CRITERIA FOR THE PURCHASE OF A GROUND BY FOREIGNERS

Land Code (" Land Code ") had been amended to allow the purchase of grounds purposes residential by foreigners, according to criteria, procedures and conditions to be prescribed by Ministerial Regulations.

On January 11, 2002, the Home Office emitted these Ministerial Regulations, details of which are summarized below:

Investments must be made in:

ˇ obligations emitted by the Thai government, the Bank of Thailand, or the public companies, or in secured bonds by the Exchequer;

ˇ The property capital or the common capital of investment established by the law on the stock exchange and the Securities and Exchange Commission (" Securities Exchange Commission "), and the capital specially constituted to resolve the problems of the financial system;

ˇ participations in the capital of companies promoted with the BOI; and

ˇ eligible activities in the promotions of the BOI ( BOARD OF INVESTMENT).

Investment has to be at least 40 million bahts and must be maintained during a period of at least 5 years.

The ground must be localized in the metropolitan region of Bangkok, Pattaya and its municipalities, or in residential zones quoted in the laws of the town planning, but situated except the zones of security indicated by the law on the zones of military security.

The ground must be used only by the authorized foreigners as well as by the members of their families, and the use of the ground does not have to be against the good morality or in local custom of communities.