Call for condo reform to lure foreigners

[buksida]

The government has been urged to simplify money transfers and provide more medical staff to support wealthy pensioners if the country wants to boost the economy through foreign property ownership.

Atip Bijanonda, vice-chairman of the Board of Trade of Thailand, said money transfer procedures for foreigners buying condos were currently a tremendous obstacle as the process was very complicated.

"To get a condo transfer, foreigners are required to transfer money from overseas with their own currency and declare or show a foreign exchange transaction certificate to the Lands Department," he said.

This was inconvenient as many foreign buyers had a business in Thailand or had a Thai wife. They had to transfer money out of Thailand and back into the country to buy a condo unit.

"Many countries' governments don't care about inbound money transfers, but they do care about outbound moves," said Mr Atip. "The Thai government should amend this rule."

He said Thai people should not worry that allowing foreign property ownership was treasonous, because Thai people can buy homes in many overseas countries and those nations do not regard selling to foreigners as treason.

"Most Thai properties sold to or preferred by foreigners are in a different segment to Thai buyers. Foreigners frequently choose locations which are not preferred amongst Thais and vice versa," Mr Atip added.

https://www.bangkokpost.com/business/22 ... foreigners

In other words ... open the flood gates for the Chinese to buy up everything as they're the only ones that can afford to at the moment.

[handdrummer]

Thailand, On Sale to the Highest Bidders!
Own your own piece of Thailand.
Hurry before the rules change again!