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

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