Land Ownership for Foreigner Land Code Amendment Act

Land-Ownership Rights for FOREIGNER
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Land Code Amendment Act (no. 8)
Published in the Thai Royal Gazette on the 18th May 1999

The following had to be added to Section 96 Bis and Section 96 Ter, under Chapter 8: Prescribing Land Right of Alien, of the Land Code:

Section 96 Bis.

The provision relating to alien to acquire the land by virtue of the convention under Section 86, paragraph one, shall not be enforced to aliens who brought money to be invested in the amount as prescribed under Ministerial Regulations, which is not less than Forty Million Baht, by acquiring the land for residence by not more than one Rai, and must be approved by the Minister.

The acquisition of land by the alien under paragraph one shall be according to the criteria, procedures and conditions as prescribed under ministerial Regulation, for which the Ministerial Regulation shall have the essence as follows
(1) Category of business which the alien has invested shall be beneficial to the economics and social of the country, or being the operation which the Board of Investment has announced to be the operation which can apply for promotion of investment under the Law on Promotion of Investment.
(2) The period of time for maintenance of the investment shall be not less than three years.
(3) The area of the land to be permitted to be acquisition by the alien, shall be in Bangkok Metropolis, Pataya city, municipality or in the area prescribed as residential area under the law on City Planning.

Section 96 Ter.
The alien permitted to acquire the land under Section 96 Bis, if acted incorrect with the criteria or condition prescribed under Ministerial Regulation under Section 96 Bis, paragraph two, shall dispose of the land he is entitled to within the time prescribed by the Director-General, which is not less than one hundred eighty days, but not more than one year. If from the expiry of such period, the Director-General shall have authority to dispose of said land.

The alien permitted to acquire the land under Section 96 Bis, if that land is not used for residency within a period of two years form the date of registration of the acquisition, the Director-General shall have authority to dispose of said land.

Countersign by
Chuan Leekpai
Prime Minister

Remark:
The reason for the publication of this Act is that whereas it is appropriate to let the alien who invests in the important operation beneficial to the development of economics and social of the country, to acquire the land as residence according to the amount prescribed by law in order to accord convenience to the alien who comes in to carry out the operation in the kingdom, including to be the factor for the decision of the alien to invest, including the increase the purchasing power of the real estate business of the country which is dormant, and which is one of the measures to rehabilitate the economy of the country as a whole. It is therefore necessary to enact this Act.



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