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

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.