Foreigners bringing money not less than forty million baht for investment may apply for acquisition of land for residential purpose not more than one rai in area, provided also that permission must be obtained from the minister. Under section 96 bis of the Land Code, the application for such acquisition of land shall be in accordance with rules, procedures and conditions prescribed in the Ministerial Regulation as follows:
1. In the case of foreigners, who bring money for investment and wish to apply for permission to acquire land for residential purpose, shall lodge an application to the competent official under section 71 of the Land Code.
2. Persons who are granted permission shall maintain the investment period not less than five years. He/She is required to produce the evidence of possession in the investment which shall not be less than forty million baht to the competent official according to section 71 once a year, on five consecutive years and each year shall be no later than the date making the acquisition registration of the aforementioned land.
3. Persons who are granted permission shall utilise such land for a residential purpose of his/herself and the family in a way that is not contrary to the local custom or good living of the local community.
4. Persons who are granted permission shall inform such land utilisation for a residential purpose to the competent official according to section 71 within sixty days as from the date of utilisation.
5. Persons who are granted permission shall facilitate the competent official supervising the use of such land to ensure that the utilisation is in according with rules and conditions prescribed in the law once he/she receives a written notification from the competent official.
6. If persons granted permission withdraws an investment in the business or activity before the due date of investment in 2, he/she shall inform in writing to the competent official within sixty days as from the date of making the withdrawal.
7. Persons granted permission shall utilise such land for residential purpose within two years as from the date of the land acquisition registration.
8. If persons granted permission do not comply with the rules and conditions, the Director General shall have the power to order such person to dispose of the land in a portion of his possession within the period of not less than one hundred eighty days and not more than one year. If the time limit elapse the the Director General shall have the power to dispose of such land.
Check out my website: Thai lawyer