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

[tonysilly]

Scam!!!! Scams!! 

[scorecard]

12 hours ago, snoop1130 said:

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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"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."

 

This is a sham, real estate developers aren't in a position to offer any form of visa. Their purpose is to sell expensive condos and nothing more. 

 

I wonder who will sign off the issue of the Elite Visa and/or is there any immigration process to decide who is allowed to hold such visa? 

 

Just capitalism gone mad. 

 

[bradiston]

12 hours ago, bkk6060 said:

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.

10m THB properties, not 10m properties.

[smutcakes]

12 hours ago, bkk6060 said:

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.

 

I dont think it takes someone from mastermind to work out what they are saying.  If you buy a 10 million THB condo then you would be eligible for some kind of visa.

 

30 developers have joined the scheme. So 30 developers join the scheme and can offer the visa if an investor buys a condo for 10 million.

 

Really not rocket science.

[Dialemco]

It makes no sensense buying a condo which you never really own nor are you guaranteed visa to stay in the country.  It is far better to rent and leave the landlord with responsibility for its maintenance costs. You can then leave whenever you want without any substantial financial loss

[ChrisY1]

12 hours ago, bkk6060 said:

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.

The properties must be at least Thb 10 million each....have another read

[wombat]

13 hours ago, herfiehandbag said:

That is an awful lot of condos they are looking to shift

The Chinese are coming The Chinese are coming.

In the meantime dangle the carrot called hope for some vendors @  $333k per carrot 

[soi3eddie]

Smells of developer desperation now. I wonder whether the developers constructed these condos for the domestic market or specifically "rich" foreign buyers. Curious to know how many units there are at 10M Baht or more (or are they expecting to sell multiple units to AirBnB landlords - where rules prohibit short term rentals of less than 30 days and condo juristic persons are getting more agressive in policing the law). If the developers were expecting to sell to Thai buyers then clearly they miscalculated their market and the economy.

Edited December 22, 2020 by soi3eddie

[Surasak]

13 hours ago, bkk6060 said:

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.

Do try to remember you are in Thailand !!

[miamiman123]

What about all those condos all over Bangkok w the light in but no one is at home???

up and down every soi !

[Jimbo53]

13 hours ago, bkk6060 said:

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.

T.I.T.    ????????????

[mrfill]

Good to see they're addressing the dreadful shortage of condos.  ????

[scorecard]

1 hour ago, smutcakes said:

 

I dont think it takes someone from mastermind to work out what they are saying.  If you buy a 10 million THB condo then you would be eligible for some kind of visa.

 

30 developers have joined the scheme. So 30 developers join the scheme and can offer the visa if an investor buys a condo for 10 million.

 

Really not rocket science.

But is it sanctioned by the the immigration Bureau and the committees above the Immigration bureau?

 

The OP says 'grant' visa, 'offer' is a bit different but in reality property developers aren't in a position to grant or offer any form of visa.

 

Another view, the old saying - 'would you buy a used car from this person?'

 

Same applies to property developers and their sales people, many have no hesitation to offer to sell you the Sydney Opera house. 

 

 

[hotchilli]

14 hours ago, snoop1130 said:

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

Try the Thai population... instead of trying to dupe tourists into buying over-priced concrete chicken boxes.

[kcpattaya]

And suddenly the price of your condo jumps up...

[quake]

No guarantee any visa won't be revoked down the road for what ever reason, they want to come up with.

Never trust them in authority in Thailand.

1,900 baht is all you should pay for any visa extension.

[BestB]

I could be wrong but previously to get perm residency and a path to citizenship in Australia people had to invest $300000.

 

thailand offering 5 year visa for investing $500000. 
 

Has it not been tried before already and failed? Kingdom properties were offering 5 year visa with a purchase of condo for 3 million , which was worth 2 million 

[agood1963]

14 hours ago, snoop1130 said:

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.

Hope they are not expecting a return on there investment .

[Guderian]

14 hours ago, snoop1130 said:

Thirty real estate developers will offer foreign buyers five-year visas

 

So the Immigration Police have gone out of business? I thought they issued visas, not property developers.

[nickmondo]

13 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. 

indeed an expensive lesson

a few mistakes there.....Pattaya, Condo, to name two.

Never, ever, would i buy here.

Rent is the only way.  Its cheap, and if you have noise in the vicinity, move 

we all live and learn

[Mr Meeseeks]

14 hours ago, GeorgeCross said:

wake me up when they are offering permanent residency..

 

i can buy my own damn elite card.

Get a job, pay tax, learn Thai and after three years apply for PR.

 

It's very doable if you are determined enough.

[robertson468]

Sorry to say, but yet another hair-brained scheme, steeped in desperation.

[quake]

6 minutes ago, Mr Meeseeks said:

Get a job, pay tax, learn Thai and after three years apply for PR.

 

It's very doable if you are determined enough.

Work for a Thai boss,

No way on earth. LOL.

[DPKANKAN]

15 hours ago, welshguy said:

Hmnn.

 

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

'must spend at least Bt10 million on condo-style property under the scheme'... this is the Bt10 mill they are talking about????????????????

[whaleboneman]

3 hours ago, khunnat said:

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?

Same reason they can sell: 500ml for 49baht and 1 liter for 99baht.

[0815]

14 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. 

Pattaya's next step in evolution from Sex Capital to Family Resort now the biggest "Yuan and Rubel Laundry"? Followed by Bkk...

[newnative]

Think bigger.  The idea is to move condos but it should also be get more expats here, bringing money into the country and spending it here, not in some other country.  Drop the requirement to 3MB.  

[Audragon]

Goodbye to Thailand, hello to Thaichina. ????

[Darkside Gray]

Hope they are all built otherwise who will pay the bills when the developer goes bust?

[Peterw42]

Is it buying a visa from a developer, or buying a condo from immigration ???