Thai developer offers visa to investors

Photo: Not That Bob James

A Thailand developer is offering a visa to investors from abroad in what is a first for the country.

Kingdom Property has teamed up with Thailand Elite to offer a 20-year visa for purchases of its condos at its Pattaya Southpoint development. The visa, which consists of a five-year multiple-entry visa, which is renewable every four years, will entitle investors to benefits such as fast-track immigration clerance, help with driving licences and a bilingual helpline.

"This exciting partnership is akin to Malaysia’s My Second Home (MM2H) program and has massive potential," Nigel Cornick, Chief Executive Officer of Kingdom Property, tells The Phuket News.

"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."

The visa will be part of the unit purchase, so that the two can be sold together, should the buyer wish in the future. It follows a string of similar initiatives from European countries keen to attract investors from outside of the EU.

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 scheme in Pattaya, though, is restricted to only this project, but experts believe that a success could encourage other developers to do the same for their projects.

"Ultimately this initiative will make Thailand property far more attractive to overseas property buyers," adds Cornick, noting that the target audience for the scheme is "very wide".

Demand for Thai property has increased this year, with the country returning to the Top 10 destinations on TheMoveChannel.com in February 2015, before climbing to fifth place in April 2015.