Thailand plans to extend land leases and apartment ownership for foreign nationals

The administration’s recent decision to instruct the Interior Ministry to amend laws regarding land leases and condominium ownership is indicative of a push for economic stimulation in the country. Prime Minister Sretta Taweesina noted that while the changes could create conditions for greater foreign involvement, the primary policy objective is to support the economy rather than the interests of foreign investors. In particular, extending the land lease term for foreigners from 30 to 99 years could be seen as a step towards improving the business climate, while emphasizing that it is still a lease and not a sale of property.

The prime minister also noted that the Finance Ministry’s proposed changes would promote long-term economic development, comparing Thai practice with international standards where leases can be as long as 150 years. This measure, he said, would make conditions more competitive for foreign investors, allowing them to integrate into the market while maintaining control of Thai owners.

Regarding the increase in foreign ownership of condominiums from 49% to 75%, the prime minister is confident that such an adjustment will not upset the balance of ownership while ensuring maximum benefits for Thai owners. By maintaining 51% Thai ownership, the government ensures that the influence of foreign investors remains limited, allowing foreigners only residency rights without voting rights. Amid growing criticism from the opposition, the prime minister also expressed confidence that the current digital wallet scheme will be implemented within the legal framework without undermining the proposed economic initiatives.