By Biodun Busari

Thai government has said it will allow foreigners to fully own land for residential purposes in Thailand.

A government spokesperson, Thanakorn Wangboonkongchana, on Friday, said the opportunity given to foreigners would help the country improve its economy by luring a million new big-spending residents from overseas.

Thailand has for decades been a popular expatriate destination for investment, retirement and for starting small businesses, but foreign land ownership has been restricted.

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Subject to Cabinet approval, foreign nationals will be permitted to own up to 1 rai (0.16 hectares) from September, providing they can invest 40 million baht (US$1.09 million) in Thai property, securities or funds over the three years, Wangboonkongchana said.

The government is keen to attract more skilled workers and retirees and the proposal would include some tax benefits and a 10-year visa.

The scheme, which would be reviewed after five years, is aimed at adding 1 trillion baht (US$27.25 billion) to the economy, and boost investments by 800 billion baht, said the government official.

The government expects the economy to grow 3.5 per cent this year and reach pre-pandemic levels in 2023.

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