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 to be launched on January 1st 2021.
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.
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.