Page 84 - Introduction to Investment Laws in Thailand

Thai government aims to create an economic reform by passing on a new
legal scheme that allows foreign investors to own land and property in a
specific economic zone. In addition, foreign investors can enjoy tax and
government support for their business operation in the specific zone.

The new legal scheme is the Eastern Special Development Zone Act
B.E. 2561 (2018). The Act is based on the development strategy of the
Eastern Economic Corridor (EEC). The development strategy sets a vital
target on Thailand 4.0, which is expected to revitalise industrial
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production in Thailand for 30 forward years. The Thai government
believes that the EEC Development Plan will transform Thailand's
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physical and social infrastructure in the special economic area. The
strategic policy and the new Eastern Special Development Zone Act B.E.

2561 (2018) contribute to essential changes in land law for foreign
investments. The changes are on; 1) the right to own land for BOI
promoted projects and 2) the right to sublease the land longer than the
normal land regulation according to the Thai Civil and Commercial
Code.

The right to own land in BOI promoted projects- Foreign
investments are able to own lands in the EEC zone. Foreigners who
operate their business in the EEC zone will have an entitlement to
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ownership for the land in the Special Economic Promotional Zone. The
entitlement means an exclusive benefit for foreign investments receiving
licenses and support from the Board of Investment of Thailand (BOI).
Within the EEC zone, foreign investments are entitled to the ownership
of condominiums because of an exemption from the restrictions of the
rights on foreigners under the law governing condominiums. According
to the law governing the condominium, foreign investments must not own
more than 49 per cent of the total units in the condominium. Still, the EEC

90 Thailand EEC, 2018, Background- Eastern Economic Corridor (EEC),
https://www.eeco.or.th/en/background
91 Ibid
92 Eastern Special Development Zone Act B.E. 2561 (2018) section 49

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