Who Would like to have a 20 year multiple entry visa to stay in Thailand?
How is this possible?
Surely most visas only last a year, or a maximum of five years if you can afford the 5 year multiple entry visa introduced a while back. Well it seems that a condominium development company have joined forces with the Thai authorities and introduced for the very first time in Thailand a 20 year visa for foreigners who purchase a condo!
Love Pattaya Properties are working with the only development company offering this unique offer. The 20 year visa is in fact a 5 year multiple entry visa that is renewable 3 times, thus giving you a hassle free stay in Thailand for up to 20 years.
Who are Thailand Elite?
They are an organisation working on improving and increasing foreign investment in Thailand and are owned by Tourism Authority of Thailand, which is under direct control of the Thai Government. So it looks like a very solid offer indeed.
The condominium development is a two-tower freehold condominium in Pratumnak. It has 655 units ranging in size from 30 sqm to 97 sqm. The condo will be completed in the second quarter of 2016.
Ok, what’s the catch?
The only one we’ve seen so far is that if you sell your condo, you lose your 20 year visa. This is because the visa will come as part of the purchase of a unit at the condominium development, but you can sell the visa to a new owner with the unit as a part of the deal! Seems fair enough really.
This special visa also comes with some privileges, you will be entitled to fast-track immigration clearance get assistance with driving licences and special discount offers plus access to a bilingual helpline. Having a long term visa like this is such a great idea and really takes the headache out of renewing visas every year.
Is there an age restriction to obtaining the 20 visa?
If you’re old enough to buy a condo in Thailand then you’re old enough to qualify! This scheme will be very attractive to the 40 year old plus buyers who are currently too young to obtain a retirement visa, for which you currently have to be 50 or over to qualify.
Are there any hidden costs?
Does the visa cost extra on top of the purchase costs of the unit? In a word, no! All costs are covered within the unit purchase price!
All condominiums in Thailand have 49% foreign quota and 51% Thai quota. Is it possible to by a unit in Thai company name and still qualify for the 20 visa? Yes, as company director with company ownership condominium it will be possible to apply for the 20 year visa.
Units purchased from the foreign quota can have multiple owners. It will also be possible for these co-owners to qualify for the visa, you will need to talk to your agent or the developer for details.
Nigel Cornick, Chief Executive Officer of Kingdom Property, 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 target demographic for this initiative is very wide.”
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.
Alternatively you can call Dave on +66 (0)92-789-5639