A landmark Thai property with 20 year visa deal has been struck for the first time in Thailand between a property developer managing to join forces with 100% Government owned Thailand Elite to offer a 20 year multiple entry visa for foreign purchases at its condominium. This could pave the way to other such deals between Thai developers in Hua Hin and Cha Am to entice prospective Thailand property buyers who otherwise are unsure about the certainty of the legitimisation of their investment into the local property market.
Purchasers at Kingdom Property’s Pattaya Southpoint development will be entitled to a 20 year visa, basically a five year, multiple entry visa that is renewed every four years. The visa holders will be entitled to privileges such as fast track immigration clearance, assistance with driving licences, discounts and a bilingual helpline.
CEO of Kingdom Property
said: “The long stay solution will overcome many of the barriers that we see when selling our properties overseas. Generally unless you have a business visa, retirement visa or marriage visa, you are not permitted to stay for any length of time. This exciting partnership is akin to Malaysia’s My Second Home (MM2H) program and has massive potential. The target demographic for this initiative is very wide.”
The visa will come as part of the purchase of a unit at Southpoint and the owner can sell the unit and the visa together, if he or she so wishes.
The Thai property with visa initiative is only applicable to Kingdom’s Southpoint project at the moment, but given the possible impact on overseas buyers, it may not be too long before other Thailand property developers adopt similar initiatives for their developments. With all the current interest from some of Thailand’s largest developers in Hua Hin it may not be long before similar options are available in the Royal Resort Town of Hua Hin and Cha Am.
Thailand Elite is 100 percent owned by The Tourism Authority of Thailand, which, in turn, is under the control of the Thai government.
Cornick added: “The fact Thailand Elite is working with Kingdom Property is a sign of confidence in itself. Ultimately, this initiative will make Thai property far more attractive to overseas property investors and buyers” he concluded.