In what is the first initiative of its kind in Thailand, one property developer has joined forces with Thailand Elite to offer a 20-year visa for purchases at its Pattaya condominium.
Purchasers at Kingdom Property’s Pattaya Southpoint development will be entitled to a 20-year visa, which amounts to five-year multiple-entry visa that is renewable every four years.
The visa will entitle its holders to benefits that include fast-track immigration clearance, assistance with driving licences, discounts and a bilingual helpline.
Nigel Cornick, Chief Executive Officer of Kingdom Property (pictured), said: “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.
“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 ans the owner can sell the unit and the visa together, if he or she so wishes.
“The target demographic for this initiative is very wide,” added Cornick.
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.
Thailand Elite is 100 percent owned by The Tourism Authority of Thailand, which, in turn, is under the control of the Thai government.
Cornick added: “The fact Thailand Elite is working with Kingdom Property is a sign of confidence in itself.
“Ultimately this initiative will make Thailand property far more attractive to overseas property buyers,” he concluded.
Southpoint Pattaya is a two-tower freehold condominium in Pratumnak. It boasts 655 units ranging in size from 30 sqm to 97 sqm. Completion will be in the second quarter of next year.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
