Foreigners offered new ‘smart visa’ if they buy a condo in Thailand, Elite Card holders offered work permits

[webfact]

Foreigners offered new ‘smart visa’ if they buy a condo in Thailand, Elite Card holders offered work permits

 

Image: Thansettakij

 

Thailand's government are coming up with yet more ways to try and woo foreign visitors and investors back to the kingdom. 

 

Now they are dangling a changed "smart visa" before the eyes of condo buyers and even promising to throw in an "Elite Card" if you spend enough in the real estate market.

 

Thansettakij reported that the BOI (Board of Investment) are considering adjusting requirements for a so-called "Smart Visa".

 

Foreigners who buy an EIGHT million baht condo and don't sell it for five years could get one. 

 

In addition there is now a scheme that if people invest enough in the real estate sector they will be given a "free" Elite Card.

 

The card would only be given to those that put enough into the market, however, and must be commensurate with current charges for the card that is on sale for up to 2 million baht.

 

Also for the really well-heeled, if you plow in 31.5 million baht (US $1 million) you can even get a work permit. 

 

The BOI website describes the "Smart Visa" as follows:

 

Smart Visa is a new type of visa specially designed to attract highly skilled manpower, investors, executives and startup entrepreneurs wishing to work or invest in targeted industries in the Kingdom of Thailand. 

 

Source: Thansettakij

 

 

-- © Copyright Thai Visa News 2020-10-13

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[ThailandRyan]

Why would anyone want a cracker box 35 to 50 SqM condo. That's what 8 Mthb will buy you in Bangkok.  Why plow a million USD into real estate to get a work permit.  More carrots being dangled that are coated with vinegar.

[John Drake]

6 minutes ago, webfact said:

Foreigners who buy an EIGHT million baht condo and don't sell it for eight years could get one. 

So you must wait eight years so immigration can make sure you don't sell. Then, after eight years, you get the Smart/Dumb Visa

[NCC1701A]

do you have any idea how nice and huge a house you can buy in rural USA for a million dollars cash?

 

even in this inflated market you can buy a ranch on 5, 10, 15 or more acres, or a compound outside of a ski resort. 

[John Drake]

Nothing for something. That seems to be the nature of every "special" inducement Thailand offers.

[ThailandRyan]

1 minute ago, NCC1701A said:

do you have any idea how nice and huge a house you can by in rural USA for a million dollars cash?

 

even in this inflated market you can buy a ranch on 5, 10, 15 or more acres, or a compound outside of a ski resort. 

Son just bought a 3500sqft house on 5 acres in Montana for 560k

[richard_smith237]

‘The Hub of Crackpot ideas’ !!!!! 

 

There must be some who attend these discussions held behind closed doors who want to smash their heads against the wall. 

 

Every week there is a new announcement with an outrageously inane, moronic and utterly useless idea which is somehow announced with a level of pomp and pride reserved for the utterly stupid.

 

 

The BOI is in desperate need of some intelligent input, the solutions is so simple it's not even intelligent. 

 

Simply open up Thailand to anyone willing to quarantine, there is no intelligent reason for any other restriction. 

 

 

 

[Oldie]

Just don't forget to read the fine print. Visa regulations can change at any time...

[Forza2002]

People are going to be lining up around the block to sign up for this Smart Visa, NOT.... If they do sign up for it, they need their heads examined...

[kwonitoy]

Whats that rumbling sound?

 Be careful of the Stampede ✈️

[Pib]

Sounds like the BOI is just putting lipstick on a pig.

[NCC1701A]

20 minutes ago, webfact said:

Foreigners who buy an EIGHT million baht condo and don't sell it for eight years could get one. 

the government is so clueless. what they should be doing is setting the price at one million baht for a condo and a free elite visa for 5 years. then the glut of condos, especially at the low end would be cleared overnight and the Thai real estate market will recover faster. 

 

 

 

 

[tomazbodner]

24 minutes ago, ThailandRyan said:

Why would anyone want a cracker box 35 to 50 SqM condo. That's what 8 Mthb will buy you in Bangkok.  Why plow a million USD into real estate to get a work permit.  More carrots being dangled that are coated with vinegar.

Depends where and what you're buying. Majority of that size cost far less than you quoted. And many are built better than one I was asking about, where 48m2 was 3.6 million baht.

[Misterwhisper]

3 minutes ago, John Drake said:

So you must wait eight years so immigration can make sure you don't sell. Then, after eight years, you get the Smart/Dumb Visa

Yes, that's exactly how I read it, too. Either it's confusingly worded -- or it's one of the worst deals of the decade as far as visa regulations are concerned.

