More details from developer about 20 year Thai visa/condo deal

[webfact]

More information from developer about condo-for-visa deal
By Todd Ruiz


Photo: Kingdom Property

BANGKOK: -- A report from Thursday regarding a property developer partnering with a state enterprise to offer a 20-year visa for foreign buyers at its Pattaya condominium prompted a follow-up by property news site DDProperty.com with more information:

Southpoint Pattaya is understood to be the first property in Thailand to offer a 20-year visa along with a property purchase – something that has been a major stumbling block for overseas property buyers with no business, family or retirement intentions.

To clarify the offering, Nigel Cornick, Chief Executive Officer of Kingdom Property, developer of Southpoint Pattaya, told DDproperty.com: “The deal is clear, Our entry level is around THB3 million including the visa, and there are no annual fees to pay.”

He added that his company has negotiated the package with Thailand Elite, which is fully owned by the Tourism Authority of Thailand. While the details of the agreement remain confidential, Cornick confirmed that should a buyer wish to add another person to the card there will be an extra THB500,000 to pay to Thailand Elite.

He also clarified that the additional person must appear on the title deed for the property. [read more here...]

Full story: http://bangkok.coconuts.co/2015/06/16/more-information-developer-about-condo-visa-deal

-- Coconuts Bangkok 2015-06-16

RELATED: A first for Thailand: Buying property with a 20-year visa

[khwaibah]

As said corruption at the very top.

[Soutpeel]

and one wonders what the price of the same condo is if one opted not to take the TE visa ?

[JOC]

“The deal is clear, Our entry level is around THB3 million including the visa, and there are no annual fees to pay.”

Which probably is the price for a 30 m2 studio with wall-view. Normal price 1 million.

Sweet deal!!

For the developer and Thai Elite Card

Edited June 16, 2015 by JOC

[JOC]

[dickyknee]

3.5mil gets a condo and 2 elite visas, vs 4mil for the visas alone.

[Tatsujin]

I'm obviously in the wrong business

[Tatsujin]

Unless I'm misunderstanding something, the visa is forever tied to the condo ... and ... "entitled to a 20-year visa, which amounts to five-year, multiple-entry visas which can be renewed every four years"

So, you are at the whim of immigration once again when they decide in four years that they've changed the rules once again and won't be allowing you to renew.

Thanks, but no thanks.

[Linky]

How can a govt dept agree to a deal with one developer or real estate agent. Surely that is illegal, or should be.

The deal should be open to all that sell condos.

[lovelomsak]

Sounds like a great deal. Sales should be brisk huh. Most guys retired would be dead in 20 years. Condo are expensive this sounds like the deal of the lifetime for many retiries.Cheap too.

[Cuchulainn]

Wouldn't touch it with the proverbial barge pole.

[gerry1011]

The cheapest condo is 1,950,000b (30 square meters at 65.000 per square meter).

One 20 years Thailand Elite membership is 2,000,000b.

Total 3,950,000.

And their promotion is that same entry level condo together with the Thailand Elite card (full membership) for only 3,000,000b.

Very good deal indeed

(Take the offer and rent out the condo is also a good deal. At that price it must be a horrible place to live in anyway).

Edited June 16, 2015 by gerry1011

[Kerryd]

Thailand Elite still hasn't responded to my email asking for clarification on what they consider to be "property" (with regards to the Thailand Individual Membership for Property Co-Project - http://www.thailandelite.com/factsheet/Property%20Co-Project_Factsheet_English.pdf program option).

Somehow I don't think I'll ever actually get an answer any ways.

So according to this article, it looks like they are selling 2 million baht condos (their cheapest units) for 3 million and including the TE card (with it's 1 million baht membership fee) in the price. It also sounds like they have either agreed to pay the 20,000 baht annual fee or have made a deal with TE to have it waived (most likely it will be recouped through the condo maintenance fees).

(Remember - the "Thailand Individual Membership for Property Co-Project" option is only a 1 million baht membership fee.)

2 million baht for a 30 sqm studio condo plus 1 mil more for the TE card. (Add in whatever the monthly/yearly condo maintenance fees will be.)

Hmmmm, 2 bedroom house (128 sqm) on the Darkside - 1.5 mil. Throw in another 500k for the "Easy Access" TE card. Put the extra mil in the bank - should be able to earn enough interest to easily cover the 20k annual fee.

(Of course the difference is you probably can get the condo in your name, unlike the house, as long as the 49% rule hasn't been reached yet.)

