On 1 November 2024, the Board of Investment of Thailand or the BOI announced the new criteria for granting permission to a foreign juristic person obtaining an investment promotion in holding ownership of land for establishment of its office and residence.
The criteria for granting the permission to the promoted foreign juristic persons to hold an ownership of the land can be materially summarized as follows:
- 1. For land to be used for the establishment of offices for the promoted projects, the promoted foreign juristic persons can hold an ownership of land not exceeding 5 Rai;
- For land to be used for building residences of workers at a practitioner level, the promoted foreign juristic persons can hold an ownership of land not exceeding 20 Rai; and
- Land for the establishment of offices and residences may or may not lie within the same area of, or outside the area of, the land on which the promoted business is situated.
The land ownership privilege, as abovementioned, is available for a foreign juristic person obtaining an investment promotion with the paid-up registered capital not less than THB 50,000,000 (Fifty Million Baht).