Business

Thailand considering changes to foreign property ownership rules

BANGKOK: Thailand is studying a law to allow foreigners to buy property through 50-year leasehold contracts and also to sell them.

This would help boost demand for the country's property sector, Thailand's finance minister said. Foreigners currently cannot sell leasehold property.

"The finance ministry is looking at this idea, which is highly possible," Mr Apisak Tantivorawong said yesterday.

"If we can do it, the property industry will boom again because demand will come from all over the world."

The ministry is also looking at a "windfall" tax on landlords and property owners, who benefit from rising prices driven by government infrastructure developments, Mr Apisak said.

"We will tax profits made from assets sold," he said.

Thailand's military government has ramped up infrastructure projects across the country in a bid to lift growth in South-east Asia's second-largest economy, which has lagged behind its regional peers. - REUTERS

thailandPropertycourt