Dozens of developers to join visa-for-property scheme: TPC

[snoop1130]

Dozens of developers to join visa-for-property scheme: TPC

By The Nation

 

 

Thirty real estate developers will offer foreign buyers five-year visas in exchange for investing at least Bt10 million in property, under the “Elite Flexible One” card scheme launched on January 1 next year.

 

Thailand Privilege Card (TPC), which operates the scheme, said Raimon Land has already signed up three luxury condo projects, expecting sales of about 200 Elite cards.

 

At least 30 more real estate developers have expressed interest in joining, said TPC president Somchai Sungsawang after launching the scheme on Monday.

 

The move is aimed at lifting a property sector slumping under the impact of Covid-19. “Most are large listed companies, with a lot of suggestions offered to increase customers and encourage more sales.

 

The suggestions will be put to a [TPC] board meeting for further consideration," said Somchai.

 

He said that the purchasing power of foreigners is important to the tourism sector and related businesses in Thailand, which normally boasts the second-highest tourist volumes in Asia.

 

Relaxation of the travel ban is expected to see about 1,400 Elite Card members enter Thailand this year. The TPC has set a target of 3,000 Elite Card entries in 2021.

 

About 70 per cent expressing interest in the scheme said they want to buy Thai property for residential use and long-term investment – with many choosing Thailand as a retirement destination.

 

Most have high enough purchasing power to buy Elite cards priced at Bt500,000 to Bt2 million. To be eligible for an Elite Flexible One membership card, applicants must spend at least Bt10 million on condo-style property under the scheme.

 

Elite Flexible One cards will be issued for a period of two years, from January 1, 2021 to December 31, 2022.

 

Source: https://www.nationthailand.com/news/30399980

 

-- © Copyright The Nation Thailand 2020-12-21

 

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[welshguy]

Hmnn.

 

I wonder when the stampede to buy these 10 million?, condos./long term visas will start?!

[ThomasThBKK]

Yeez, i want permanent residency not this trash sheme, if i want an elite visa i just buy it.

 

Next one... 

 

Learn to give me something in return if you want 333k USD. 

 

That's a passport in real countries. 

[herfiehandbag]

16 minutes ago, snoop1130 said:

Thirty real estate developers will offer foreign buyers five-year visas for an estimated 10 million properties, under the “Elite Flexible One” card scheme launched on January 1 next year.

That is an awful lot of condos they are looking to shift! All those speculative building projects over the last few years must have got it badly wrong!

Edited December 21, 2020 by herfiehandbag

[bkk6060]

I think something is lost in translation.

10 million properties?

And 30 property companies involved?

So, each company would average around 330,000 units?

 

The Base alone in Pattaya is 1,000 units.  So, 330,000 of those times 10?

And, there will be 10 million condos available with a price of 10 million b?

 

Maybe I am missing something, but none of it makes any sense.

[GeorgeCross]

wake me up when they are offering permanent residency..

 

i can buy my own damn elite card.

 

 

[Flying Saucage]

37 minutes ago, snoop1130 said:

Thirty real estate developers will offer foreign buyers five-year visas for an estimated 10 million properties

 

Besides the ridiculous high number of 10 million properties and the obviously targeted nationality of the buyers:

 

Private companies and people will have the authority to offer visas to foreigners to support their businesses! Isn't that a nice proof that this country is nothing but a third-world banana republic?

 

Edited December 21, 2020 by Flying Saucage

[worgeordie]

Up to 10 Million ,Fake news surely, if true the last time

the had so many unsold units was before the bubble burst

last time.

regards worgeordie

 

[tracker1]

Certainly trying to look after the hi so developers more then the purchasers !

[Oldie]

I regret so much that I wasted a lot of money for my condo in Pattaya. After a while it was surrounded by noisy bars and neither the police nor the City Hall helps. A total loss of several million Baht for me. Better rent and take a more flexible visa. And think what could happen if this visa expires one day. You have no right to stay here. 

 

My 800.000 Baht for the retirement extension can be easily transferred to a different country. But selling especially an expensive condo might not be so easy. Or a condo that is surrounded by extremely noisy bars. I will never again buy property here in Thailand. I had my expensive lesson. 

[isaantom]

56 minutes ago, bkk6060 said:

I think something is lost in translation

May be condos with a price of 10 millions?

[86Tiger]

38 minutes ago, isaantom said:

May be condos with a price of 10 millions?

 

 

Yeah, something lost there.

 

Hoping to sell 3000 visas next year and sell 10 million condos with free visa, doesn't pass the smell test even with rose colored glasses........

[ourmanflint]

Timeshare is coming back!

[timendres]

1 hour ago, Oldie said:

I regret so much that I wasted a lot of money for my condo in Pattaya. After a while it was surrounded by noisy bars and neither the police nor the City Hall helps. A total loss of several million Baht for me. Better rent and take a more flexible visa. And think what could happen if this visa expires one day. You have no right to stay here. 

 

My 800.000 Baht for the retirement extension can be easily transferred to a different country. But selling especially an expensive condo might not be so easy. Or a condo that is surrounded by extremely noisy bars. I will never again buy property here in Thailand. I had my expensive lesson. 

