Long-stay visas proposed for foreigners who buy Bt3m condos

By The Nation

 

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Thai residency visas for foreigners who invest as little as Bt3 million in property is among five proposals being considered by the Finance Ministry.

 

The proposals were put forward by Thai real estate associations in a bid to lift a property sector slumping under the impact of Covid-19.

 

The Housing Business Association, Thai Real Estate Association and Thai Condominium Association (TCA) sent the proposals to Finance Minister Arkhom Termpittayapaisith on December 9, TCA deputy chairman Chairat Thampeera revealed on Thursday.

 

Under current rules, foreigners must spend at least Bt10 million on property to be eligible for a residency visa.

 

However, under the proposed three-tier visa system, foreign purchasers of condos worth Bt3 million-Bt5 million would get a five-year visa.

 

Meanwhile buyers of Bt5 million-Bt10 million condos would get 10-year visas, and those who bought condos for more than Bt10 million would be granted permanent residency.

 

The other four proposals are targeted at Thai property buyers.

 

The first is to cut ownership-transfer and mortgage fees to the lowest rate until December 31, 2021 to reduce the cost of buying both new homes and second-hand houses.

 

The second is to relax government loan-to-value (LTV) mortgage enforcement to provide opportunities for people with purchasing power to invest in property. The real estate associations say home-loan providers already have strict LTV rules.

 

The third is to extend the land-and-buildings tax cut for another two years until the end of 2022 to help relieve ownership burdens.

 

The fourth is a cash-back campaign and credit increase from Bt50,000 to Bt100,000 per person until the end of 2021 to encourage first-time buyers to make their purchases.

 

Source: https://www.nationthailand.com/property/30399773

 

 

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4 minutes ago, webfact said:

However, under the proposed three-tier visa system, foreign purchasers of condos worth Bt3 million-Bt5 million would get a five-year visa.

 

Meanwhile buyers of Bt5 million-Bt10 million condos would get 10-year visas, and those who bought condos for more than Bt10 million would be granted permanent residency.

I think they may need to rethink this: couldn't you buy, then sell a Bt10 mil condo & keep the PR? (Or a 5 mill condo, then keep the 10 year visa?)

OK Ive  bought 7  in the last 8 years....what do I  get? what;s  that ........oh nothing, thanks

12 minutes ago, onebir said:

I think they may need to rethink this: couldn't you buy, then sell a Bt10 mil condo & keep the PR? (Or a 5 mill condo, then keep the 10 year visa?)

True, but I'm sure it's a wet dream in the making for immigration. Think of all the multiple copies of paperwork needed as part of an 'ongoing review' to ensure your continual eligibility for a visa or PR.

Condos market should be diving if they are making this kind of proposition...
I dont know who would be stupid enough to buy now.

How about permanent residence for all those long term married to Thais that buy a property ? That would be nice

I hate condo's. Would never buy one. Maybe a townhouse. Definitely a houses with land. They should let farangs own land and build their own houses. That would work.

Just now, RichardColeman said:

How about permanent residence for all those long term married to Thais that buy a property ? That would be nice

Agreed. And then I woke up.

2 minutes ago, RichardColeman said:

How about permanent residence for all those long term married to Thais that buy a property ? That would be nice

Could  I  marry  7  time s over?

3 minutes ago, Olivie said:

Condos market should be diving if they are making this kind of proposition...
I dont know who would be stupid enough to buy now.

People  looking for  bargains and  not stuck  in the here and  now

1 minute ago, bodga said:

Could  I  marry  7  time s over?

Just how much of a masochist are you?

Someone once said, "Polygamy is having one wife too many. Monogamy is the same."

37 minutes ago, webfact said:

The proposals were put forward by Thai real estate associations in a bid to lift a property sector slumping under the impact of Covid-19

Its only a proposal by vested people who worry about their livelihood, doesn't look like it will be adopted by the government as it lacks merits and its only another rabbit being pulled out for the betterment of the property section...

