Southeast Asia. The only type of real estate that foreigners cannot buy is real estate. “heritage estate” or old colonial real estate Foreigners can get houses in Malaysia by investing through the My Second Home Program (MM2H), which allows foreigners to get a 10-year visa by depositing around US$70,000 and keeping it in a bank .
2. South Korea does not have many restrictions on land ownership. This openness to foreign investment is quite reasonable considering Korea’s internationalization. These foreigners often want to buy their own property. The Republic of Korea is very strict in issuing long-term visas, with the exception of Jeju Island, a small island off the southern coast of the Korean Peninsula. It is a special administrative region that allows anyone to visit without a visa. likewise Jeju also has an investor residence permit for anyone who wants to invest around $430,000 in real estate on the island, and such a residence permit can lead to Korean citizenship.
3. Taiwan is a developed country with few restrictions on foreign ownership. Buying real estate in Taiwan does not automatically entitle foreigners to live there. Unlike Malaysia, South Korea previously had some sort of investor residency program for property owners. Foreigners must go through regular immigration channels to live in Taiwan permanently. Foreigners can buy houses or undeveloped land in Taiwan.
4. Japan Foreigners can buy real estate in Japan. without restrictions on the type of real estate Foreigners can own land and buildings in their own name. Foreigners must be employed or doing business or using a visa to live in Japan full time.
5. Singapore, foreigners can legally own condos, houses and land. Singapore is one of the easiest countries in Asia to buy a condo, but although foreigners are theoretically allowed to own a house or land, it can be difficult and costly to acquire this type of property. In order to own land as a foreigner you must first obtain the permission of the government. Such approval requires a large buy-in. (worth more than $20 million) and proves that the purchase “Benefits the Singapore economy”
The report also presents the opinion of the experts, Dr Wichai Wiratkaphan, inspector of GHB. and the Acting Director of the Real Estate Information Center who gave an interview that the overall ownership of condominiums by foreigners in Thailand has not yet reached 49% according to the legal share In particular, foreigners own less than 10% of units with a price of zero more than 5 million baht. For units with prices over 5 million baht or more 20% of them are owned by foreigners. The type of foreigners who want to Work from Thailand, this group of people is Labor Skills, High Technology. We can assign these people to be in strategic areas such as the EEC to move the country forward a page faster At the moment foreigners are owned by nominees. Why don’t we put everything on the table? Don’t do it under the table illegally. Sometimes we deny the truth. Make the truth go down the stairs, become a black market, become illegal If we raise it to the ground for the state to get a tax get a fee get everything more fully
Professor Trairat concluded and suggested that 1. The saying, “Allowing foreigners to buy real estate… is treason” is considered a saying that does not study the details of neighbors or case studies that other countries have made, and it is a concept of World War II nationalism. ) 2. Allowing foreigners to buy real estate Under the conditions that country has benefited, whether it is the border of the holding pattern area Qualified Persons Qualifications or even linked to the promotion of investment/work policies It is normal that different countries do it 3. We have to accept that. Thailand’s “Competitiveness” Getting less and less Real estate ownership is one of the key features. (Right to occupy real estate means freehold trading right Or long-term leasehold right 60,90 years) 4. Thailand has entered a state of “fully aged society” (that is, there are elderly people > 20%) , there will be a shortage of workers at all levels. Because the other side of the aging society is childhood, the working age has fallen. Inviting foreigners with knowledge and skills to work is considered a policy of countries facing the problem of an “aging society” they do. such as Japan, Singapore and European countries.
5. The elderly are the consumers of the future. Especially the elderly from developed countries. Accepting the elderly to retire in Thailand in exchange for owning real estate (Thailand currently has a long-term visa 5 + 5 years, but must notify immigration every 90 days), although that Thailand is a retirement destination (Destination Retirement) because we have the peak of Medical services, food, air, cost of living, real estate ownership is a major weakness. If we have clear rules such as the target area Styles and real estate prices make Thailand a paradise for retired seniors and it will lead to much more “Age Society” related businesses.
6. The business of “aging society” ranges from health care, food, home decoration. travel life insurance Technology in caring for the elderly, etc. will be able to create jobs. Create many related business opportunities. because the group of elderly people who can travel to retire abroad tend to be elderly people with high income There is a health insurance system. There is a pension – a clear pension. In short, it has high purchasing power.
7. We can set up a fund. “Cross Subsidy” from property ownership fees for foreign elderly become a fund to take care of the elderly in those areas It is a measure that can reduce inequality at a local level very well. 8. However, gradually opening a Trial in some areas and some types of real estate It should be something that must be decided to start doing immediately … Thank you and support. The Office of the National Economic and Social Development Council (NESDB) has studied well and dares to present this matter And we would like to encourage all parties concerned to complete the process quickly (with care) before Thailand is on the bottom of the development.