[dickyknee]

Thailand Elite still hasn't responded to my email asking for clarification on what they consider to be "property" (with regards to the Thailand Individual Membership for Property Co-Project - http://www.thailandelite.com/factsheet/Property%20Co-Project_Factsheet_English.pdf program option).

Somehow I don't think I'll ever actually get an answer any ways.

So according to this article, it looks like they are selling 2 million baht condos (their cheapest units) for 3 million and including the TE card (with it's 1 million baht membership fee) in the price. It also sounds like they have either agreed to pay the 20,000 baht annual fee or have made a deal with TE to have it waived (most likely it will be recouped through the condo maintenance fees).

(Remember - the "Thailand Individual Membership for Property Co-Project" option is only a 1 million baht membership fee.)

2 million baht for a 30 sqm studio condo plus 1 mil more for the TE card. (Add in whatever the monthly/yearly condo maintenance fees will be.)

Hmmmm, 2 bedroom house (128 sqm) on the Darkside - 1.5 mil. Throw in another 500k for the "Easy Access" TE card. Put the extra mil in the bank - should be able to earn enough interest to easily cover the 20k annual fee.

(Of course the difference is you probably can get the condo in your name, unlike the house, as long as the 49% rule hasn't been reached yet.)

full 20 year membership is 2mil, not 1. The easy access is only 1 5 year visa, and no annual fee.

Edit

The co project thing seems to only exist as a pdf on the website. It'll be interesting to know if someone has ever got one.

Edited June 16, 2015 by dickyknee

[sawati]

So they have problems selliing property again..Uh!...same 97...The farangs to the rescue,again.

And I thought I had seen everything.

[gerry1011]

So they have problems selliing property again..Uh!...same 97...The farangs to the rescue,again.

And I thought I had seen everything.

In the case they could not sell, my humble opinion would be that it is because farangs in that area tend to be a bit on the cheap side.

Even more so since the baht has appreciated. It seems that many farangs cannot even afford cheap condos anymore.

Only in that case, of course

My opinion is still that it is a superb advertising stunt... They know how to attract attention to their project. That's for sure.

Far better to advertise "20 years visa" than free furniture.

And I am sure that several former Thailand Elite haters will take this promotion to, finally, put their never ending visa troubles behind them (discreetly and without saying anything about it to anyone)

Edited June 16, 2015 by gerry1011

[gamini]

Unless I'm misunderstanding something, the visa is forever tied to the condo ... and ... "entitled to a 20-year visa, which amounts to five-year, multiple-entry visas which can be renewed every four years"

So, you are at the whim of immigration once again when they decide in four years that they've changed the rules once again and won't be allowing you to renew.

Thanks, but no thanks.

As the expatriates on retirement visas get older, there's going to be a lot of pressure to have longer visas and I already think they might be under consideration perhaps five or 10 year visas for retirees which might not make the elite card so attractive unless the applicant is very young.

The elite card was rampant with corruption and suffered huge losses. It is also unfair to those who wish to reside in Thailand as a normal retiree because they have to make rear yearly applications. And remember it was taksins brainchild and a complete flop for many years. I believe there is a possibility of the card being scrapped eventually.

At present it is only a small advantage to someone who is under 30 years because after 20 years they can get a cheap annual retirement visa. So this begs the question why does a 30-year-old want the card. Is he so rich that he can retire at 30 years old?

[JonnyF]

This seems like a great deal for people who trust the various Thai governments/Juntas to honor each others promises for the next 20 years. Given the current situation, what could possibly go wrong?

[gerry1011]

This seems like a great deal for people who trust the various Thai governments/Juntas to honor each others promises for the next 20 years. Given the current situation, what could possibly go wrong?

Some predict the end of the Thailand Elite program... since 13 years.

Some others enjoy the super convenient Thailand Elite long term visa... since 13 years.

Trust or not trust...

Some don't trust the government and still hesitate to become Thailand Elite members.

Some others may not fully trust the government, but became members a long time ago... and they enjoy trouble free long stays in Thailand since over a decade.

Up to you to worry or not

(Me, a happy Thailand Elite member since 12 years).

(Guys, stop worrying so much and go for it!).

(If you have the money, of course).

[Suradit69]

Unless I'm misunderstanding something, the visa is forever tied to the condo ... and ... "entitled to a 20-year visa, which amounts to five-year, multiple-entry visas which can be renewed every four years"

So, you are at the whim of immigration once again when they decide in four years that they've changed the rules once again and won't be allowing you to renew.

