Elite card: Developers onboard in push to sell real estate to foreign card holders

[webfact]

Thaivisa file photo for reference only

 

A senior manager of the company that runs Thailand's long term stay "Elite Card" said that property developers were all in favor of the push to get more foreigners to invest in real estate as part of being allowed to stay long term in Thailand.

 

This is the "Flexible One" plan and its sister "Flexible One Plus".

 

Somchai Soongsawang told Manager of the latest developments in the plans.

 

He said that 20 major developers were onboard and saw the value of the scheme.

 

They just loved the Elite brand and concept and couldn't wait to be a part of it.

 

It was inspiring investor confidence and purchases whether that was freehold or leasehold.

 

Already 50 real estate projects nationwide have been earmarked for foreigners in the Elite Card plans and thirty more are expected to be confirmed soon. 

 

Other reports today suggested that Thailand was ripe for foreign investment in real estate especially the condo market with one analyst suggesting 2021 was a Golden Year.

 

With sales of Elite cards up, Thailand Privilege that runs the scheme want to be a part of that anticipated boom especially once the country is opened up more to foreign visitors.

 

-- © Copyright Thai Visa News 2021-04-02

 

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[PatOngo]

Don't forget to mention............................

 

[GeorgeCross]

in todays edition of "Rip off a Farang.."

 

 

 

 

 

 

Edited April 2, 2021 by GeorgeCross

[Misterwhisper]

32 minutes ago, webfact said:

He said that 20 major developers were onboard and saw the value of the scheme.

I wonder why....

 

33 minutes ago, webfact said:

They just loved the Elite brand and concept and couldn't wait to be a part of it.

The underlying question is if they truly love the "brand" and "concept" or whether there might be another reason for that unbridled enthusiasm. Hint words: hefty profit

[blackcab]

This scheme appears to be: spend millions buying a property, then pay the government even more money for permission to live in it.

 

I think the big problem is that buying a property in Thailand gives a foreigner no right to stay or enter the country.

 

Recently we saw property owners locked out of Thailand during covid restrictions when other categories of foreigners were allowed in. So after spending millions of baht, property owners had the door slammed in their face.

[PatOngo]

3 hours ago, Misterwhisper said:

I wonder why....

 

The underlying question is if they truly love the "brand" and "concept" or whether there might be another reason for that unbridled enthusiasm. Hint words: hefty profit

.........or........wishful thinking?

[Destiny1990]

Why we have to buy an overpriced condo just to secure an easy visa? Just offer visitors easy visa procedures regardless. Meanwhile neighboring countries are filled up with foreigners tired of visa procedures here. Cambodia Vietnam Malaysia Philippines thats were they went.

[ukrules]

I already have a TE visa so I guess that rules me out, you only get what you're paying for so the price of the visa is built in.

[SGD]

4 hours ago, blackcab said:

This scheme appears to be: spend millions buying a property, then pay the government even more money for permission to live in it.

 

I think the big problem is that buying a property in Thailand gives a foreigner no right to stay or enter the country.

 

Recently we saw property owners locked out of Thailand during covid restrictions when other categories of foreigners were allowed in. So after spending millions of baht, property owners had the door slammed in their face.

 

Very good point.

They also make is stupidly difficult to stay in Thailand even if you have bought a property. I know you will all say about X days reporting but it isn't necessary in the 21st century. It is a hark back to the paperwork trail of the 19th century.

 

Something has to give and if it isn't the Thai government, then it is the other side of the equation.

 

Take me for example. I was tentatively looking at a condo (I don't live there enough days to keep a house secure) but when I am there, I stay in 5* hotels and I enjoy that luxury. So being an analytical type of guy, I put together a spreadsheet ???? 

Versus renting a condo, then even at 20k per month, I would need to stay 90 plus days at an average £80 plus a night for the condo to break even.

Versus buying a condo, then assuming the same 20k a month condo is available for purchase at 4m (£100k) and I can get 6% net on investments, then my £100k gives me £6k which is 240k baht which matches the annual rental of the same condo. And I keep my liquidity.

So I can already rent the same condo for the lost income on investments from buying it. Thus, my only upside is capital appreciation, which is often negative for new condos or an increase in rents, which can happen of course and the ability to knock nails into the walls of the condo I actually own.

There is a never ending supply of new condos so older units actually become better value over time and can make sound purchases.

However, to wrap up, unless you are living there substantially over 3 months a year, then even if you live in 5* hotels, you actually save money living in l;uxury than owning or renting your own condo.

[hotchilli]

5 hours ago, webfact said:

A senior manager of the company that runs Thailand's long term stay "Elite Card" said that property developers were all in favor of the push to get more foreigners to invest in real estate as part of being allowed to stay long term in Thailand.

Just one scam after another, pay through the nose for a condo and get an elite card which serves no real purpose.

 

6 hours ago, webfact said:

This is the "Flexible One" plan and its sister "Flexible One Plus".

In other words, bend over and drop your trousers while some developers take turns.

[moldresistant]

As someone holding an Elite Visa, let me say that I have zero interest in owning a Condo.

 

I think others who can afford the Elite Visa would probably feel the same. I mean who wants to be cooped up in a little box for that price?

 

How about letting me own a house on land that I can maintain myself, without technically needed a work visa to do it!

Edited April 2, 2021 by moldresistant

[Darkside Gray]

Would I buy a condo again? No! Lost money on3. Never again. 2 builders went bust on me was lucky to get some money back. That was in the good times. Trying to sell now cannot get my capital back. Thailand is a grave yard for condo owners.

[Scott Tracy]

https://en.m.wikipedia.org/wiki/Real_estate

 

Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.

 

my underline....

[Mavideol]

6 hours ago, blackcab said:

This scheme appears to be: spend millions buying a property, then pay the government even more money for permission to live in it.

 

I think the big problem is that buying a property in Thailand gives a foreigner no right to stay or enter the country.

 

Recently we saw property owners locked out of Thailand during covid restrictions when other categories of foreigners were allowed in. So after spending millions of baht, property owners had the door slammed in their face.

or even worse could be about the ones already here and can be thrown out at any time if the IMO officer has had a bad day.... seen it happen to a guy that has/had 2-3 condo units and was showed the door

[BostonRob2]

1 hour ago, Darkside Gray said:

Would I buy a condo again? No! Lost money on3. Never again. 2 builders went bust on me was lucky to get some money back. That was in the good times. Trying to sell now cannot get my capital back. Thailand is a grave yard for condo owners.

Yes, Thailand can be a graveyard if you don't know what you're doing. For me thai language, shopping around, patience, savvy all paid dividends. Condo buying, flipping and selling and living in is great in thailand. Highly recommend for smart peeps. 

[3STTW]

Another TE member here, I wouldn’t touch a condo here with a very long barge pole, reason: oversupply. It’s a cast-iron guaranteed way to lose a lot of money.

The other problem is the property managers who conveniently go bust if they aren’t making enough profit, thus the building falls into disrepair and the owners lose even more money.

Foreigners want to buy property here but, as above, not the half-baked schemes of greedy scam artists.

However, I don’t get the complaints about government fees and taxes; if I lived in a similar property in the UK, I’d be paying more than double in ‘poll’ tax, never mind the utility costs.

In Malaysia they allow foreigners to buy properties (i.e. land and house) over a certain value for the given area. It takes a lot of jumping through hoops but it seems a sensible solution. 

[crazykopite]

Yet more BS

[Elkski]

Thai people have hope and dreams that's for sure. 

[dbase]

Own nothing/Rent everything