Thailand Offers Residency Via Condo Purchase System

• Samphors Sao
• 18 December 2020
• Construction Focus
• 2421 Views

In a process approved at the end of November, Thailand is to offer residency visas to foreigners purchasing condos or apartments in a bid to shore up the declining real estate sector and shift completed stock for two years starting in 2021.

According to Somchai Soongswang, president of Thailand Privilege Card, buyers will be given a free or discounted five-year residency visa valued at THB500,000 (USD16,501), once they’ve purchased one or more units worth THB10 million (USD 335, 931).

Based on a purchase of one or more already completed units worth US$33,200, the visa, also referred to as Elite Flexible One, also includes benefits such as expedited immigration and passport control, a VIP guide at the airport, complimentary limousine service from the airport 24 times a year, and more.

Thailand has seen its robust construction sector struggle with the impact of COVID-19 especially in such high-volume areas such as Bangkok and tourist centres like Phuket and Pattaya where buyers have reduced in volume amid a rise in deferred payment plans.

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