Could law changes prompt money transfers to Thailand?

International money transfers could be of more interest to overseas property buyers if changes are pushed through regarding the country's property laws.

At the moment, foreign buyers can only buy property with a 30-year registered least term.

However, the Joint Foreign Chambers of Commerce in Thailand and real estate consultants are lobbying for the introduction of a 60-year lease.

This would go some way to bringing Thailand into line with its neighbours, although many of them already have 99-year least terms for foreign buyers, Property Wire reported.

A recent report from CB Richard Ellis noted: "Most of the successful property markets in the region are either totally liberal, for example, Hong Kong, or have recently dramatically reduced restrictions on foreign ownership, such as Singapore."

The paper noted that certain markets, such as that of the UK, actually favour foreign buyers over domestic buyers, particularly in respect of tax.

By making "sensible changes" to its current policy, Thailand could enjoy a positive impact on its economy from its property market.

Meanwhile, buyers who are keen to take advantage of changes to international property markets might want to double check if they are getting the best rate on their foreign exchange.

This can save a significant amount when transferring large amounts on money around the world.

The CB Richard Ellis report added: "By simply adjusting the calibration of current foreign property ownership legislation with a view to improve inbound investment, there are major benefits to be made in real estate, construction, retail consumption, education, transportation, schooling, and tourism.

"It is Thailand's choice whether it wants to reach out and take a share of this market."

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Sarah Pitton