Page 68 - Introduction to Investment Laws in Thailand

amount of the investment fund must not be less than forty million Baht. If
the investment fund is intended to be a residence, the land must not be
exceeding one rai (1600 Square meters), and there must be permission
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from the Ministry of the Interior. In addition, there must be ministerial
regulation to permit the foreigner to obtain the land right according to
section 96. The ministerial decree has to establish rules, procedures, and
conditions for a foreigner to acquire the land. The regulation contains the
specification of the rules on;

1) Types of businesses to be invested in by foreigners, which
must benefit the nation economically and socially or be
businesses announced by the Board of Investment (BOI)
as those eligible for application for investment promotion
under the law on investment promotion;
2) The period for maintenance of the investment must be at
least three years;
3) The area of land permitted to be acquired by foreigners
must be located within Bangkok Metropolis, Pattaya City,
municipalities, or within an area designated as a
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residential area under the law on town planning.
In case that the foreigner is permitted to own the land, the foreigner
must use the land according to the permitted purpose. Supposing
foreigners breach the rules or conditions prescribed in the ministerial
regulations, in that case the land entitled to him will be disposed of within
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180 days by the Director-General of the Department of land. If foreigners
are permitted to obtain land, the foreigners must use the land within two
years from the date of registration of the acquisition; otherwise, the
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Director-General shall have the power to dispose of such land. In
obtaining land ownership, the foreigners must register the land with land
authority according to the Thai Civil and Commercial Code. The Code

76 Land Code Promulgating Act, B.E. 2497 (1954), section 96 bis
77 Land Code Promulgating Act, B.E. 2497 (1954), section 96 bis
78 Land Code Promulgating Act, B.E. 2497 (1954), section 96 ter
79 Land Code Promulgating Act, B.E. 2497 (1954), section 96 ter

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