If you are considering taking a summer vacation in the island of Koh Tao in the Kingdom of Thailand, then you’re doing yourself a huge favour. You see, there is a great number of private villas- each one can be a great choice of place if you need a villa for your vacation. You just have to be extra careful when choosing because each individual Koh Tao villa offers different services and amenities which you cannot avail in other private villas elsewhere. Keep in mind that staying in a Koh Tao villa can be really expensive especially if you take into consideration the mere fact that you are looking at one luxury private villa.
Now, if you are a foreigner who owns properties in the Kingdom of Thailand, especially if it involves your precious Koh Tao villa, there’s a good news for you. The Finance Ministry is currently in the process of studying and figuring out other alternative ways to amend which limit foreigners’ right to hold real estate properties in the vicinity of the Kingdom. The current law states that a foreigner can only hold onto his property up to 30 years and the Finance Ministry wants to extend that period to 50 years. In addition to this, the ministry is also considering selling holding rights because it could mean more income for the kingdom which has recently changed its leadership due to the sudden passing of their former king. The ministry believed that introducing new laws and measures can attract new potential investors to invest for a vacation place in Thailand and eventually, furthermore boosting the numbers of tourists visiting Thailand’s tourist destinations including Koh Tao.
If the amendment goes through and get approved, it will be a revitalizing news especially for those who are in the sector of developing real estate properties because they don’t need to worry about shorter holding period especially if they are foreign investors who invested a relatively big amount of money just to build those villas. In addition to this, longer holding rights to foreigners mean more taxes to collect and eventually more money can be used for the betterment of the lives of Thai people.