For residences costing more than 3 million baht, the government plans to lower transfer and financing fees to 0.01 percent as an added incentive. The new long-term resident visa will accept applications starting on September 1, according to a statement from Thailand’s Board of Investment. According to the BOI, the new LTR visas will “make long-term stay in Thailand easier and less onerous.” In comparison to other nations, he claimed that Thailand’s real estate prices are “not exorbitant” and that the plan will contribute in the restoration of the economy. The plan will now be presented to the Cabinet for evaluation and approval, according to Nipon Boonyamanee, the deputy interior minister. The Thai government recently began offering a number of lengthy (10-year) visas, and there is currently a plan to permit foreign ownership of land, albeit with a high entry cost. The Thai Interior Ministry is working on a scheme that would let foreigners buy up to 1 rai of land (around 1,600 square meters, .16 hectare or .4 acre). Another drawback is that a foreign buyer would only be able to purchase land that was up to 1 rai in size. There is a catch, though. To qualify for land ownership, foreign investors would need to make a three-year investment of 40 million baht in Thailand. Despite the first obstacle, Thai MPs remain optimistic that the scheme will encourage foreign ownership of real estate in Thailand. Thailand may allow foreigners to acquire real estate. In order to entice foreigners with “high potential” to live and work in Thailand, the 10-year visa was created. He asserted that the transition will mostly benefit the cities of Bangkok, Samut Prakan, Chonburi (Pattaya), Phuket, and Chiang Mai, where foreigners frequently go to or reside.
