Thailand’s Interior Ministry said on Friday that it would draft regulations to allow eligible foreigners to buy land as the government seeks to stimulate the country’s economy and foreign investment.
Foreigners would need to invest 40 million baht ($1 million) in Thailand for three years to be eligible for land ownership, government spokesman Thanakorn Wangboonkongchana said, Bangkok Post reported.
Thanakorn said the scheme would allow foreigners to buy up to 1 rai of land (about 0.4 acres), including some tax incentives and a 10-year visa, which is aimed at skilled professionals and pensioners.
The scheme, which will be reviewed after five years, is expected to contribute one trillion baht (around $27 billion) to Thailand’s economy and increase investment by 800 billion baht ($21.8 billion), he added….
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