The regulations governing foreign ownership of land in Thailand in relation to the Board of Investment (BOI) promotion are as follows:
- BOI-Promoted Projects: Under the Investment Promotion Act, certain projects that are promoted by the BOI are eligible for special privileges and incentives, including the ability to own land in Thailand. These projects are typically aimed at attracting foreign investment and promoting specific industries.
- Land Ownership for Specific Industries: The BOI allows foreign-owned companies to own land in Thailand for specific industries that are promoted and approved by the BOI. These industries may include manufacturing, technology, tourism, services, and others that are deemed important for Thailand’s economic development.
- Land Lease: In cases where foreign-owned companies do not qualify for land ownership under BOI promotion, they may enter into long-term lease agreements for the use of land. Leasehold agreements can be structured for up to 30 years, with options for renewal.
- Land Ownership Restrictions: It’s important to note that the BOI does not provide blanket permission for foreign companies to own land in Thailand. The specific conditions and restrictions for land ownership vary based on the type of BOI promotion, the industry, and the location of the investment.
- Compliance with BOI Requirements: To qualify for BOI promotion and the associated land ownership privileges, foreign investors must meet the requirements and criteria set by the BOI. These may include minimum investment thresholds, job creation targets, technology transfer, export commitments, and other specific conditions depending on the industry.
- Legal Advice and Due Diligence: Given the complexities of land ownership regulations in Thailand, it is advisable to seek legal advice from Thai lawyers or experts specializing in foreign investment and property law. They can guide you through the process, ensure compliance with regulations, and help protect your interests.
It’s important to note that these regulations are subject to change, and it’s crucial to consult with the BOI or legal professionals like Startup in Thailand for the most up-to-date information and guidance regarding foreign land ownership under BOI promotion in Thailand.
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