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Foriegners not being able to buy land.........


whcouncill

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in Thailand is actually a good thing. While the subject is on my mind let me explain why maybe........

 

1. If foreigners could buy land (except for condos maybe?) they'd try and buy alot of it up.

 

2. It keeeps everything in house. Defense mechanism for your country.

 

3. How are you gonna be King of Thailand a country that wasn't colonized like other countries yet have people buy up your country down the line.

 

4. Someone on some post was saying something like "well thais can buy property in the UK, USA ect. that's unfair blah blah blah..." Well there are more US and UK citizens that could afford to buy property in Thailand than Thais who can afford to buy property in USA and the UK. Plus there is the currency exchange rate thing too. They'd be getting more of the short end of the stick on that one. "Let us buy property where you are at cause you can buy some where I am at" While you have more money than me and can buy me out and I can only buy 10% of your stuff.

 

5. You can do what you want anyway in Thailand without owning property.

 

Well althought Thailand isnt perfect as far as the land thing some other countries could learn from that property thing or used that back in the days.

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"...Someone on some post was saying something like "well thais can buy property in the UK, USA ect. that's unfair blah blah blah..."

 

That was probably me. Land is a finite resource. The market is based on supply and demand. Right now, Thai farmers can buy land. Imagine if some forigners came in, and said "I'll pay 10 times what a Thai will pay..." The Thais wouldn't be able buy the land, it would be sold to forigners.

 

Case in Point, the Beach front in Honolulu. Last I heard, only one beach front Hotel was owned by Americans, the rest all forigners. It has gotton way out of wack, and Native Hawaians can't buy land. Same here in San Francisco. We have all these forigners, cooming here, buying land/apartments Houses etc, and leaving...absentee ownership.

 

True, they can't take it with them, but face it, they drive up the demand, and thus the cost. Frankly, I think it is rediculis that a foreigner can get off a plane, or in some cases, never even set foot here, and buy real Estate, especially if he is from a country that doesn't allow me the same privilidge. True, many Indians (for example) Can't afford to buy Land in the USA, where as, many Americans can afford to buy land in India . But how many want to? The issue is one of principle as well.

 

Frankly, I can see the Thais not wanting forigners to "buy them out." Makes perfect sense. Ok, I can see an exception being made for a person that wants to buy one house, on a small plot AND live in it, But again, that would start to take it's toll in certain desireable regions.

 

Frankly, I think the Thais and many other countries have a good systems as to who can own the land. Frankly if it were up to me, forigners would not be allowed to own land in the USA, unless they became citezens and lived in it. Then I'd limit it to one residency. Ok, not PC, but that is how I see it. What goes for us, goes for them kind of a thing.

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A foreigner (not a business or company) should be allowed to purchase somewhere between half a rei to a full rei and no more. That is plenty to live on.

 

The foreignor should pay taxes on that property, possibly at a slightly higher rate due to the higher income.

 

The foreignor should reside in the country a certain amount of months out of each year. Say a minimum of three in the LOS and 30 days on the actual property in question?

 

It could also be that a foreignor who has retired in Thailand, ie their retirement checks are deposited into a Thai bank could be allowed to purchase a modest plot of land.

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But those foreigners that buy land pay property taxes. If they buy at an inflated price or help makes the prices rise, they still pay property tax based on what they bought it (inflated or not inflated).

 

A foreigner can not annex a piece of foreign land to his native land.

 

Let's say a foreinger buys a piece of land for 1 million dollars. He is able to finance it. By the time he gets down paying for the property, he may have paid 1-2 times as much as the initial value of the property in interest. Who gets the interest?

 

Over a period of 30 years, he might have paid 2-5 times the initial cost in property taxes. This might be high for property taxes, but the value of property has increased dramatically over the years. A house bought 30 years ago might be worth 5 times its initial purchase price today. It is what the house is worth, not what it was purchased for is what property tax is based upon. Who gets the property taxes?

 

And when the foreigner sells the property, is it mandatory that another foreigner will buy?

 

From what I see, the only fear is fear itself.

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OK yeah, assume you had a rule "1 rai, for a house, and you must live in it..." Ok sounds good. Now, assume you have a farang who wants the land, and a Thai...who is going to get the land? A piss poor farmer, or a farang with decent assests? Now, the farmer loses out, goes down the road...wants to buy...the guy selling is hoping a farang will come along, and wants more money...

 

A BG told me once that her father has to pay more for stuff, because the people in the village know he has 3 daughters 2 married to rich farangs, and her being a big earner in BKK, with a Dutch husband...hence, they know he has the cash, and try to sell to him first (no matter what it is)...has it's advantages, and disadvantages she says...

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You appear to have a rather Luddite view on economics, since you can't take your land home with you, any land sale should be viewed as an inward investment, and Thailand is certainly in need of inward investment to take it out of the third world sector and into the developed world. Would you also support a ban on foreign investment on the infrastructor and manufacturing sector of the Thai economy? if not, why not, there is no real difference between the two. If your argument is that prices will be driven up, then I would point out foreigners renting or leasing property will also drive the price of land and houses upwards. There are also several methods where a foreigner can already effectivley own or control a property in Thailand, since it's happening anyway, why not make it simpler and control and regulate the foreign ownership instead of having it exist in the grey area. IMO until Thailand moderates its nationalistic, zenophobic tendancies and eliminates its institutionalised corruption it will struggle to continue its previous remarkable economic performance, which was only made possible by massive amounts of inward foreign investment. China waits in the wings, and the smart money has already relocated.

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