Thailand may introduce a scheme to grant permanent residency to any foreigner who buys a condo in Thailand debt-free and maintains it without borrowing for over five years.
The push comes as the government begins to shift its focus to the economic emergency now facing the kingdom after measures to defend itself against the Covid-19 virus have left the Thai economy decimated and threaten a further deterioration going into 2021.
Deputy Prime Minister Supattanapong Punmeechaow and the Situation for Economic Administration are pushing to maximise both foreign investment in Thailand and foreign tourism earnings as part of the government’s economic recovery strategy.
As well as simplifying the Special Tourist Visa scheme and boosting visitor numbers, the government is also reported to be looking at granting permanent residency for foreigners with debt-free condo units held for over 5 years.
This is one of the proposals believed to be under consideration and due to be presented to the government’s Centre for Economic Situation Administration as officials now begin to prioritise economic recovery from the Covid-19 emergency.
It comes as the economic situation is tightening and with the latest plan to open up Thailand to mass tourism from China also hitting the rocks, for now, as Thailand’s communist neighbour to the north looks to extend its ban on mass outbound tourism or holiday tours.