Hmmm, spend 300k US on a condo which I can rent out (I'll bet there's a condition I can't), get PR. 

 

Live in my wife's house on the income from the condo.

 

If it all goes belly-up I still have the condo.

 

I expect there will be so many hoops and conditions attached that few will be willing or able to take them up on this.

 

 

6 minutes ago, bluesofa said:

Agreed. And then I woke up.

Hey, you should have taken the blue pill.

1 minute ago, bluesofa said:

Monogamy is the same."

 

I thought it was a hard wood .. 

And a song by Diana Ross back in the day .. 

Ooh err , hang on I think I've got the wrong mahogany .. 

5 minutes ago, Justgrazing said:

 

I thought it was a hard wood .. 

And a song by Diana Ross back in the day .. 

Ooh err , hang on I think I've got the wrong mahogany .. 

Ebony And Ivory?

I will continue with my retirement extension thank you which takes about 2 hours every year and around 2000 b.

They should increase foreign quota, so many Thai quota are unsold or empty and can't sell. 75% would work

who would be stupid enough to do this especially with the baht now at 29.75 to the US dollar....give me a break

Developers getting desperate to keep the gravy train rolling. How many will be bust this time next year?

Welcome to the "100,000 baht per Square Meter Long Term Visa Program."

18 minutes ago, Lingba said:

who would be stupid enough to do this especially with the baht now at 29.75 to the US dollar....give me a break

Yeah...I was going to buy a car soon...not anymore....gonna kill off any large purchases by foreign investors/residents

How about scrapping the income requirement and 3 years tax returns for those that are married to a Thai with Thai kids and have been living here 5 years or longer so they can obtain PR?

 

these people should have the right to residency or at least a realistic, obtainable path towards it! 
 

in fact, I read the law a while back.. isnt there still a law on the books that allows for this under the humanitarian category?  But the powers that be have decided not to use that law in the past 10 years or so?? Maybe someone can correct me here but whats that all about? The law exists that will permit many foreigners to obtain residency without the need for tax returns but the government just dont want to use it anymore? ???? Am I right in my assessment here? @ubonjoe

Edited December 17, 20205 yr by Liverpoolfan

They never do it because this plan is too simple and too transparent.. ????

Edited December 17, 20205 yr by Destiny1990

53 minutes ago, bkk6060 said:

I will continue with my retirement extension thank you which takes about 2 hours every year and around 2000 b.

 You kinda are misleading other members here are about how simple and easy ur visa process is. Thats kinda annoying stop that.

1 hour ago, RichardColeman said:

How about permanent residence for all those long term married to Thais that buy a property ? That would be nice

What are you talking sense for.???? That will be called a ridiculous idea. Actually supporting those that in the long term support the country and its people.

 

Sadly that no doubt will go in the bin with all other great ideas that will benefit Thailand.

Too good an idea and too uncomplicated and not enough hoops to jump thru sorry won't work here, need something with more paperwork to confuse everyone.

1 hour ago, Destiny1990 said:

 You kinda are misleading other members here are about how simple and easy ur visa process is. Thats kinda annoying stop that.

 

no he's not.

 

a retirement visa has a small list of requirements that need to be met. once met the visa process is quite simple if you do exactly what is asked of you by the thai government. 

 

This is a modern rehash of the scheme introduced post Asian financial collapse of the late 1990's. Lasted a few years until various governments decided they didn't like bits of it.  The PR addition is an interesting twist, can't wait to see how they will mess with that especially for those who get it.

1 hour ago, Destiny1990 said:

 You kinda are misleading other members here are about how simple and easy ur visa process is. Thats kinda annoying stop that.

It's actually not that difficult and it's mechanical, and if you compare with other countries it's more easy.

 

Face the facts, Thai's will never allow easy access to PR, citizenship, very long-term easy renewable visas, same as many other countries.