The year 2024 is an important year for Thai LGBTQIAN+ people. After the House of Representatives approved the draft bill to amend the Civil and Commercial Code (No…) B.E. or the Marriage Equality Act, 2nd-3rd readings on March 27. It is a good sign that the door to gender equality in Thailand will be opened to be more concrete. There will be laws to support and provide equal rights to LGBTQIAN+ couples, reducing the gap that creates gender inequality. If officially announced. Thailand will be the first country in Southeast Asia to allow LGBTQIAN+ couples to legally marry.
The passage of the Marriage Equality Act is therefore a significant positive change and an opportunity for the government and business sector to attract the purchasing power of this consumer group to help drive the Thai economy. According to LGBT Capital. The total global spending power of the LGBTQIAN+ consumer base (LGBT-GDP) in 2023 from a population of 388 million people worldwide (aged 15 and over) is estimated to be approximately 4.7 trillion US dollars per year. Which approximately 3.7 million Thai LGBTQIAN+ people have spending power of 26 billion US dollars per year. Reflecting the spending potential of this consumer group. It is also an opportunity for the real estate sector to respond to and grow along with the Rainbow Economy.
Marriage Equality Act: A Stepping Stone to Basic Rights for All Gender Couples
In addition to allowing LGBTQ people to legally marry, the Marriage Equality Act also provides comprehensive marriage rights, as follows:
Rights to Engagement, Marriage and Divorce LGBTQIAN+ couples will have the legal right to be engaged or married, which can be registered in Thailand and can fully exercise the same rights as male and female couples. In the ยูฟ่าเบท case of divorce. Whether voluntarily or by filing for divorce, they also have the right to receive equal protection.
Joint custody of adopted children allows LGBTQIAN+ couples to adopt a child of another spouse as their own, unlike previous cases where LGBTQIAN+ people could only have sole custody of adopted children because they were not legally married like heterosexual couples.
The right to care for the life of a legal spouse has the right to sign consent for medical treatment for the other. As a spouse and make decisions on behalf of the other regarding medical treatment. In addition, LGBTQIAN+ spouses are also entitled to receive benefits and welfare from the state as spouses. Including the right to reimburse medical expenses and social security rights.
The right to inherit from a spouse. If the beneficiary is a legally registered LGBTQIAN+ spouse, the spouse will be exempt from inheritance tax. And if one spouse dies without leaving a will. The surviving spouse will be considered a legal heir is also entitled to inherit the deceased spouse’s estate under the law.
The right to jointly manage marital property or assets. LGBTQIAN+ spouses will have the right to jointly manage marital assets under the law. Including assets acquired by spouses during marriage. Such as salary, bonuses, or assets acquired by one spouse during marriage by will or by a written gift stating that they are marital assets. As well as assets that are the fruits of personal assets. Including real estate ownership such as houses/condominiums.
As can be seen, the Marriage Equality Act is like a ladder leading LGBTQIAN+ couples to basic rights in various areas. Including home ownership. Such as opening up opportunities to jointly borrow money to buy real estate as a couple. Data from the Bangkok Metropolitan Region Housing Confidence Index report in the first quarter of 2024 by the Government Housing Bank Real Estate Information Center (REIC) revealed. That consumers who want to buy a home are LGBTQIAN+ at 4.9%. The demand for housing, which is a necessity of 4 is considered a genderless trend and LGBTQIAN+ consumers have the same housing needs as consumers in other groups. Therefore, they should receive equal access to housing loans.
Unlocking Home Equality for LGBTQIAN + Couples with Marriage Equality Act
DDproperty, Thailand’s No. 1 real estate platform. Revealed that although Thai society is currently more accepting of sexual diversity, there is still no official recognition of marital relationships. This affects the right to jointly borrow money to purchase real estate for LGBTQIAN+ couples. Generally, if it is a loan made alone, LGBTQIAN+ people can immediately apply for a home loan. But there is a limitation that they cannot apply for a loan as a joint borrower because they do not meet the bank’s criteria that states that joint borrowers must be close relatives. People who share the same ancestry, such as father, mother, brother, sister, or a man and woman who are spouses, who may or may not register. Currently, Thai law does not support the registration of marriages of LGBTQIAN+ couples, so such relationships have no legal effect.
However, there are now many banks that are launching special campaigns to give LGBTQIAN+ couples. The opportunity to apply for a home/condo loan together. Without any gender restrictions. Most of them have similar basic details, such as:
- Thai nationality, aged 20 years and above
- Have a stable income, with an income of 15,000 baht. More for both the primary borrower and the co-borrower (some banks require the primary borrower to have an income of 50,000 baht or more)
- Permanent employees must have a combined working experience at their previous and current workplace of at least 2 years (some banks do not specify this).
- The borrower must have documents or evidence showing the relationship or cohabitation for at least 1 year or as specified by the bank. Such as a house registration together a joint deposit account. Wedding photos or photos to confirm that they are really a couple, etc. (Some banks do not specify this).
In addition, borrowers must also meet the general housing loan criteria. Which are debt burden not exceeding 30-40% of income. Savings of at least 10% of the housing price and a record of account movement for the past 6 months. The loan amount received may be 100% of the loan application or vary according to the conditions of each bank. However, banks/financial institutions are currently stricter in considering loans to reduce the risk of incurring bad debt. Therefore, consumers should prepare their finances by being disciplined in saving money. Reducing unnecessary debt burdens creating good financial liquidity and demonstrating the ability to repay debts. Which will help the application for a home/condo loan go smoothly and provide a sufficient amount to purchase a home that better meets their lifestyle.