Bangkok: The Department of Business Development is proposing a study aimed at attracting high-quality foreign residents for long-term stays, while simultaneously intensifying checks on nominee land ownership. The department hopes that allowing high-quality foreigners to reside in Thailand for extended periods could boost purchasing power.

According to Thai News Agency, the Department of Business Development has highlighted the need to explore the pros and cons of this initiative, especially in light of tourism not yet recovering to pre-COVID levels, a declining population, and the country's transition into an aging society. The department plans to study the criteria and limitations for screening foreign nationals while intensifying nominee checks following the discovery of 36,277 legal entities with foreign investment and land ownership across the country.

Mr. Poonpong Naiyanapakorn, Director-General of the Department of Business Development, explained that despite government efforts to attract tourists, numbers have not rebounded to the pre-pandemic level of approximately 40 million visitors per year. This shortfall has impacted purchasing power and consumption, even as Thailand seeks to attract high-spending tourists.

The director-general also pointed out that Thailand's population has been declining, with deaths outnumbering births for five consecutive years, contributing to reduced domestic consumption. With many foreigners expressing interest in owning property in Thailand, Mr. Poonpong believes a thorough study is needed to evaluate the potential boost to purchasing power from attracting high-quality long-term foreign residents. He emphasized that this is merely a proposal for study and not yet a policy for implementation.

Further research is necessary to weigh the advantages and disadvantages and to determine appropriate restrictions and criteria for screening potential long-term residents. This is crucial given Thailand's competition with neighboring countries in attracting both foreign investment and tourists.

The Department of Land's data reveals that of the 144,706 legal entities holding real estate, 36,277 have foreign investment. These entities are mostly concentrated in Bangkok and its surrounding provinces, as well as major tourist areas like Chonburi, Surat Thani, and Phuket.

Mr. Poonpong stressed the importance of scrutinizing and preventing the use of Thai nationals as nominees for foreign ownership in key economic and tourist areas. The department aims to integrate efforts with other agencies, including the Royal Thai Police and the Land Department, to investigate and prosecute offenders, ensuring fair competition and protecting Thai businesses.