Thailand’s 5 year visa with condo purchase scheme will do little to spur real estate market, says Thai media

 

Picture: Manager Online

 

Thai business media Manager once again gave column inches to the "Elite Card" scheme that will give residence of five years to anyone who invests 10 million baht in a condo or condos from the same company in Thailand. 

 

The scheme comes in on January first and will last for two years. 

 

The project under the "Flexible one Program" has been much hyped as a means of stimulating the economy and the flagging real estate sector. There are buzzwords aplenty and it has been hailed by some in the industry as promoting the idea as "Thailand - The Best Second Home".

 

But after giving space to many upbeat officials Manager gave their damning assessment in RED at the end of their piece. 

 

This was that the target of selling 100 condos at 10 million baht and getting a billion baht in the real estate sector as a result was a drop in the ocean. 

 

Their assessment is that it won't make a blind bit of difference compared to the massive stockpile of unsold condominiums.

 

Source: Manager Online

 

 

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1 hour ago, webfact said:

Their assessment is that it won't make a blind bit of difference compared to the massive stockpile of unsold condominiums

Exactly in fact, if they manage to fool even one, I'd be surprised. 

Many first world countries and other tropical paradises will offer permanent residency or even citizenship for a real estate investment that starts at US$125,000 (฿3,750,000) and for most people, are more attractive options than Thailand.  Perhaps if Thailand lowered the bar to ฿3,000,000 to ฿4,000,000 and gave a lifetime Elite Visa they would get a decent amount of condos sold.  
 

It would be a win-win for all parties involved.

 

Supply....meet demand.

 

https://citizenshipshop.com/property-investment-based-citizenship-and-residency-schemes/

Edited December 8, 20205 yr by Airalee

26 minutes ago, Airalee said:

gave a lifetime Elite Visa they would get a decent amount of condos sold.  

just think of all the money the government would lose, after 5 years need to buy Elite again at 600k or lose Elite status

If you want people to spend at least 10 million baht (330k US give or take), you're going to want to offer more than 5 measly stinkin' years. Why would you spend that much cash on a place that will more than likely not increase in value or will be very difficult to shift. Then you have the worry of what to do for a visa after 5 years.

 

Stop with the childish caveats. Make it so people are genuinely rewarded for investing. It's not as if a visa really costs anything. Foreign investors can't exactly get a job driving taxi or working in Seven - nor would they want to. There's no welfare to be claimed. No free medicare, etc.  

 

It reminds me of my brief stint working for a Thai company. When negotiating holiday allowance, they agreed to it reluctantly and then tried to say that I'd have to work certain public holidays if I wanted the few extra amount of personal holidays. I explained how that would be of no benefit to me and their logic made no sense. 

 

 

1 hour ago, foreverlomsak said:

just think of all the money the government would lose, after 5 years need to buy Elite again at 600k or lose Elite status

You can’t lose what you aren’t gaining.  It’s too bad gambling isn’t legal here in Thailand...we could place bets on how many condos will be sold under this scheme.

4 hours ago, webfact said:

Their assessment is that it won't make a blind bit of difference compared to the massive stockpile of unsold condominiums.

And they want to build more.  Your investment will not appreciate either.   The market is flooded.

Another failure plan. Better try unlimited visa for condo purchase above 2 Million. It will bring rice on the table for taxi’s, developers, restaurants, tax departments,    etc..

How about a one year free visa if you buy a condo over a million? In that year you could figure out way to extend it, or maybe just sell to next guy in line... spitballing here...

I'd maybe buy a 10 million baht condo if they threw in a donkey, but an elite visa ? Meh.

Condo is a waste of money in Thailand with some crazy neighbours and thin walls.

 

Even Thais don't want to stay in condos.

51 minutes ago, Emdog said:

How about a one year free visa if you buy a condo over a million? In that year you could figure out way to extend it, or maybe just sell to next guy in line... spitballing here...

Good and sensible idea, make it renewable based on the retention of the property. You get extended if you still own/live there. Easy. 

 

Other ideas; lifetime visas and the like are pie in the sky. They hold on to residency and citizenship here like they hold onto their balls. 

 

And that is never going to change. Just look at the West. 

My retirement extension costs 1,900 baht for 1 year. 5 years would be 9,500 baht. Why I would spend 10,000,000 baht on a condo to save 9,500 baht (or 600,000 baht for the ridiculous Elite visa) baffles me. 

Yes, of course it will do little.  Everybody knows this except the idiots proposing these ridiculous schemes.   Always teeny tiny ideas with massive fine print.  Shoot for big ideas with no fine print instead. 

1 hour ago, Mr Meeseeks said:

Good and sensible idea, make it renewable based on the retention of the property. You get extended if you still own/live there. Easy. 

 

Other ideas; lifetime visas and the like are pie in the sky. They hold on to residency and citizenship here like they hold onto their balls. 

 

And that is never going to change. Just look at the West. 

But a one year visa is hardly an enticement.  
 

