Calls to give foreigners who buy a condo residency in Thailand

[rooster59]

Calls to give foreigners who buy a condo residency in Thailand

 

 

The head of the Thai condominium association told the Thai financial media that she has recommended to the government to give foreigners migrant status if they purchase a condo of 10 million baht or more. 
 
Thansettakij said that meetings have taken place with developers since October 24th after requests were made to give foreigners five year visas for condo purchases of 5 million baht. 
 
The foreign ministry has also been pressed to make residence in the kingdom easier to get like other countries, especially neighboring states. Malaysia is often mentioned in this regard, notes Thaivisa.
 
The media said somewhat cryptically in their headlines that foreign investors would be getting a new year present.
 
Though they conceded that the current entry requirements remained a hurdle.
 
The developers are adamant that selling to foreigners - especially the willing Chinese - is the way to clear the glut of condos in the market.
 
Ms Apha Attaboonwong said that after the start of the long stay STV visa there was now light at the end of the tunnel.
 
But she advocated foreigners be given migrant status if they invest 10 million baht. 
 
The media also reported that people like retirees, teachers and professionals could be given long term status for investing 3 million baht though exactly what they meant by this was unclear. 
 
Thaivisa notes that something seems to be brewing to stimulate the flagging property market and increasing stories in the media indicate that more concrete announcements could be imminent. 
 
But for now it is a question of "watch this space".
 

Source: Thansettakij

 

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[RotBenz8888]

6 minutes ago, rooster59 said:

"watch this space"

It's going to stay upp there in space, it'll never come down to earth. 

[RandolphGB]

10 millions baht! Thais don’t have a clue. If they want investment in the country, they need to treat people (other than Chinese) with decency and give them some security instead of changing visa laws every month.

[misterjames]

They are getting desperate aren't they? ????

[rott]

And this is announced on a Saturday night, at 8.30 pm. 

[Gumballl]

1 minute ago, rott said:

And this is announced on a Saturday night, at 8.30 pm. 

It is what the gov't does after consuming a few cocktails... they spew out laughable ideas.

[ThailandRyan]

As usual it will be for a new condo purchase and,  those that have spent the money and bought previously will be left hanging in the wind 

[djinn]

A condo...bought to developers at inflated price????...Will not help the glut of condos for resale

[cheapcanuck]

I call B S.

[Chelseafan]

2 hours ago, RandolphGB said:

10 millions baht! Thais don’t have a clue. If they want investment in the country, they need to treat people (other than Chinese) with decency and give them some security instead of changing visa laws every month.

 

I think you've missed the point. This IS for the Chinese...

 

[thaipod]

Yes and report to your immigration office and pay 1900 Baht every 12 months..

[Lunchbob]

I guess they are trying to hold up the prices, but I don't think it works like this. Prices fluctuate. The laws are supposed to be stable. But, this is the start of the conversation. It will naturally spread to all of the other aspects of residency, ownership, villas, condos, etc...

[Jeffr2]

They're starting to get desperate if they are doing this.  Letting dirty farangs get residency.  Who would have thought.????

 

Seriously, it's a great idea.  Several countries already do this. From a few years ago:

 

https://qz.com/31397/buy-a-home-get-a-visa-for-a-mere-e160000-you-can-become-a-spanish-resident/

Edited October 31, 2020 by Jeffr2

[lujanit]

7 minutes ago, Jeffr2 said:

They're starting to get desperate if they are doing this.  Letting dirty farangs get residency.  Who would have thought.????

 

Never going to happen.  The Thais are racist and xenophobic towards farangs.  Maybe the Chinese will get some form of long stay visa but not farangs.

[Damrongsak]

I prefer an economical row house with a river view (Loei).  Like where my wife lived when we met.

 

 

But I do like a standalone house like my Sis-in-Law's house.

 

 

 

[Grumpy John]

1 hour ago, Damrongsak said:

I prefer an economical row house with a river view (Loei).  Like where my wife lived when we met.

 

 

But I do like a standalone house like my Sis-in-Law's house.

 

 

 

What a charming row of cottages...and with water views.  Would be a bargain for 10.000.000 barfs. If you buy in there do you get permanent residency? 