 

You, Sir, are exactly right. So many times people have told me I am "wasting my money" on rent. But in the 11 years I have lived in Bangkok, I have had the chance to live in 5 different locations, each with its own unique character. I love exploring the new locations, with fresh shops and restaurants and people. Having the ability to move your 800k to another more inviting country also provides some peace of mind while watching the ever changing landscape.

 

Were I in my 30's, then, yes, I might be more concerned about building equity in a property. But at my age, death follows me like a shadow. I value flexibility much more than the investment potential.

[Susco]

It was in the news, and in the news forum on Thaivisa only 2 weeks ago, that the free elite card is for condo's with a value of 10 million baht.

 

So I wonder why now everyone is questioning the OP, as it clearly some error in the article, and you all know very well about it.

[kotsak]

It will be a stampede...

 

 

[Pravda]

If there are 10 million condos for sale then this country is truly done. 

 

The article makes no sense. 

[Enzian]

Seems like they may be more into TCP than TPC. Or maybe just old PCP.

[spiekerjozef]

56 minutes ago, Susco said:

It was in the news, and in the news forum on Thaivisa only 2 weeks ago, that the free elite card is for condo's with a value of 10 million baht.

So the previously 3 mln baht condos now cost 10 mln baht but they give you a "free" elite visa. Great deal...

[Donekys]

Well put

1 hour ago, timendres said:

 

You, Sir, are exactly right. So many times people have told me I am "wasting my money" on rent. But in the 11 years I have lived in Bangkok, I have had the chance to live in 5 different locations, each with its own unique character. I love exploring the new locations, with fresh shops and restaurants and people. Having the ability to move your 800k to another more inviting country also provides some peace of mind while watching the ever changing landscape.

 

Were I in my 30's, then, yes, I might be more concerned about building equity in a property. But at my age, death follows me like a shadow. I value flexibility much more than the investment potential.

well put

[Airalee]

1 hour ago, Susco said:

It was in the news, and in the news forum on Thaivisa only 2 weeks ago, that the free elite card is for condo's with a value of 10 million baht.

 

So I wonder why now everyone is questioning the OP, as it clearly some error in the article, and you all know very well about it.

Just 3 days ago in the news and on the forum, there was a proposal regarding giving people a 5 year elite visa for 3-5 million baht condo purchases, a 10 year elite visa for 5-10 million baht condos and permanent residency for 10 million baht+ condos.

 

 

“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.”

 

 

 

[daveAustin]

It's 10MB condos as opposed to 10M properties lol, but yes they'd need to be offering something tangible like permanent residency,  but as we all know Thais don't like to give away much so consider this a non-starter, or reduction to 1MB .

[bodga]

Where do I form an orderly line??????

[bodga]

6 hours ago, Airalee said:

Just 3 days ago in the news and on the forum, there was a proposal regarding giving people a 5 year elite visa for 3-5 million baht condo purchases, a 10 year elite visa for 5-10 million baht condos and permanent residency for 10 million baht+ condos.

 

 

 

“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.”

 

 

 

All this  nonsense  was done years  ago if you spent a few  million on a  condo pre 2003-4 I  think...............then as  can be with the "trusted"  Thais they reneged  on it  all leaving those  buyers high and dry.

[Destiny1990]

What kind of visa will I receive once i buy a Condo of 2,000,000 Bht? (I am under 50 years)

[lkv]

The 10MB will likely buy the investor a "massive" 40sqm 1 bedroom unit in these "select developments", at precovid prices per sqm, which in normal circumstances nowadays, developers would probably struggle to sell for 5MB.

 

Then they can pay less than 500k (maybe half), to Thai Elite, for these visas, under a wholesale rate.

 

As usual, the only one getting screwed is the customer.

[khunnat]

There's already a so-called investment visa for 10 million baht (condo, state bond, or just money at the bank) and this one is good as long as you keep the investment in Thailand.

 

So why would someone settle for an inferior scheme offering only a 5-year visa?

[findlay13]

11 hours ago, Oldie said:

I regret so much that I wasted a lot of money for my condo in Pattaya. After a while it was surrounded by noisy bars and neither the police nor the City Hall helps. A total loss of several million Baht for me. Better rent and take a more flexible visa. And think what could happen if this visa expires one day. You have no right to stay here. 

 

My 800.000 Baht for the retirement extension can be easily transferred to a different country. But selling especially an expensive condo might not be so easy. Or a condo that is surrounded by extremely noisy bars. I will never again buy property here in Thailand. I had my expensive lesson. 

I was fairly new to LOS, hanging around Pattaya years and years ago, and I was down in Sattahip .Townhouses were being sold there.I seriously thought about buying one.

 .A Danish mate gave me the best piece of advice ever.He said why buy when rent is so cheap? He said,You buy then the local rubbish collectors move in next door.Then there's rats,then they stay up all night playing music and drinking.What do you do? Who do you call to help?I decided against buying and I don't regret it.I was lucky IMO.

Edited December 21, 2020 by findlay13

[findlay13]

Thought bubble of the day.New scheme coming tomorrow stay tuned

[IamNoone88]

12 hours ago, herfiehandbag said:

That is an awful lot of condos they are looking to shift! All those speculative building projects over the last few years must have got it badly wrong!

Thai Baht 10 million not 10 million properties duh.