Thanks, but no thanks.

"So, you are at the whim of immigration once again when they decide in four years that they've changed the rules once again and won't be allowing you to renew."

Once again?

Referring to changes in visa exempt entry or ...?

[Anthony5]

Thailand Elite still hasn't responded to my email asking for clarification on what they consider to be "property" (with regards to the Thailand Individual Membership for Property Co-Project - http://www.thailandelite.com/factsheet/Property%20Co-Project_Factsheet_English.pdf program option).

Somehow I don't think I'll ever actually get an answer any ways.

So according to this article, it looks like they are selling 2 million baht condos (their cheapest units) for 3 million and including the TE card (with it's 1 million baht membership fee) in the price. It also sounds like they have either agreed to pay the 20,000 baht annual fee or have made a deal with TE to have it waived (most likely it will be recouped through the condo maintenance fees).

(Remember - the "Thailand Individual Membership for Property Co-Project" option is only a 1 million baht membership fee.)

2 million baht for a 30 sqm studio condo plus 1 mil more for the TE card. (Add in whatever the monthly/yearly condo maintenance fees will be.)

Hmmmm, 2 bedroom house (128 sqm) on the Darkside - 1.5 mil. Throw in another 500k for the "Easy Access" TE card. Put the extra mil in the bank - should be able to earn enough interest to easily cover the 20k annual fee.

(Of course the difference is you probably can get the condo in your name, unlike the house, as long as the 49% rule hasn't been reached yet.)

full 20 year membership is 2mil, not 1. The easy access is only 1 5 year visa, and no annual fee.

Edit

The co project thing seems to only exist as a pdf on the website. It'll be interesting to know if someone has ever got one.

You may have missed what is written in the OP.

“The deal is clear, Our entry level is around THB3 million including the visa, and there are no annual fees to pay.”

He added that his company has negotiated the package with Thailand Elite, which is fully owned by the Tourism Authority of Thailand. While the details of the agreement remain confidential, Cornick confirmed that should a buyer wish to add another person to the card there will be an extra THB500,000 to pay to Thailand Elite.

So what you get is a 5 year visa included, and the buyer is responsible for the renewal fees, or do you think that they would give an additional 2 million visa away for 500K?

[Anthony5]

This seems like a great deal for people who trust the various Thai governments/Juntas to honor each others promises for the next 20 years. Given the current situation, what could possibly go wrong?

Some predict the end of the Thailand Elite program... since 13 years.

Some others enjoy the super convenient Thailand Elite long term visa... since 13 years.

Trust or not trust...

Some don't trust the government and still hesitate to become Thailand Elite members.

Some others may not fully trust the government, but became members a long time ago... and they enjoy trouble free long stays in Thailand since over a decade.

Up to you to worry or not

(Me, a happy Thailand Elite member since 12 years).

(Guys, stop worrying so much and go for it!).

(If you have the money, of course).

Yeah right, it was probably a mistake from Thailand elite, when they sent the letter to their valued members that the program was suspended. What year was that again?

[Anthony5]

So they have problems selliing property again..Uh!...same 97...The farangs to the rescue,again.

And I thought I had seen everything.

In the case they could not sell, my humble opinion would be that it is because farangs in that area tend to be a bit on the cheap side.

Even more so since the baht has appreciated. It seems that many farangs cannot even afford cheap condos anymore.

I agree it really smacks the notion right out that the Thai Elite Card is actually for elite people when some tiny low-so dump studio qualifies for a free giveaway one.

Maybe they're getting a little desperate, since the aim was to sell 1 Million cards in 1 year, so have they reached a total of 500 cards after 13 years already Gerry?

[gerry1011]

So they have problems selliing property again..Uh!...same 97...The farangs to the rescue,again.

And I thought I had seen everything.

In the case they could not sell, my humble opinion would be that it is because farangs in that area tend to be a bit on the cheap side.

Even more so since the baht has appreciated. It seems that many farangs cannot even afford cheap condos anymore.

I agree it really smacks the notion right out that the Thai Elite Card is actually for elite people when some tiny low-so dump studio qualifies for a free giveaway one.

What is astonishing is that some on this forum still consider the super low price of such a minuscule condo - together with the Thailand Elite Card promotion - horrendous.

I wonder if they would still be against the Thailand Elite program if the price was dropped from 3 miĺlion to 2 million.

Or maybe 1,5... ?

