Elite card giveaway for 10 million baht condo purchase begins next month

 

Image: Thai Rath

 

Excitement is building as a plan to stimulate the real estate sector gets ever nearer.

 

This is the "Elite Flexible One" scheme that will give foreigners who invest heavily in Thai condos a five year visa to stay in the kingdom.

 

All you have to do is spend 10 million baht (about a third of a million US dollars) on a condo and commit not to sell it for five years. 

 

In return investors can live in Thailand getting a 500,000 baht elite card in the bargain.

 

The promotion starts on January 1st 2021 and continues until the end of 2022.

 

Somchai Soongsawang of Thailand Privilege Card thinks this is going to result in the sale of more than 100 units and bring a billion baht into the Thai economy, reported Thai Rath.

 

Source: Thai Rath

 

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I am guessing that those that bought in the past and spent 10 million baht or more on their purchase will not be grandfathered in.  However, I can not see anyone just spending that kind of money in order to get a free Visa, at least not those retiree's who already have a house, condo, and a extension of stay, but then maybe there are a few digital nomads or bitcoin investors who would fit the bill.  

With 10 million baht, I’d rather buy a 6 million baht condo, a 1 million baht elite visa, a nice car and a sweet stereo system.

Of course there's always the option of buying the 20 year membership for 1 million Baht and not bothering to buy anything.

 

Really?   When you can do a bargain and find a luxury condo for half the price?   

Then you can buy 4 cars and get the Elite card for less than 10 million....

44 minutes ago, rooster59 said:

Excitement is building as a plan to stimulate the real estate sector gets ever nearer.

 

Who's excited, hardly any buyer.. 

Well you can actually buy several condos, from google translate : 

However, those who buy condominiums participating in this project There is no need to buy a single unit, priced at 10 million baht, perhaps buying multiple units. But the combined price is not less than 10 million baht and must be purchased from the same company for inspection. By specifying qualifications, buyers aged 20 years and over are required to bring evidence of foreign funds transfer for investment in Thailand and proof of ownership of the property with a total value of not less than 10 million baht to apply for an Elite card. Flexible One, which is also required to pass the qualification examination as required. Which must not be a transnational criminal Or money laundering gangs that secretly hide in Thailand

It took a while, but finally they are admitting that real estate sector in Thailand is in big doo doo, and need silly offer like this, which is already dead in the water from the start

Condo living in cities that are deteriorating with pollution at an alarming rate?

 

No thanks.

 

 

 

 

Increase the of a condo from 8Mio Baht to 10Mio and throw in a free 500k Elite card.

Those stupid farangs won't notice it.

36 minutes ago, AlfHuy said:

Increase the of a condo from 8Mio Baht to 10Mio and throw in a free 500k Elite card.

Those stupid farangs won't notice it.

 

I don't think they are targeting farangs. The vast majority of the condo market is Chinese based.

10 minutes ago, Whale said:

 

I don't think they are targeting farangs. The vast majority of the condo market is Chinese based.

"I don't think they are targeting farangs. The vast majority of the condo market is Chinese "money laundering" based.

Thailand the king of *Do we cheat them and how*

I am constantly amazed at the people that try to retire there.

1 hour ago, fangless said:

"I don't think they are targeting farangs. The vast majority of the condo market is Chinese "money laundering" based.

They are targeting anyone who will bite. 

Another brain dead idea, they certainly are clutching at straw. 

i imagine this new 10 million baht elite club will just about fill 1 mcdonalds table

They are so stupid and believe that people are dumb that they use tiny gift to bait farang. 

10 mil. for only for 5 years  ?? For what. Other country give you a residence permit to stay !!. 

And thai idiot politician wants to kick the owner after 5 years for so much money for little condo !!

That will work fine for me as i intend to list my 12 million unit in mid Sukhumvit in a few months, the question is, how many foreignness with 10 million baht and who need this Elite visa are around?...

10 million baht

ok.   i would spend it on hookers and booze.

the rest i would just waste

 

Ps, Think i already did that in a past life here. LOL 

New bait for the hook I guess?

 

 

I fail to see how this scheme will pay off the 550 million Baht of debt the company that runs the Elite Card is in? 

 

If I was a potential Elite Card purchaser what would worry me most when parting with my dish is the fiscal ineptitude of the company and the fact that they are pretty much insolvent. 

 

If I part with my money where's the guarantee this company or the Thai government will honour their commitments? 

Like to make a counteroffer : How about every foreigner buying a condo above 1 Million Bht free visa and unlimited stay.

Whoever said "Money can't buy you love" has never intermingled with the Thai junta.  Immigration has a theme park feel to it, now more than ever.

 

The troubles with buy in Thailand:

 

1.  Management fees sometimes do not keep pace with maintenance needs, like a broken elevator example.

 

2.  The possibility of terrible neighbors.   Never experienced that myself, but my wife has.

 

3.   A non appreciating asset because Thai elites love building condos.

 

 

 

 

6 hours ago, RichardColeman said:

i imagine this new 10 million baht elite club will just about fill 1 mcdonalds table

Damn.

Where are they? We were told that a minimum 358,000.000 people would rush for this once in a lifetime opportunity.

    Again, oh wow.  They hope to move 100 condos.  Pathetic.  Such teeny tiny thinking.  Come up with a plan that will move 10,000 condos or more a year and you might be on to something.   Yet another total time-waster--especially reading all the fine print.   Again, keep it easy and simple and go for large numbers.  Something that is only appealing to 100 people is ridiculous.  

18 hours ago, Airalee said:

With 10 million baht, I’d rather buy a 6 million baht condo, a 1 million baht elite visa, a nice car and a sweet stereo system.

And you'd still have 2 mil to partake in other enjoyable entertainment.

19 minutes ago, Reigntax said:

And you'd still have 2 mil to partake in other enjoyable entertainment.

Nah...It would be a really sweet stereo. ????

19 hours ago, rooster59 said:

This is the "Elite Flexible One" scheme that will give foreigners who invest heavily in Thai condos a five year visa to stay in the kingdom.

 

All you have to do is spend 10 million baht (about a third of a million US dollars) on a condo and commit not to sell it for five years

 

20 hours ago, ThailandRyan said:

I am guessing that those that bought in the past and spent 10 million baht or more on their purchase will not be grandfathered in.  However, I can not see anyone just spending that kind of money in order to get a free Visa, at least not those retiree's who already have a house, condo, and a extension of stay, but then maybe there are a few digital nomads or bitcoin investors who would fit the bill.  

Cheaper to just buy the Elite Card. 

 

18 minutes ago, Letseng said:

Cheaper to just buy the Elite Card. 

 

But riskier. 

 

At least you'd still have a condo with this proposed scheme.