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

Maya Taylor

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30 property developers expected to sign up to Elite visa incentive scheme | The Thaiger
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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

10 Comments

  1. Avatar

    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.

    • Avatar

      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 !!!!

    • Avatar

      Fred glue

      Tuesday, December 22, 2020 at 2:56 pm

      Smart man, all that money for what.

    • Avatar

      Mike

      Wednesday, December 23, 2020 at 9:16 am

      Absolutely right ! Overpriced junk condos

    • Avatar

      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…

  2. Avatar

    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.

    • Avatar

      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”.

  3. Avatar

    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.

    • Avatar

      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.

  4. Avatar

    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.

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Thailand

1.5 million Thais approaching poverty line

The Thaiger

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1.5 million Thais approaching poverty line | The Thaiger

A new report by the World Bank has indicated that 1.5 million Thais are approaching the poverty line after Covid-19 ravaged the tourism-dependent economy. In 2020, the report says the poverty ratio in Thailand increased to 8.8%, compared with 2019’s figure of 6.2%.

The report is troubling as the Thai economy already passed rock bottom in the 2nd quarter of 2020, with the the 2nd wave of Covid hitting just before the year end. Now, as many provinces have essentially went into lockdown from domestic and foreign tourism, workers are out of jobs, whereas before, domestic tourism was serving as a way to help businesses survive.

The government stimulated the economy by spending the equivalent of 13% of the gross domestic product, but the World Bank is predicting it may take 2 more years for Thailand to return its economic situation to its pre-Covid state. But the news is not all bad as the World Bank expects the Thai GDP to grow by 4% this year, instead of declining by 6.5% last year.

Such reasoning is due to the expectations of the Covid-19 vaccine being rolled out, and global economic growth. But if the Covid-19 situation becomes more severe, the expected economic growth would decline to 2.4%. Political instability in Thailand is another risk factor as months of protests have shaken views on Thailand’s government, which has invoked the lese majeste defamation law on protesters who were criticising the Royal family. Human rights organisations have issued statements that condemned the government as it began charging minors with the law.

Today, Thailand reports 309 new cases of Covid-19, with 80 being locally transmitted. Most of the cases were due to active testing and 12 were from those already in quarantine. Thailand is expected to receive 50,000 doses of the Oxford AstraZeneca vaccinesby the first week of February. The shipment is part of the first lot of 26 million doses on the agreed purchase in October of last year.

SOURCE: TNA

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Thailand

Thai senior and disabled citizens will receive 2,000 baht handouts

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Thai senior and disabled citizens will receive 2,000 baht handouts | The Thaiger
PHOTO: Post Today

While the government’s economic stimulus packages continue to roll out, there is also a concern for the disabled and senior citizens who are excluded from the criteria to get benefits from the government’s major aids at this stage. The Ministry of Social Development and Human Security plans to distribute 2,000 baht handouts to that demographic of the Thai population.

According to the MSDHS Permanent Secretary, the ministry has allocated the budget to help those underprivileged groups who are excluded from the main national relief measures. However, at the initial stage, the handouts will be distributed on a case-by-case basis with the help of reports from the community development volunteers about the actual situation of each affected household.

SOURCE: NNT

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Thailand

210 billion baht stimulus confirmed for “Rao Chana”

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210 billion baht stimulus confirmed for “Rao Chana” | The Thaiger
PHOTO: Thairath Online

A budget of 210 billion baht of stimulus handouts to help financially-affected people from the Covid-19 outbreak, has been confirmed and ready to be distributed to 31 million people. Each applicant in the project will get 7,000 over 2 months, but not in cash. They will only get money transferred via the “Pao Tang” app once subscribing to the website “เราชนะ.com”, an app ‘e-wallet’.

Registration is scheduled for January 29 to February 12. Applicants will be screened for their annual income and how much they have in their bank accounts. Those with an annual income exceeding 300,000 baht and with savings of more than 500,000 baht as of December 31 last year will not qualify, according to Deputy PM Supattanapong Punmeechaow. People under the social security scheme, government officials, and state enterprise employees are not eligible for this campaign. Neither are foreigners.

The subsidy covers people’s food, drink, and essential items. They can also pay for public transport service providers who register in the project including motorcycle taxis, taxis, and passenger vans. The amount of money can be topped up each week if not spent, and there is no limit of how much to spend per day.

However, comments and responses are raised among the netizens who say “they prefer cash”. Finance Minister Arkhom Termpittayapaisith says, “Financial relief is not being given in a form of cash. The money will be disbursed in phases to stimulate steady spending on essential goods. We want to inject cash into small businesses like the co-payment scheme.”

Also, questions have been raised for some people who can’t afford smartphones to get access to the app. Replying to this concern, he said… “The government will see what it can do to help them buy cheap phones”.

According to the Finance Minister, the government has approved several campaigns to help relieve people’s cost of living, including the “Let’s Go Halves” co-payment scheme that starts today as well as discounts on household electricity and water.

SOURCE: Bangkok Post

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