Principles and Guidelines for Formulating Measures on the Acquisition of Residential Property by Foreigners

Abstract

The current Constitution of the Kingdom of Thailand and related Thai laws governing residential property ownership have not yet established clear and systematic principles regarding the acquisition of residential property by foreigners. The primary objective of these legal measures was to attract foreign capital for economic recovery following the Tom Yum Kung crisis, which may no longer align with the current context of promoting long-term residence in Thailand for highly skilled and high-potential foreigners. Therefore, this article aims to analyze theories and approaches for formulating measures related to foreign ownership of residential property. It examines both general principles applicable to foreign acquisition of residential property and international practices in implementing relevant measures, which may serve as recommendations for improving and developing Thai legislation to address challenges related to foreign ownership of residential property in Thailand.