Economy

30 property developers expected to sign up to Elite visa incentive scheme

Published

Tuesday, December 22, 2020 10:45

FILE PHOTO

The president of Thailand Privilege Card, which runs the Elite Visa scheme, says around 30 real-estate developers have expressed interest in offering foreign buyers 5-year visas in return for investing at least 10 million baht in Thai property. Somchai Sungsawang says the scheme, known as the Elite Flexible One launches on January 1, with cards valid for 2 years.

Nation Thailand reports that developer Raimon Land has joined the scheme with 3 luxury condo developments and expects to hand out at least 200 Elite cards. Somchai says the scheme is aimed at reviving Thailand’s property sector, which, like so many other areas, has been hit hard by the Covid-19 crisis. A further 30 developers say they’re interested in joining the scheme.

“Most are large listed companies, with a lot of suggestions offered to increase customers and encourage more sales. The suggestions will be put to a TPC board meeting for further consideration.”

Somchai adds that the purchasing power of foreigners is significant to Thailand’s tourism sector and to helping businesses in that industry. Thailand usually enjoys the second-highest tourist numbers in Asia. The government has recently spoken about the possibility of easing restrictions for visitors from low-risk countries, although it remains to be seen what happens following the outbreak in the central province of Samut Sakhon.

Meanwhile, the TPC is eyeing a target of 3,000 Elite card entries in 2021. It’s understood that around 70% of people who have expressed interest in the scheme say they want to buy property in Thailand for either residential use or as a long-term investment. Elite cards are currently priced at between 500,000 baht and 2 million baht, although the lower price is set to increase to 600,000 from January.

SOURCE: Nation Thailand

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10 Comments

Alte Ledertasche

Tuesday, December 22, 2020 at 11:42 am

Never invest in Property or any other immobile asset in Land of Scam.

Quality is substandard, pricing a rip off and the legal framework not pro foreign investors.

Reply
- Graham Jarvis
  
  Tuesday, December 22, 2020 at 1:04 pm
  
  So they want to have people join these programs and then increase the price by 20%!
  Smart move !!!!
  
  Reply
- Fred glue
  
  Tuesday, December 22, 2020 at 2:56 pm
  
  Smart man, all that money for what.
  
  Reply
- Mike
  
  Wednesday, December 23, 2020 at 9:16 am
  
  Absolutely right ! Overpriced junk condos
  
  Reply
- Jean-Pierre
  
  Friday, December 25, 2020 at 3:44 am
  
  I don’t think it is for you / us. I am afraid they rather aim at the Chinese market, and they will pay…
  
  Reply
J West

Tuesday, December 22, 2020 at 2:44 pm

So now property developers control Thai immigration? Am I reading this right? If sales get worse as they are indicated to, will they begin offering citizenship and a new car to lease-holders that subsidize the rental rental guarantee? Why not a package of amenities including liquor and dates? Seriously, there are already ads running promising permanent residence for entire families in exchange for a condo purchase. What if the number of family members exceeds 100….is the OR offer still valid? Seriously, a few developers will have to accept their fate and declare insolvency.

Reply
- J West
  
  Wednesday, December 23, 2020 at 12:27 pm
  
  Quick addendum: The NPL market is heating up. Debt purchases by international entities will force change that’s been coming for months.
  
  (Please do not include links in comments)
  
  The article is from October, you can extrapolate a new number for December. Debt is an albatross and an asset. Change is inevitable. There are vulture hedge funds with hundreds of billions setting the stage for what comes next. Will local real estate reach a “ fire sale” stage? Quite possible a better time to buy lays ahead for the patient investor. As they say “ Don’t catch a falling knife”.
  
  Reply
Nipral

Wednesday, December 23, 2020 at 5:55 am

The Elite visa is a scam. You cannot set foot in Thailand under civilized conditions whatever visa you paid for ! Should you be prepared to quarantine no Elite b.s. is required.
Returns on Thai properties are very poor anyway and utterly uncertain.

Reply
- eddie
  
  Monday, December 28, 2020 at 3:22 am
  
  It is definitely a scam. Only desperate people will be willing to get this specifically those who are trying to avoid paying taxes in their own country. Imagine spending more than 15k USD visa. Thai people are just after money and they are willing to do everything just to scam you.
  
  Reply
Mr cynic

Friday, December 25, 2020 at 2:22 am

I see no reason why this should not be a repeat of the asian economic crisis.
Only real difference this time round will be that things will be about 100 to 1000 times worst for the sellers.
Should be bargains galore for folks with foreign reserves once the baht collapses.
You just have to look at the rates bkk and sin city ladies are charging at present,they know a thing or two about supply and demand.

Reply

Maya Taylor

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.

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