The cabinet allowed the Interior Ministry to withdraw for reconsideration its newly drafted regulation to let specific groups of foreigners buy land for residence.
Acting government spokesman Anucha Burapachaisri said the drafted regulation was aimed at attracting foreign investment and was being scrutinized by the Council of State when the Interior Ministry requested its withdrawal.
The Interior Ministry wanted to further study the policy and gathered opinions from all parties concerned, he said.
On Oct 25, the cabinet approved the draft regulation in principle. It allowed wealthy foreigners, foreign retirees, the foreigners who want to work in Thailand and foreign specialists to buy no more than one rai of land each for their residential purpose.
The regulation required each foreigner to invest at least 40 million baht for at least three years. The investment was required to be in property funds, infrastructure funds and real estate investment trusts, for example. (TNA)