Land ownership by foreign nationals in Thailand was so far restricted, despite the country being an attractive investment destination.
According to media reports, as part of the country's attempts to attract more investment and boost its economy, the government allowed foreigners to own as much as 0.4 acres of land, subject to certain conditions.
The scheme allows wealthy people and retirees to purchase land in the capital city Bangkok and Pattaya.
Reuters had earlier reported that with this scheme, the country intends to add $27.25 billion to its economy and boost investment.
Those who wish to avail residential land ownership need to invest at least $1.04 million in the country for a minimum period of three years. The investment includes the price of the land one wants to own, government bonds, and bonds issued by the Bank of Thailand, and fixed-income securities among others.
Final approval of the scheme is subject to certain government agencies and the office of the council of state, according to government spokesman Anucha Burapachaisri.
