Meesak, a business analyst, discussed the Interior Ministry’s proposal to increase foreign ownership from 49% to 75% and extend leases for up to 99 years with Nation TV. He acknowledged the government’s aim to boost economic growth by allowing real estate to be sold in the country, attracting more foreign investment.
Meesak pointed out that there are currently many expats living in Thailand who own properties and conduct business through domestic nominees, with Thai shares at 51% and foreign shares at 49%. He provided data on registered companies in prime locations across Thailand, highlighting the prevalence of nominee firms in these areas.
For instance, in Chonburi province, approximately 29.04% of the 56,756 companies could be nominee firms. Similarly, in Phuket, roughly 28.71% of the 26,292 companies could be nominee firms. In Surat Thani, around 43.49% of the 17,713 companies could be nominee firms while in Prachuap Khiri Khan about 35.46% of the 5,462 companies could be nominee firms.
Given this data, Meesak expressed support for the government’s proposal but emphasized that he only backs the idea of allowing foreigners to buy residences not long-term property for business purposes to preserve Thailand’s economic structure. Meesak highlighted the delicate nature of these issues and the potential risks associated with allowing foreigners to buy or lease properties for business use.
In conclusion, Meesak acknowledges that allowing foreign ownership from 49% to 75%, and extending leases for up to 99 years would attract more foreign investment and boost economic growth but also warns about potential risks associated with allowing foreigners to buy or lease properties for business purposes which may affect Thailand’s economy structure.