1?

Would 0.5 be still too expensive?

0.2?

[dickyknee]

Thailand Elite still hasn't responded to my email asking for clarification on what they consider to be "property" (with regards to the Thailand Individual Membership for Property Co-Project - http://www.thailandelite.com/factsheet/Property%20Co-Project_Factsheet_English.pdf program option).

Somehow I don't think I'll ever actually get an answer any ways.

So according to this article, it looks like they are selling 2 million baht condos (their cheapest units) for 3 million and including the TE card (with it's 1 million baht membership fee) in the price. It also sounds like they have either agreed to pay the 20,000 baht annual fee or have made a deal with TE to have it waived (most likely it will be recouped through the condo maintenance fees).

(Remember - the "Thailand Individual Membership for Property Co-Project" option is only a 1 million baht membership fee.)

2 million baht for a 30 sqm studio condo plus 1 mil more for the TE card. (Add in whatever the monthly/yearly condo maintenance fees will be.)

Hmmmm, 2 bedroom house (128 sqm) on the Darkside - 1.5 mil. Throw in another 500k for the "Easy Access" TE card. Put the extra mil in the bank - should be able to earn enough interest to easily cover the 20k annual fee.

(Of course the difference is you probably can get the condo in your name, unlike the house, as long as the 49% rule hasn't been reached yet.)

full 20 year membership is 2mil, not 1. The easy access is only 1 5 year visa, and no annual fee.

Edit

The co project thing seems to only exist as a pdf on the website. It'll be interesting to know if someone has ever got one.

You may have missed what is written in the OP.

“The deal is clear, Our entry level is around THB3 million including the visa, and there are no annual fees to pay.”

He added that his company has negotiated the package with Thailand Elite, which is fully owned by the Tourism Authority of Thailand. While the details of the agreement remain confidential, Cornick confirmed that should a buyer wish to add another person to the card there will be an extra THB500,000 to pay to Thailand Elite.

So what you get is a 5 year visa included, and the buyer is responsible for the renewal fees, or do you think that they would give an additional 2 million visa away for 500K?

I did miss it. I'm not sure how many times "20 year visa" was written (it may have even been in the title) and how many times "5 year visa" was written by the OP, but I'll take your word for it.

[Soutpeel]

So they have problems selliing property again..Uh!...same 97...The farangs to the rescue,again.

And I thought I had seen everything.

In the case they could not sell, my humble opinion would be that it is because farangs in that area tend to be a bit on the cheap side.

Even more so since the baht has appreciated. It seems that many farangs cannot even afford cheap condos anymore.

I agree it really smacks the notion right out that the Thai Elite Card is actually for elite people when some tiny low-so dump studio qualifies for a free giveaway one.

What is astonishing is that some on this forum still consider the super low price of such a minuscule condo - together with the Thailand Elite Card promotion - horrendous.

I wonder if they would still be against the Thailand Elite program if the price was dropped from 3 miĺlion to 2 million.

Or maybe 1,5... ?

1?

Would 0.5 be still too expensive?

0.2?

I expect some on here would expect to get it for free as the natives should be grateful for their contribution in the propping up the Leo and Mamma noodle brands in Thailand and their "economic" contribution they make to the gross regional product of Isaan

[BSJ]

It's hard to imagine how people would consider retirement to LOS and living the rest of their lives in a 30 square metre walk in cupboard as a great retirement.

[Soutpeel]

It's hard to imagine how people would consider retirement to LOS and living the rest of their lives in a 30 square metre walk in cupboard as a great retirement.

I wonder how high the balcony rails are on this development ...

living in 30 square meters, one suspects they don't need a swimming pool but lots of safety nets to catch the punters , but then again considering the location it would be a fall with a view

Edited June 16, 2015 by Soutpeel

[gerry1011]

It's hard to imagine how people would consider retirement to LOS and living the rest of their lives in a 30 square metre walk in cupboard as a great retirement.

I wonder how high the balcony rails are on this development ...

living in 30 square meters, one suspects they don't need a swimming pool but lots of safety nets to catch the punters , but then again considering the location it would be a fall with a view

Maybe no rails at all...

At that price one can't expect much more than a few thin walls

Hopefully it comes with a Thailand Elite card, a 5 years (3x) renewable visa, and 1 year extendable entry stamps... I guess all the good value is in the card.

Edited June 17, 2015 by gerry1011

[harrycallahan]

20 years, that needs to survive about 3 coups. Fat chance.