In what is the first initiative of its kind in Thailand, one property developer has partnered with the Tourism Authority of Thailand to offer 20-year visas to foreigners who purchase one of its Pattaya condominiums.
Buyers at Kingdom Property’s Pattaya Southpoint development will be entitled to a 20-year visa, which amounts to five-year, multiple-entry visas which can be renewed every four years.
The visa will entitle its holders to benefits including fast-track immigration clearance, assistance with driving licences, discounts and a bilingual helpline.
“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,” Nigel Cornick, Chief Executive Officer of Kingdom Property said. “This exciting partnership is akin to Malaysia’s My Second Home (MM2H) program and has massive potential.”
The visa will come as part of the purchase of a unit at Southpoint and owners can sell the unit and the visa together if they wish.
“The target demographic for this initiative is very wide,” Cornick added.
The Thailand property-with-visa initiative is only applicable to Kingdom’s Southpoint project now, 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.
The promotion is made possible by Thailand Elite, which is fully owned by The Tourism Authority of Thailand, which, in turn, is under the control of the Thai government.
“As part of the Tourism Authority of Thailand, this exclusive club has access to privileges that money alone cannot buy,” its website explains. “Thailand Elite is the world’s first country membership programme with benefit for immigration, leisure, business, and much more.”
Cornick predicted the plan would make property in Thailand more attractive to overseas buyers.
“The fact Thailand Elite is working with Kingdom Property is a sign of confidence in itself,” he said.
Southpoint Pattaya is a two-tower freehold condominium in Pratumnak. It boasts 655 units ranging in size from 30sqm to 97sqm. Completion will be in the second quarter of 2016.