FRIDAY, March 01, 2024

Long-stay visas proposed for foreigners who buy Bt3m condos

Long-stay visas proposed for foreigners who buy Bt3m condos

Thai residency visas for foreigners who invest as little as Bt3 million in property is among five proposals being considered by the Finance Ministry.

The proposals were put forward by Thai real estate associations in a bid to lift a property sector slumping under the impact of Covid-19.

The Housing Business Association, Thai Real Estate Association and Thai Condominium Association (TCA) sent the proposals to Finance Minister Arkhom Termpittayapaisith on December 9, TCA deputy chairman Chairat Thampeera revealed on Thursday.

Under current rules, foreigners must spend at least Bt10 million on property to be eligible for a residency visa.

However, under the proposed three-tier visa system, foreign purchasers of condos worth Bt3 million-Bt5 million would get a five-year visa.

Meanwhile buyers of Bt5 million-Bt10 million condos would get 10-year visas, and those who bought condos for more than Bt10 million would be granted permanent residency.

The other four proposals are targeted at Thai property buyers.

The first is to cut ownership-transfer and mortgage fees to the lowest rate until December 31, 2021 to reduce the cost of buying both new homes and second-hand houses.

The second is to relax government loan-to-value (LTV) mortgage enforcement to provide opportunities for people with purchasing power to invest in property. The real estate associations say home-loan providers already have strict LTV rules.

The third is to extend the land-and-buildings tax cut for another two years until the end of 2022 to help relieve ownership burdens.

The fourth is a cash-back campaign and credit increase from Bt50,000 to Bt100,000 per person until the end of 2021 to encourage first-time buyers to make their purchases.