Give foreigners thirty year visas for million dollar investment and watch land prices rocket, says Phuket group

[webfact]

Picture: Bangkok Business News

 

A Phuket real estate group has thrown it's support behind plans that have been presented to the government to attract a million foreigners to Thailand.

 

And CISSA have even gone farther suggesting that foreigners who invest 30 million baht in Thailand should be given 30 year visas. 

 

They claim this and other measures would result in land prices on the southern Thai island rising by up to three times.

 

CISSA chairman Attanop Phanthukamnert was talking to Bangkok Business News after nearly a month of the Phuket Sandbox reopening to foreign tourists plan.

 

He said there was no indication yet whether the sandbox had helped local people as economic data was lacking. 

 

But he was sure that it had been absolutely no use for the real estate sector. It was tourism related not investment related. 

 

Even those with second homes in Thailand were having to stay in quarantine in hotels, he noted.

 

But he was in favor of plans to raise lease terms on property from 30 to 90 years.

 

He also favored stopping the 49% cap on ownership by foreigners of condos saying it should be possible for 100% of a block to be foreign owned. 

 

Tax on money earned through investments in Thailand should not be charged as income tax either.

 

The whole issue of how much income tax should be paid by foreigners under recently announced stimulus measures is a major sticking point.

 

The issue is now being tossed about like a hot political potato between the government and the proposers of easing regulations for four groups of foreigners including well-heeled retirees, well-off businessmen and digital nomads.

 

These have seen suggestions of long term visas but none as significant as what Attanop envisages would really help the Phuket economy.

 

He said he favors 30 year visas for foreigners who invest 30 million baht (a little under US$ 1 million).

 

This he claimed along with the other measures being proposed could result in land prices in Phuket doubling or even trebling.  

 

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[MadMac]

That train has left to other destinations. Thailand will not recover in the next 5...10 years. Remember how long there were construction ruins everywhere in Bangkok after the 1997/98 disaster. It is over. Regardless. And still getting worse. Shame.

[thaibeachlovers]

19 minutes ago, webfact said:

And CISSA have even gone farther suggesting that foreigners who invest 30 million baht in Thailand should be given 30 year visas. 

 

They claim this and other measures would result in land prices on the southern Thai island rising by up to three times.

Which is exactly why this abominable scheme should never succeed. It's dreamed up by greedy people that care nothing about their fellow countrymen.

 

If it does succeed, there should be a 99% capital gain tax imposed for land sales over a million baht.

 

However, it seems like a typical Phuket scheme, given how greed runs deep there, IMO. Just look at what happened after the tsunami.

 

Edited July 27, 2021 by thaibeachlovers

[tonray]

 If I invest 200K $ can I get a 6 year Visa ? That might be a decent deal if I were to buy a less pretentious condo.

[BobinBKK]

If you really trust investing your hard earned money into a country that's prone to military coups and daily government flip-flops which are completely void common sense and logic, then have at it!!!

[Smithson]

And how does this proposal help all the poor Thais struggling so much ATM?

 

[khunPer]

Sounds like a real estate agent's wishful thinking in a dream, but in real life hard to see how it benefits the nation, and its citizens might end in a nightmare instead, when realizing they cannot afford a home. A reasonable balance should be preferred...????

And when it comes to income taxation, a lot of foreigners would be happy to pay Thai income taxes instead of being ripped in their home countries...????

[Whale]

Ah the smell of money has the real estate boys frothing at their mouths. Greed again. Give them half a chance and they will concrete over the whole island and not give a damn.

[DrMJA]

Delusional, absolutely beyond any doubt delusional!!!!!!

[DrMJA]

…. and in other news.

[irwinfc]

really!? in the hub of "180-degree turns"?

[brucegoniners]

Oh sure, why not 300 million baht, lol

 

A million people? Hardly. Why would they do that? For the wonderful state this country is now in perhaps? For the very stable currency?

 

What a freaking joke. Just like Thailand is now.

