- Photo: The Nation/ANN
BANGKOK: The Land Department will ensure that no Thais are at a disadvantage when the law on foreign property ownership and leasehold is amended, Interior Minister Anutin Charnvirakul (pic) promised on Tuesday (June 25).
He said the Land Department was still drafting the amendment bill and it was not ready in time for this week’s Cabinet meeting.
The Cabinet last week agreed in principle to increase the foreign ownership of condos to 75% of useable space and increase property leases from 50 years to 99 years.
After the Cabinet nod, Anutin said he instructed the Land Department to study the pros and cons of the measures aimed at boosting the economy. He said the department would draft an amendment bill to avert potential drawbacks.
Currently, only 49% of a condominium can be sold to foreigners to ensure they do not have a majority stake in the management of the building.
Anutin said that even though the bill intends to increase the ownership ratio for foreigners, it will definitely include conditions to ensure Thai unit owners have majority voting rights.
“I’ve instructed the Land Department’s chief to take people’s concerns into account,” Anutin said.
“We need to boost the economy as well as protect the national interest as much as possible.
"Please be assured that people’s rights will remain untouched. Don’t worry as nobody knows about land issues better than the Land Department.”
On Monday, Isares Rattanadilok Na Phuket, a vice chairman of the Federation of Thai Industries, said he personally disagrees with the plan to increase foreign ownership ratios in condominiums as there is a good chance that they will buy up several units and rent them out on a daily basis. - The Nation/ANN
