Page 85 - Introduction to Investment Laws in Thailand

Act give special privilege to foreigners to own the condominium without
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limitation.
The right to sublease the land longer than the normal land
regulation according to Thai Civil and Commercial code- Foreign
investments can lease land in the EEC zone longer than the normal land
rules. Foreign investments can also lease, sublease, lease out of land and
rale properties without having to be subjected to Section 540 of the Civil
and Commercial Code and Section 5 of the Rental of Immovable Property
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for Commerce and Industry Act B.E. 2542 (1999). The leasing,
subleasing, leasing-out, or subleasing-out agreements can have a term
period of up to 50 years. After the expiration of the 50 years, the
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agreements can be extended for another 49 years. This means that within
the EEC zone, foreign investments are able to attain greater lease support.
The usual course of lease period Section 540 of the Civil and Commercial
Code is that the lease may not last longer than 30 years. But the new EEC
Act provides foreign investments a longer lease time toward 50 years plus
the extension of 49 years.
Thus, by the Eastern Special Development Zone Act B.E. 2561 (2018),
foreign investments enjoy significant benefits of having their right to own
land and have more extended lease agreements. However, the benefits the
foreign investments receive is under the zoning areas and under the
promoted businesses sectors. The zoning areas of the EEC, according to
the act, covers over 13,000 Km2 in Chachoengsao Province, Chonburi
Province, Rayong Province, and other provinces located in the Eastern
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Region of Thailand. The foreign investments in establishing their
business in the zoning areas have to seek approvals from the policy
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committee of the EEC to operate in the areas. The committee has to
consider whether the businesses are classified as strategic businesses for

93 Eastern Special Development Zone Act B.E. 2561 (2018) section 49
94 Eastern Special Development Zone Act B.E. 2561 (2018) section 52
95 Eastern Special Development Zone Act B.E. 2561 (2018) section 52
96 Eastern Special Development Zone Act B.E. 2561 (2018) section 6
97 Eastern Special Development Zone Act B.E. 2561 (2018) section 39

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