[Kaopad999]

Who came up with this ridiculous idea?
Secondly, who in their right mind would invest 30 million THB  into this country, all for the sake of a 30 year visa?! 
????????

Edited July 27, 2021 by Kaopad999

[RichardColeman]

Wonder if that 30 million baht will go up as the baht tanks ? 

[Tropposurfer]

Glad I bought already☺️???? covid situation discount was very good for me.

[Guderian]

2 hours ago, webfact said:

They claim this and other measures would result in land prices on the southern Thai island rising by up to three times.

And this would help young Thai families trying to buy their first home how?

[vandeventer]

2 hours ago, MadMac said:

That train has left to other destinations. Thailand will not recover in the next 5...10 years. Remember how long there were construction ruins everywhere in Bangkok after the 1997/98 disaster. It is over. Regardless. And still getting worse. Shame.

In the USA during the great depression you could buy a house and land for $50 dollars.

[natway09]

This guy is flat out beating his drum (because his industry is hurting like most) but really has not taken into consideration the long term aspects of his proposal just a bandaid treatment.

You can only sell the farm once

[malathione]

For a half million dollar investment in property in Portugal, Greece or several islands in the Caribbean, I can get a permanent residency or citizenship with a tax holiday. Why would I bother with this farce and lease or purchase overpriced Thai real estate?

[Skeptic7]

Always a new greedy, doomed to fail scheme/scam in this Clip Joint country. Seems all they are capable of ever coming up with, instead of any solid and equitable solutions to their 3rd World woes. Pathetic. 

[chang1]

2 minutes ago, Guderian said:

And this would help young Thai families trying to buy their first home how?

Only good for wealthy land owners so may have a chance to get passed.

I think restricting land ownership to a few rai would help the average Thai far more. Why does anyone need to own vast amounts of land? If you go back far enough no-one owned any land so it has never been anyones to sell or give away. Yet most people seem to have no problem with super rich owning vast amounts of land while poor working people are forced to rent meaning money only flows up to those who do very little.

Maybe a land tax that increases exponentially with the amount of land owned would solve this. 

 

[chang1]

17 minutes ago, vandeventer said:

In the USA during the great depression you could buy a house and land for $50 dollars.

But what was the average wage at the time?

[3NUMBAS]

theyre desperate to unload all this  unsaleable real estate

[barney42bb]

Who's the new Thai Stand Up Comedian delivering this line???

 

Hilarious.

[mvdf]

That would be 120 90-day reports. Convenient. 

[malathione]

1 minute ago, chang1 said:

But what was the average wage at the time?

No idea but you can still buy large chunks of ranchland, some with houses, for not very much. 

[chang1]

2 hours ago, Whale said:

Ah the smell of money has the real estate boys frothing at their mouths. Greed again. Give them half a chance and they will concrete over the whole island and not give a damn.

That's what ruined Samui after the tsunami. They left Phuket and moved the 2 week holiday makers over. Turned coconut island into Spain so now not worth going to anymore. 

[AMFWolfie]

Not seen any press release about the right to actually own land/property in a foreigners name so who in their right mind would invest $1 million in Thailand.  Unless I've missed something and they expect the investment to be in some other arena.. delusional and getting fed up with reading the same old nonsense as if its important headlines!!

[sqwakvfr]

If I had a million dollars to invest and get a long term visa where would I go?

 

1.  Switzerland? If they had such a scheme.

2.  Singapore(before Covid 19 I read for $500,000 a long term visa cold be had)

3.  Jeju S. Korea($500,000 investment in real estate for a 10 year visa-again before Covid 19)

4.  Orange County California or Orange County Florida(either will do and a Million will get a decent place to live)

 

Thailand would not even on the list. I doubt any member of the "Millionaires Club" have Thailand in mind when it comes for a place to live or stay.  I think in order to realize the dream that is laid out in this article the investment amount has to be much lower(like $100,000?).  

[Pattaya Spotter]

Why are "rocket[ing]" land (or property) prices a good thing?