Thailand’s Condominium Association and private entrepreneurs have suggested the Thai government to provide longer visa status for foreigners if they purchase condominiums in the country for at least 5 million baht.
Thailand’s foreign ministry representative revealed after a meeting with developers on October 24 that the proposal was initially introduced to give foreigners five-year visas for condominium purchases of 5 million baht.
Dr. Apha Atboonwong, President of the Thai Condominium Association, had further introduced a proposal to an extension of visa and a migrant status for foreigners who invest more than 10 million baht on condominiums.
“About 10-12 percent of foreign tourists, especially Chinese, have shown their interests to purchase condominiums in the country but are not willing to go through complicated procedures of visa and real estate documents,” the president stated.
The visa-extension request is believed to be a good solution since Thailand now needs money to spur in a national economic system to replace the loss of a huge amount of money from foreign tourists.
Surachet Kongcheep, Managing Director of Phoenix Property Development and Consultancy, told the press that the Thai government should hold on to its worldwide reputation of how well the country is coping with the Covid-19 crisis and turn it into a unique ‘selling point’ to attract foreigners in travel and invest in the country.
He stated: “Attracting foreigners to invest in real estate is, therefore, one way to generate more money during the downfall of the tourism industry because this business involves many other businesses related to the Government measures which aim to attract foreigners during the Covid-19 pandemic.”
“Those who want to visit the country for up to 270 days under certain conditions, they should provide ownership documents confirming that they own condominiums in Thailand, according to the current entry requirements. This, I think, would also draw more foreigners into the country and to own some properties in the country in order to stay longer in Thailand.”
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