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In general, non-Thai businesses and citizens are not permitted to own land in Thailand
unless the land is on government-approved industrial estates. However, companies that are
more than 50% Thaiowned may legally own land. An exception to the rule relates to projects
approved by the Board of Investment. A promoted company with 50% or more of its shares
held by foreigners may apply for land ownership by submitting the appropriate forms
to Thailand Board of Investment (BOI). Once the land acquisition is approved,
the BOI will send a letter of approval to the applicant and will notify the Department of Land
or the provincial governor.
Under the 1999 amendment to the Land Code, foreigners who invest a minimum of
40 million Baht are permitted to buy up to 1,600 square meters of land for residential use,
with the permission of the Ministry of Interior. An investor has to maintain the investment at least 3 years.
Foreigners are also permitted to own buildings on land that is leased, because there are
no restrictions on building ownership. Foreigners can, thus, lease land and build on it
and are permitted to own the structure. Foreign individuals and foreign companies are allowed
to hold title to condominium units in buildings that qualify. The rule is that foreigners may own
no more than 49% of the total units in the building at any one time. If the proposed transfer
would cause the building to exceed 49% foreign ownership it would violate the above rule,
and the official would reject the transfer.
For more information: Overview Property Law in Thailand
For download:
Land Code Promulgating Act, B.E. 2497 (1954)
As amended until Land Code Amendment Act (No.12), B.E. 2551 (2008)