The Elite Visa used to be for life.  Why not bring that back?  I am on a retirement visa (extension) using the 800k in the bank renewal method,  but if was offered an Elite Visa...that didn’t expire in 20 years...I’d consider buying one.  If the holder of said visa has sufficient health insurance, I don’t see why the government here would be opposed to it.  It’s not like it comes with voting rights or even the ability to own land (I agree with Thailand’s stance on that fwiw).  They could even throw in the stipulation of an 800k bank balance to help shore up their banks.

4M thb new or secondary market. If you buy used this moves the market and allows the (Thai) owner to then buy as well.

 

Allow foreigners to buy up to 2.5 rai of land.

 

Increase foreign condo quota to 75%. 

 

Condo owners enjoy one years extensions for 1900b with their name on chanote and 250k in the bank. 

 

Those employed in Thailand can use the full salaries and past salary history (tax form) toward purchase with no need to recycle money for foreign exchange certificate. Show your tax records, hand over Thai baht. 

 

Permanent residence relaxed for married people.

5 hours ago, Airalee said:

https://citizenshipshop.com/property-investment-based-citizenship-and-residency-schemes/

That link has nothing in Asia, but as I understand a "qualified" investment of over $300k+ in Cambodia can grant your citizenship within around six months. I have not looked into it, so there may be other requirements that makes it harder than it first looks.

7 hours ago, webfact said:

Their assessment is that it won't make a blind bit of difference compared to the massive stockpile of unsold condominiums

Oh the horrors, oh the shock, oh the dismay. Que the politicians jumping out of the windows to save face instead of doing it the Japanese way of Harikari. For those who must know Harikari is the ritual suicide by disembowelment with a sword, formerly practiced in Japan by samurai as an honorable alternative to disgrace or execution, perfect for those in power.

Edited December 8, 20205 yr by ThailandRyan

...condo or condos from the same company in Thailand. ..

 

Why the same company? I buy 3 condos from different owners? Not ok, mai?

58 minutes ago, Cat Boy said:

My retirement extension costs 1,900 baht for 1 year. 5 years would be 9,500 baht. Why I would spend 10,000,000 baht on a condo to save 9,500 baht (or 600,000 baht for the ridiculous Elite visa) baffles me. 

Assuming no funds to support retirement 5 years would only cost say 65,000 max through an agent, still a vast difference leaves you 535,000 to spend on yourself instead of giving it to the government. Before anybody suggests I'm touting for an agent I've never used one.

57 minutes ago, Airalee said:

The Elite Visa used to be for life.  Why not bring that back?

Simple to many hands in the pot looking for handouts, they would loose too much.

 

15 minutes ago, my friend you said:

Why the same company? I buy 3 condos from different owners? Not ok, mai?

Of course not, the money should go to one who has already, not spread it around the general population.

1 hour ago, SymS said:

That link has nothing in Asia, but as I understand a "qualified" investment of over $300k+ in Cambodia can grant your citizenship within around six months. I have not looked into it, so there may be other requirements that makes it harder than it first looks.

You can become an Oknya for that money in Cambo.

I'm slowly getting the feeling they're only interested in our money... You should spend 10 million Baht for a condo without having the guarantee to be able to use it longer than 5 years. Visa regulations can change at any time and you don't have a right to stay here. But there might be other problems too. 

 

I regret already that I bought a big condo here in Pattaya. Due to extreme bar noise and this for years I will move out pretty soon. I have enough. The local government and the police didn't change anything. The condo can't be used anymore. A total loss and sadly I will have to continue to pay the condo fees of several thousands of Baht every month for nothing. No idiot will buy this noisy condo. So the people should be careful in respect of changing visa regulations and other possible problems. Otherwise this 5 year visa can get very expensive. 

5 hours ago, Destiny1990 said:

Another failure plan. Better try unlimited visa for condo purchase above 2 Million. It will bring rice on the table for taxi’s, developers, restaurants, tax departments,    etc..

In the immortal words of Jessie Jay's song

"it's all about the money money money"????????????????????????????????????????????????

A bit unfair. Buy a condo and get a 5 year visa. Have a family and take care of a Thai family, on the other hand, might get you a 1 year visa or, if you dont have a lot of money on the bank, its a three month visa. 

43 minutes ago, herwin1234 said:

A bit unfair. Buy a condo and get a 5 year visa. Have a family and take care of a Thai family, on the other hand, might get you a 1 year visa or, if you dont have a lot of money on the bank, its a three month visa. 

You have to spend 10 (ten) million Baht to get this visa and you have no idea what will happen after these 5 years. Be happy with a 1 years visa and other much cheaper visa options.

I can live in Thailand forever if  have 10 million baht cash. You can always pursue other types of visa 

The signal that this offer sends is exactly: "Hey please, buy our condos, we have a problem to sell them"...Am not sure it's the good signal the real estate market needs....

1 hour ago, DPKANKAN said:

In the immortal words of Jessie Jay's song

"it's all about the money money money"????????????????????????????????????????????????

Seems its all about stupidity: As a developer i rather sell 75,000 units for 2M bht a piece then 50 units for 10M Bht a piece.