Thai property rules eased

Thai property rules eased

BANGKOK (AFP): Thailand's cabinet approved yesterday a Board of Investment proposal to allow foreign nationals who invest in local currency bonds issued by state enterprises to apply for land ownership rights.

If the changes are eventually approved by parliament, investors in state securities would be allowed to buy homes, government spokesman Varathep Ratanakorn said, without providing further details.

A proposal to allow foreigners with direct industrial investments of 20 million baht (US$772,000) to own up to 1,600 square meters (2,000 square yards) of residential land and property has already been approved.

Changes will be required in legislation governing land ownership, however, before foreigners may be allowed to have title to land directly or to own more than 49 percent of units in condominiums.