 

Either way, compared to this offer the "normal" smart tourist visa (which only costs 10,000 baht and permits holders to stay for up to 9 months) seems like a much better option -- and yet it still failed miserably. Just like this new scheme will, too, I reckon.

 

You know, I understand how desperate Thailand must be, with its entire economy foundering and all. But so far they have been incapable of coming up with even one single reasonable (and workable) visa solution that would not require applicants having to jump through hoops or spending entire fortunes. And that, in my book, is called ineptitude, nothing else.

 

It appears to be way easier to get into North Korea or Turkmenistan these days than into Thailand. And much, much cheaper, too. 

[AbeNormal]

complete and utter nonsense 

[John Drake]

3 minutes ago, Misterwhisper said:

You know, I understand how desperate Thailand must be, with its entire economy foundering and all. But so far they have been incapable of coming up with even one single reasonable (and workable) visa solution that would not require applicants having to jump through hoops or spending entire fortunes. And that, in my book, is called ineptitude, nothing else.

Complete and utter lack of reciprocity. What they're willing to give amounts to a bag of beads and glass baubles. They seem to think that they must absolutely screw you over on each one of their "offers."

[pantsonfire]

So thai people think Foreigners are dumb by enticing them by for example a farmer give them a cow, they return you milk

[John Drake]

12 minutes ago, NCC1701A said:

the government is so clueless. what they should be doing is setting the price at one million baht for a condo and a free elite visa for 5 years. then the glut of condos, especially at the low end would be cleared overnight and the Thai real estate market will recover faster. 

 

 

 

 

They haven't quite figured out yet that they're the beggars, not the choosers in these schemes. 

[madmen]

100% scaming effort 0% recovery effort. Let's see what tomorrows announcements bring 5555555 

[bkk6060]

100,000 current empty units in BKK.

Any condo purchased will probably depreciate 500,000 b or more over the next few years anyway.  So just forget it and buy the Elite card if you want it.

[DLock]

Thailand don't understand that Thailand is not that attractive anymore.

 

Sure, there are certain segments that are desperate to get back, but Thailand is not what I would consider a high end destination. It is still a developing nation with pockets of faux-luxury bordered by poverty.

 

Given it's previous natural beauty, food, culture and diversity, it could have been something pretty special. But greed took over.

 

But now it's a polluted dump of greedy "prospectors" mining the slim pickings of once thriving gold towns...

 

They can try as many schemes as they want. They will all fail miserably until they open the gates to everyone with no requirements - except the 2 weeks quarantine.

[Wonderboy]

How can you buy a condo if you are not in the country? If you are, then you already have a visa...

[Pattaya Spotter]

44 minutes ago, ThailandRyan said:

Why would anyone want a cracker box 35 to 50 SqM condo. That's what 8 Mthb will buy you in Bangkok. 

Maybe because that's twice the size and half the cost in Shanghai, Hong Kong, Singapore, Seoul, and Tokyo. 

[ezzra]

I really would like to be a fly on the wall of those departments that comes up with all of thees birdbrain ideas and just sit there and see how the evolution of the human brain past over those places..

[Pib]

Usually failures teach organizations and people how not to repeat the same or similar failures.   Apparently such a learning experience does not work in Thailand because This Is Thailand.

[Grapefruit]

56 minutes ago, NCC1701A said:

do you have any idea how nice and huge a house you can buy in rural USA for a million dollars cash?

 

even in this inflated market you can buy a ranch on 5, 10, 15 or more acres, or a compound outside of a ski resort. 

Not much use for anyone who wants a property in Thailand.

[simon43]

They are totally delusional!!

 

Let me spell it out for you:

 

THE BOAT HAS SAILED

 

THE GOOSE WITH THE GOLDEN EGGS IS DEAD

[grantbkk]

This super idea targets two groups of well heeled travelers. First, Mega Lottery winners with no idea how to manage the wealth that has been foisted on them. The second, criminals and corrupt people that need to launder money they acquired illegally. 
Seriously. These ministers and officials must be required to have staff meetings and come up with schemes than can never see the light of day. 

[Grapefruit]

21 minutes ago, Wonderboy said:

How can you buy a condo if you are not in the country? If you are, then you already have a visa...

...you may have a visa or extension of stay but you sure don't have a five-year Elite visa!

[darrendsd]

1 hour ago, NCC1701A said:

do you have any idea how nice and huge a house you can buy in rural USA for a million dollars cash?

 

even in this inflated market you can buy a ranch on 5, 10, 15 or more acres, or a compound outside of a ski resort. 

What has that go to do with Thailand?