Thailand scraps plan to allow foreigners to buy land

Interior Minister Anupong Paochinda called the issue "a delicate matter" and said a study was needed to weigh the advantages and disadvantages.

Thailand is walking back a policy that would have allowed limited land ownership. (File Representational Photo)

Thailand is walking back a policy that would have allowed limited land ownership by wealthy foreigners, a government official said on Tuesday, after a public backlash against the plan.

Earlier this year, the government announced the plan aimed at attracting investment from overseas, limiting foreigners to 1 rai (0.16 hectares) of land if they invest at least 40 million baht ($1.07 million) in securities or bonds for at least three years.

Critics have argued the investment sum was too small and that the policy could drive up property prices, crowding out local ownership.

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“The interior ministry has withdrawn the proposal … to listen to opinion from all parties so that it is comprehensive,” government spokesperson Anucha Burapachaisri told a news conference.

Interior Minister Anupong Paochinda called the issue “a delicate matter” and said a study was needed to weigh the advantages and disadvantages.

Thailand has been on a drive to lure foreign investment to boost the economy, including long-term visa schemes and income tax breaks for “high potential” foreigners, wealthy retirees and skilled-professionals.

Southeast Asia’s second-largest economy is expected to grow 3.3% this year and has for decades been one of Asia’s most popular destinations for western expatriates, businesses and retirees. ($1 = 37.3700 baht)

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