[animalmagic]

13 hours ago, RandolphGB said:

10 millions baht! Thais don’t have a clue. If they want investment in the country, they need to treat people (other than Chinese) with decency and give them some security instead of changing visa laws every month.

Couldn't agree with you more.  Buying property is not investing in a country it's investing in  a personal property portfolio; and not a very wise one at that.  The only people who benefit are the Govt and property developers, it has little or no financial benefit for the general population.

They did the same in HK where any person investing in property to the tune of 3/4 million USD could get an ID and residency for them and their dependents.  Hot money from China came in and caused an upsurge in prices that took any chance of buying their own flat away from many HK people.  The new immigrants then wanted the best medical treatment and schools so Govt hospitals were allowed to offer private treatment and International schools increased fees to make more out of the new arrivals who could afford.

Housing, education and health are three of the main pillars of a stable society and they were taken out of the reach of many who were born and brought up in HK.

[cardinalblue]

Is there really a 10M baht condo market?

That means quality fixtures and appliances installed...

 

my observation here is one unnamed but the biggest real estate developer in LOS uses the same materials they put in their 3M baht homes as they do they put in their 10-20M baht homes...

 

This is huge mistake property developers make here...good value for low end homes but terrible for homes over 7M baht homes not to upgrade materials, fixtures and appliances to reflect the home sale price...I view it as trying to pull a fast one as if the uneducated buyer won’t notice...

 

I wonder if this occurs in the condo market which I am completely unfamiliar with...

Edited November 1, 2020 by cardinalblue

[ftpjtm]

 

13 hours ago, rooster59 said:

But she advocated foreigners be given migrant status if they invest 10 million baht. 

 

Coincidentally 10 Million baht is the threshold were a residence becomes subject to annual property tax payments. 

Edited November 1, 2020 by ftpjtm

[StrandedBusinessPerson]

All I know is that if Tland had offered something like this 20 years ago, I would have bit. Instead, I chose Nepal as a place to invest and retire. Been back and forth ever since, at least once a year. I'd still consider a condo near the beach, if the regulations and requirements were not bat-<deleted> crazy, for both visas and property ownership. Seems to me, the housing bubble in Thailand is about to collapse, with a boatload of nice beach properties just sitting empty ... make me an offer like this: residential visa for any condo or villa, anywhere, with proper bank financing, and Im there.  

[skippybangkok]

Stupid proposal - Hong Kongers / Chinese will buy rights cheaply to move here

 

maybe 30m and above 

[hansnl]

4 hours ago, Jeffr2 said:

They're starting to get desperate if they are doing this.  Letting dirty farangs get residency.  Who would have thought.????

 

Seriously, it's a great idea.  Several countries already do this. From a few years ago:

 

https://qz.com/31397/buy-a-home-get-a-visa-for-a-mere-e160000-you-can-become-a-spanish-resident/

I guess in 15 years I invested 20+ million Baht in the country.

Do I qualify?

I know, I am not Chinese, but can I ask?

[Kwasaki]

So this means there a lot Condos they can't sell.

[Jeffr2]

1 minute ago, Kwasaki said:

So this means there a lot Condos they can't sell.

Excellent point!

[mogandave]

Yes, I imagine Toyota would support giving residency to people that buy cars built in Thailand as well. 
 

 

[Crash999]

This used to be the case in the 90s and from memory the number was something low like 3m. It still exists as some sort of investment visa but it much more, like 10x or more. 

[KhunKenAP]

Doubt this will ever happen, but if it does, hope they make it retroactive to the expats that have been here for years and have already made major investments in houses and other investment vehicles.

[Guderian]

Well I bought an 80 Baht krathong on Jomtien Beach last night, and I was very disappointed that it didn't come with permanent Thai residency, lol.

[AlfHuy]

2 hours ago, Grumpy John said:

What a charming row of cottages...and with water views.  Would be a bargain for 10.000.000 barfs. If you buy in there do you get permanent residency? 

You qualify for a "knighthood".

[Ventenio]

10 million MINIMUM.  let's say 12 MILLION

 

you can ONLY then sell it to another farang.......99% sure

 

so that's great for demand..... not

 

buy at 11 million, sell at 4 million.  get visa

 

enjoy