There are a number of countries out there, particularly in Europe, which offer visas in exchange for property. However, it is very rare for a country to do things like Thailand, a country which has just launched the Thailand Elite property ownership program. Those that operate under this program will enjoy four five-year multiple entry visas designed to run one after the other over 20 years.
The Thailand Elite Property Co-Project scheme has had quite a great deal of success too. The project, operated by Kingdom Property, developer of the THB2Billion Southpoint Project has reported this. In the first two weeks that the project had launched, the company attracted over 200 leads. This, in turn, lead to eight properties being sold to foreign investors. Perhaps the main reason as to why people were lapping up the offer is down to the fact that prices of property for sale in Thailand are incredibly low at the moment, the average buy being $89,000 on this project for foreign investors.
Kingdom Property has been working incredibly hard on condo projects throughout Thailand for over a decade now. They believe that the visa scheme is an absolutely fantastic idea and they believe that four groups of people will most likely be attracted to the service:
- Expats who currently live or work in Thailand.
- The visa scheme may prove attractive to those in Northern Asia, Russia, and the Middle East, areas which seem to attract a number of potential foreign buyers.
- Overseas investors who are not only looking to buy property abroad, but who are looking for a place to live whilst their investment climbs in value. Europeans, Australians, and Russians tend to be the biggest group here.
- Retirees who do not wish to deal with the hassle of applying for a visa.
Southport is, currently, the only project that offers the 20-year visa scheme for property owners. Now, the project is not going to be completed until next year. However, those who purchase a property now will be able to start to use their visa immediately, all they need is their proof of purchase.
Yes, foreign investors have been able to buy property in Thailand for years now. However, the Southport visa is different. In the past, the only way in which somebody could obtain a visa in Thailand is if they worked, obtained a retirement visa, or something else. It was a long, drawn out process and it could be very expensive. At the moment, this is one of the cheapest and fastest methods for gaining a visa for an extended stay in the country.
It is likely that a scheme such as the one being offered by Kingdom Property at the moment has the potential to attract a number of overseas investors. If this scheme is successful, and it looks like it will be, it is likely that it will be rolled out to a number of different housing development projects throughout Thailand and, ultimately, increase the value of property here.